At a time when the country’s real estate is seeing a boost in luxury property demand, advertising firm Dentsu COO Bhasker Jaiswal refuses to own a house. Instead, he, who can comfortably afford a house, prefers renting a house. He currently spends about Rs 2.4 lakh per month for his sprawling apartment in Mumbai, and has spent over Rs 2 crore in the last 25 years.
In an episode of ‘Fix Your Finance’ with YouTuber Anshuman Sharma, Jaiswal revealed his current total income of Rs 1.5 crore, which includes his salary and rental income. He is of the view that owning a house locks people in for a long time and lets go of opportunities that can take people to various cities.
“One is the effort required to acquire a house. So you have to do a lot of research. It is very taxing, it’s not easy,” said Jaiswal, who has lived and worked in Delhi, Bengaluru, Mumbai, Malaysia, Guangzhou and Shanghai – renting in each place where he worked.
“Number two,” he elaborated, “is the risk attached to it. Because if you just look at the rate of return you get, it’s not worth it.”
“You can make much better returns even putting your money in debt funds,” he explained.
Jaiswal then spoke about the third and last reason why he prefers renting. “I think the third thing is you are locking yourself for a very long time,” he said.
The COO of Dentsu further said that a home provides a comfort zone, but envisioning yourself in the same city for decades can limit your economic opportunities. Even within a city, people choose jobs depending on where their house is located, he said.
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