The rats are the first to escape a sinking ship. Who will be the last man standing ?? Speculators, black money lenders, banks or builders ?
Ground realty put him in the rickshaw driver's seat
The Metro project and recession brought a slow death to Sediq Sharief's real estate business, reports Malvika Tegta
It's 10.30 in the night. We size up a "gang" of auto drivers from a distance, ready for tough negotiation. A young man of 24 gawkily takes visual cues from the seniors and gestures at us to hop into his autorickshaw. But the way Sediq Sharief double-checks directions is a giveaway: he is just two months into the profession and still discovering the city's insides. Almost a year ago, Sediq lived without a care, worked on an average of 10 hours a month and made a neat Rs20,000. That was till the real estate sector slumped, as the airport went the Devanahalli way, the Metro branched into the interiors of the city and the recession dealt the final blow.
Sediq's smooth moving real estate business soon got traded with the auto. Today the shutters are down on his five-year-old office on Artillery Road and its signboard gathers dust in some distant garage. He is out driving the auto from six in the morning to 12 noon and then again four in the afternoon to one in the night. At the end of the grind, he is left with a paltry Rs150-200 to live another day. But the one thing that has remained constant "since childhood" is the need to be his own boss. "I could have done other jobs too, but when you drive an auto, th e re's no one telling you what to do," he says. Property rates in his domain – Airport Road, Cambridge Layout, Koramangala, Ulsoor and Indiranagar — have crashed by "close to 50%." "There was a time when there were no sellers and only buyers; today there are only sellers and no buyers," he says. Call centre employees, the chunk of his clientele, went from "preferring to stay in middle class areas rather than high-end neighbourhoods like Airport Road or Koramangala" to not calling at all.
Metro only made things worse. "Four agents and I had sealed a deal for Rs65 crore. I would have got close to Rs10 lakh as commission in that one deal alone, but when the government marked a part of the property to be cut later for the Metro, the buyer opted out," he says. Sediq's business had taken him a year to set up, all on his own. "Dealing in houses requires links and a strong network," he says. After one year of getting into the chain of brokers, he said his life was free and there was never a thought spared on how much he spent in a go. Now he feels chained and responsible to earn for the other four members of his family, only one of whom works. Unlike the days when he used to wake up at 10, he now gets up at 5.30 am and goes to bed at 1.30 am, the little sleep he manages being a troubled one at that. He has parted ways with five of his friends who "began to look down on him". As an auto driver, "everyone considers you dirt and even abuses you."
Other switchovers
Sediq Sharief isn't alone in this. Five friends of his have either taken to driving autos, welding, driving oil carriers or opening up tea stalls.
Munnabhai, a broker friend from Coles Park, has left for Bombay to open a boutique there. Kumar, who used to deal in properties worth "lakhs and crores", now runs a "chai shop". Syeed Rehan, known famously on Artillery Road as Mahboob Bhai, now sells fish. "After my shop closed, my income has gone down by Rs10,000-15,000 a month," says Syeed. "Everything has changed, par ghar to chalana hai nahin to bhooke marenge."
Abdul Qader, a property dealer from Ulsoor, has also turned to auto driving. "I earn close to Rs12,000 a month, out of which I pay Rs6,600 monthly as rent for my auto," he says. He had also invested Rs5,00,000 that he got from a property deal in a property, the price of which fell, fetching him a payback of Rs2.5 lakh. The news in the market is that things won't look up anytime before five years. "Par ummeed hai," says Mahboob Bhai.
Ground realty put him in the rickshaw driver's seat
The Metro project and recession brought a slow death to Sediq Sharief's real estate business, reports Malvika Tegta
It's 10.30 in the night. We size up a "gang" of auto drivers from a distance, ready for tough negotiation. A young man of 24 gawkily takes visual cues from the seniors and gestures at us to hop into his autorickshaw. But the way Sediq Sharief double-checks directions is a giveaway: he is just two months into the profession and still discovering the city's insides. Almost a year ago, Sediq lived without a care, worked on an average of 10 hours a month and made a neat Rs20,000. That was till the real estate sector slumped, as the airport went the Devanahalli way, the Metro branched into the interiors of the city and the recession dealt the final blow.
Sediq's smooth moving real estate business soon got traded with the auto. Today the shutters are down on his five-year-old office on Artillery Road and its signboard gathers dust in some distant garage. He is out driving the auto from six in the morning to 12 noon and then again four in the afternoon to one in the night. At the end of the grind, he is left with a paltry Rs150-200 to live another day. But the one thing that has remained constant "since childhood" is the need to be his own boss. "I could have done other jobs too, but when you drive an auto, th e re's no one telling you what to do," he says. Property rates in his domain – Airport Road, Cambridge Layout, Koramangala, Ulsoor and Indiranagar — have crashed by "close to 50%." "There was a time when there were no sellers and only buyers; today there are only sellers and no buyers," he says. Call centre employees, the chunk of his clientele, went from "preferring to stay in middle class areas rather than high-end neighbourhoods like Airport Road or Koramangala" to not calling at all.
Metro only made things worse. "Four agents and I had sealed a deal for Rs65 crore. I would have got close to Rs10 lakh as commission in that one deal alone, but when the government marked a part of the property to be cut later for the Metro, the buyer opted out," he says. Sediq's business had taken him a year to set up, all on his own. "Dealing in houses requires links and a strong network," he says. After one year of getting into the chain of brokers, he said his life was free and there was never a thought spared on how much he spent in a go. Now he feels chained and responsible to earn for the other four members of his family, only one of whom works. Unlike the days when he used to wake up at 10, he now gets up at 5.30 am and goes to bed at 1.30 am, the little sleep he manages being a troubled one at that. He has parted ways with five of his friends who "began to look down on him". As an auto driver, "everyone considers you dirt and even abuses you."
Other switchovers
Sediq Sharief isn't alone in this. Five friends of his have either taken to driving autos, welding, driving oil carriers or opening up tea stalls.
Munnabhai, a broker friend from Coles Park, has left for Bombay to open a boutique there. Kumar, who used to deal in properties worth "lakhs and crores", now runs a "chai shop". Syeed Rehan, known famously on Artillery Road as Mahboob Bhai, now sells fish. "After my shop closed, my income has gone down by Rs10,000-15,000 a month," says Syeed. "Everything has changed, par ghar to chalana hai nahin to bhooke marenge."
Abdul Qader, a property dealer from Ulsoor, has also turned to auto driving. "I earn close to Rs12,000 a month, out of which I pay Rs6,600 monthly as rent for my auto," he says. He had also invested Rs5,00,000 that he got from a property deal in a property, the price of which fell, fetching him a payback of Rs2.5 lakh. The news in the market is that things won't look up anytime before five years. "Par ummeed hai," says Mahboob Bhai.
0 comments:
Post a Comment