Bengaluru-based CEO calls houses and cars “terrible investments” and sparks debate

Bengaluru-based CEO calls houses and cars

Deepak Shenoy is the founder and CEO of CapitalMind

For many people, buying a home is the ultimate dream and one of the greatest goals in life. However, property prices and rents have risen significantly in major Indian cities over the past five years, thwarting people’s dreams. Recently, Bengaluru topped the list as the country’s hottest residential property market, according to a Bloomberg report.

CapitalMind Founder and CEO Deepak Shenoy, who is based in Bengaluru, shared his thoughts on the matter, calling houses “terrible investments”.

“This buying versus renting will never go away, as if it were some kind of religion. Nobody cares. Most people want that warm, fluffy feeling of ownership, so it’s a good buy. Like a car,” he tweeted. He went on to say that some people confuse buying houses with investing, but “houses haven’t done well financially for most of the past decade.”

“Houses are terrible investments, like most cars; but that’s mostly overshadowed by the warm, fluffy feel of ownership. That includes being able to change the structure of your home to your liking, applying for passports with a ‘fixed’ address, not having to deal with rents and realtors, etc.,” he said.

See the tweet here:

He then explained that the same logic applies to buying luxury cars.

“You can never justify why a Mercedes (or a Porsche) is a great idea, but they’re not rated by boss what a crappy mileage they put in, and boss big deal you could take Uber and it would be for.” always cheaper. It settles on Frik, I own a goddamn Mercedes. That warm, fluffy feeling justifies any damn EMI, but only if you can afford it,” he added.

Mr Shenoy’s tweet has now sparked debate and received mixed reactions. One user said: “Perspective is always great, but don’t make blanket statements. Could be harmful to the people being “affected”.

Another commented: “Totally agree. Humans are irrational and constantly struggling for status and identity. That’s why we still buy real gold jewelry or use fragile glass utensils.”

A third said: “You have to look at home ownership beyond investment. Homeownership is good for the economy. Homeowners (1) demand higher quality home goods, (2) seek stability, and (3) invest in children. Providing affordable housing for young couples is imperative for India to grow.” A fourth added: “The endless debate. I know a couple who rent very comfortably. Another with sick parents who lived with them preferred to buy. There is no right or wrong. Just do what works for you.”

A fifth summed up the buy versus rent debate by saying: “That. It’s a comparison between apples and oranges. To each their own, whatever makes you happy.”

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