Scramble for space: Mumbaikars struggle to get 1 house, forget 2

Scramble for space: Mumbaikars struggle to get 1 house, forget 2

FPJ BureauUpdated: Wednesday, May 29, 2019, 02:53 AM IST
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Mumbai: Just like the metropolis of Mumbai, where the slums and chawls of the poor stand at the foot of opulent skyscrapers, the urban middle class too is inherent with contradictions. The Free Press Journal spoke to two couples on the benefits announced for the middle class in the Union Budget on Friday. The benefit of rollover of capital gains to be increased from investment in one residential house to that in two residential houses for a taxpayer having capital gains up to `2 crore evoked mixed reactions from the middle class.

In the first case, Arun and his wife Manisha Appu, both employed, reside at Matunga Labour Camp. Unable to purchase even one house, they find the prospect of purchasing a second one laughable. Arun works as a deputy manager at a communication company, with a monthly remuneration of `51,000. Manisha works as a technical accounts manager in a software company and earns `40,000 per month.

The couple lives with his parents since they don’t own a flat. Moreover, their savings are being directed towards helping Appu’s father build a house at their native place in Kerala. “We are not planning on having kids as of now. As far as assets are concerned, we are saving money to build a house in our village in Palakkad, where my parents have purchased a plot of land,” said Arun.

Arun has currently postponed any ideas of investing in his own house.  The Appus said their income is not sufficient to start a family, considering the expense involved, especially when it comes to education. They admit their lifestyle is very basic and definitely cannot be categorised as comfortable.

“No one is comfortable in today’s times. The positive aspect of our lives is, both of us are earning. But I admit our expenses are going beyond our control,” said Arun.  Arun has welcomed the proposed full tax rebate for those earning `5 lakh for the next financial year.  The story is different

for another couple, Sherin Ukken and her husband David Siddharth, who live with David’s parents in Navi Mumbai. Sherin works as an assistant manager in a bank. David is a project manager at a reputed research university.

Sherin said they live a comfortable life and have already purchased a house. They have welcomed the announcement of the benefit in owning two residences. Sherin said, “David has purchased a house at Navi Mumbai and has borrowed a loan for it. I don’t see any problem in buying a second home, as now there are benefits to it.”

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