RIGHT PLACE, RIGHT TIME

 

We’ve all heard the three most important rules of real estate:

 

1——Location.

 

2——Location.

 

3——Location.

 

That certainly is proving to be true for a number of renters in south Mumbai, India, albeit somewhat serendipitously.  Pooja Thakur, writing for Bloomberg Businessweek, describes this amazing development that is radically changing some renters’ personal balance sheets (““Mumbai’s Boom Turns Renters Into Millionaires”” 7/9/12–7/15/12, pp. 41-–42):

 

“Mea Kadwani, 78, has lived in the same apartment in the Mukund Mansion in Mumbai since he was a toddler.  Thanks to rent control laws, he paid less than $20 a month for decades, and $23 a month recently, for a 2,600-square-foot space in the upscale Nepean Sea Road neighborhood, where rents typically top $2,000 a month.” (p. 41)

 

Because of the need for developers to repurpose various parcels for the demands of a rapidly growing city, these low-dollar renters are being offered some pretty hefty incentives to relocate.  Thakur explains:

 

“Thousands of rent-controlled tenants of India’s fast-growing financial hub are becoming millionaires as developers tear down crumbling colonial mansions to build luxury towers for the rich.” (p. 41)

 

Mr. Kadwani didn’t strike too bad of a deal.  He ended up walking away with $2.5 million.  He shouldn’t have too much difficulty reestablishing an adequate new abode.

 

I would like to know if he will think about location this time as much as he did the first time.  Then again, maybe he’d better not think too hard.




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About James Meadows

Currently I serve as a training team manager for Tyco Integrated Security at a customer-care center in Kansas City. Additionally, I am a business consultant, a freelance corporate writer, an Assembly of God ordained minister, a Civil Air Patrol chaplain, a blogger, and a University of Phoenix Associate Faculty member. I believe we are living in the most fascinating times of human history. To maximize the opportunities these times present, I have a passionate interest in leadership development and organizational success, both of which I view as inextricably linked.

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