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Apartment culture...

Everyone has a wish to buy a house and live there for the rest of his/her life. These days the dream has become a reality because of good salaried jobs and hassle free loan availability from different banks. Not to be surprised, the real estate market went rocket high and the price of the apartments have gone very very high. Even the good salaried people are feeling the pinch to pay EMI. Very soon the happiness of being the proud owner of the apartment goes off and people succumb under pressure because of heavy EMIs.

Ok.. now let us try to understand the apartment culture in USA...
1. The entire apartment building is managed by a leasing company.
2. The apartment house is given on lease to the tenant.
3. The apartment community is facilitated with different amenities like Gym, Club house (TV room, Library etc), Sports area (Racquet ball court, basket ball court, Tennis court, Pool table),
Swimming pool, Internet cafe, party hall etc and everything is managed by the leasing office of the apartment community.
4. For any kind of outage, the service is available immediately..
5. The apartment is fitted with heater and air conditioner and many other facilities...

Overall, the apartment community is well maintained and it feels like staying in a hotel with a reasonable price. So, there is no sole owner of the apartment and the rent of the apartment is uniform and matches the market rate. Because of this kind of apartment culture, many middle class families are not in favor of buying the house.. instead they prefer to be in the rented apartment for life long.. and they are free from life long hefty house loan EMIs..

I'm strongly in favor of this kind of apartment culture and wish the same will come to India very soon.. so that many middle class families will not carry the burden of paying hefty home loan EMIs through out their lives.. instead can stay in a well facilitated apartment by paying a reasonable amount towards rent..

Thanks,
Srimaya Rath

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