Techie kings, shabby pads
By siliconindia   |   Saturday, 13 June 2009, 02:30 IST
Printer Print Email Email
Bangalore: First, companies downsized, slashed salaries and cut perks. Now employees are doing the same to their own lifestyles. And the first target of downsizing is house rent. There has been increased activity in the real estate agents’ business in the pass few months with people wanting to move to smaller houses or less expensive neighborhoods. "We moved out of a two bedroom apartment on Bannerghatta Road to a single-bedroom place in Jayanagar. This is the only way we can save, given the salary freeze," said Amil Singhal, a software engineer within an MNC. Cashing in on the trend, real estate agents are increasing the number of people in their rental teams. "Apart from people moving into smaller houses from bigger ones, there is a new segment, mostly techics, who are selling their houses and moving into rented accommodation to save on home loan costs," Says R. Balaji, CEO, Propmart. What's more, techies, known to pay any rent demanded. are now negotiating. "This is the trend especially in the high-end segment. People are negotiating monthly rents," said Farook Mahmood, President of, Bengaluru Realtors' Association of India. Source:Deccan Chronicle