Little wonder, land has such resonance for Indians. One's own house is a dream that earlier generations realised at the end of their professional lives, a sweet retirement gift to pass one's old age in. The scenario has dramatically altered today. Even as property rates in Mumbai and Delhi keep soaring, youngsters continue to make a beeline for estate agents and developers' offices.
My friend Raghu bought an apartment in Goregaon, a north Mumbai suburb, four years ago for Rs 85 lakh. Today it is worth Rs 1.7 crore. He is lucky he bought it at the time. South Mumbai became area non grata for hard-working middle-class folk a long time ago. Now it seems even distant suburbs have shaken off their poor image. Where will one live?
A number of my friends prefer staying in Bandra or Andheri on rent, rather than buy a house in godforsaken back of beyond where there is no life. What about the long-term, you ask. Well, who has the time for it when one is busy making ends meet? Parents have a nice place back home (the real home in a livable city, that is) which shall pass on to them when the time comes. Until then, face the metropolitan music and play along.
At his current job in a mid-tier consultancy, Raghu takes home close to a lakh per month. Of this, a whopping Rs 53,000 goes towards EMI for the house. He is a miser, Raghu is, but who would blame him? When we order dinner sometimes, he is chary about the bill crossing Rs 200!
He has been looking out for a change. He has done well for himself at his current job. He is known as an expert in the industry practice, which is a prime source of revenue for the consultancy. Over the next 10 years - there's no escaping this planning for today's youth - he sees himself in a more strategic role. He uploaded his CV on Times Jobs a few months ago and regularly hears from recruiters and human resources (HR) heads.
This past week, he got calls from two different places. One is a knowledge processing outsourcing (KPO) working out of Navi Mumbai that has health care clients in the US. The role they offered was Solutions Manager, which involves tying up the backend information technology operations, while heading a team of six. The other offer was from a Europe-based strategy consulting firm that is opening their India office next year. They are planning on two offices initially, in Mumbai and Gurgaon, and are scanning the market to poach worker bees from all and sundry.
The KPO made an offer of Rs 22 lakh, with perquisites. The European consultancy offered Rs 18 lakh with an additional performance bonus. Raghu, naturally, is keener on the KPO. Not only will it reduce the EMI burden, it will also significantly up his stakes in the marriage market, an outcome he is rather desperate for.
[More on that some other time, but suffice to say it's a riot. He calls girls shortlisted by his parents (he is Tam Brahm) and meets them if they are in Mumbai. Either he finds them too childish ("I will have nothing to say to her when I come home") or too forward ("She has a rollicking nightlife, dude"). Every weekend he is on the phone for hours whispering sweet nothings into the ears of prospective brides, but it has all been a giant black hole so far.]
Raghu showed me mails from both companies, signed by the HR heads. The job description for the KPO firm mentioned excellent writing skills, "preferably someone who has worked for the college magazine." What? I almost barfed. It's a new company and clearly, the HR manager wanted to show the bosses she had it all figured. Instead of focusing on the real deal, however, she seemed to have paid too much attention to the co-curriculars.
Raghu joked, maybe I should apply. I have no consulting experience whatsoever, but yeah, I can write a mean report. I remember my communications professor in B-school hammering repeatedly the point that it is the ability to use words effectively that makes the difference between success and failure. Ha. Small consolation, looking at my salary.
Finally, Raghu decided to say yes to the Europeans. The firm is a well-respected company in the old continent (which arguably is one reason it is not known well in India. No one had heard of my erstwhile employer, a British recruitment firm, when they came to my B-school). Since Raghu will be joining the founding team here, his rise can be faster and more comprehensive. In spite of the lower package, he might be able to pay off that home loan after all.
The author has switched too many jobs in the past and hopes he can hold down this one