HOUSTON APARTMENTS: MORE VALUE FOR YOUR RUPEE A quick back-of-the-air-mail-envelope real estate comparison of greater Tanglewood and Colaba, a commercial district in South Mumbai: “My friends house was about 2 blocks away from Nariman house – the sight of the infamous siege on the Jewish community on 26/11. For a 600 sq ft 1 bedroom hall kitchen, my friend and his room mates were coughing up Rs 45,000 /- a month. My friend corrected me that the real rent is actually Rs 50,000 / month but he is getting a discount because of some renovation going on in the building. Judging by the fortune he paid for the apartment, you would imagine it to be an ocean facing villa with modern amenities like swimming pool, gym and manicured garderns. Horror behold! His apartment was actually in a very busy market area, in a dilapidated building which was probably more than 40 years old and might come down any minute. Once inside his compact apartment, I immediately started comparing this with my $700/ month (Rs 34,000 month), 800 sq ft 1 BHK in Houston in a very wealthy neighborhood. If Senior Bush could live a mile away from my apartment, I am sure my neighborhood must be really good! So even if I earn in rupees, it is much easier for me to afford a place in Houston than in Mumbai!!” [Continued Unnoticed]
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What an awful extrapolation. Look at the difference in neighborhood quality from the Amalfi in the museum district and the third ward, around a mile away. Being one mile away to something ‘nice’ (Bush’s digs are extremely modest) means absolutely nothing in Houston. In other cities? San Fransisco, Manhattan (carnegie hill a mile away from Spanish Harlem??), Miami (Brickell and downtown Miami) – even worse.
And to make the comparison even worse consider this description of Colaba (shamelessly ripped from Wikipedia):
“The Gateway of India, the art deco style Regal theatre, the cafes (Mondegar, Royal and Leopold), and the Taj Mahal Palace & Tower hotel, all add to the atmosphere. The older parts of the cantonment retains its large, wooded spaces and is the only bit of green left in this otherwise congested area. In the midst of Navy Nagar lies the Tata Institute of Fundamental Research (TIFR), one of India’s leading scientific institutions. Colaba is renowned for high-end boutiques, imitation consumer goods, and is popular with tourists. This is a place where rich Indian industrialists and business people prominently reside, for example the Ambanis and Ratan Tata. Colaba is the hippest neighbourhood in Mumbai serving as the major shopping district for both tourists and locals. It has an old English charm and a very modern feel as well. Colaba is also the art centre of Mumbai, with all the major galleries and museums located in and around this area.”
So you may live near Bush Senior in Houston but your friend apparently lives round the corner from Rajan Tata in the hippest neighborhood in one of the fastest growing cities in the world.
Hey … I own a building in spanish harlem! Dont knock it. Best investment I ever made. You wouldnt recognize it today vs. even 5 years ago.