Soaring through the roof

In this week's edition of?Open House, I share my thoughts on the tenant verification process. To read the full editions in your inbox every Wednesday,?subscribe for free?on my website (https://ashwinderrsingh.com/).

As we get back to our routines post the Independence Day celebrations, topics related to the health of the economy took centre stage. The following stories made my top 5 reads from the last week:

• The upcoming golden decade?– A youthful demographic, seeking ready-to-inhabit homes, is engaging in a progressively organized real estate market. Information is readily accessible, and regulations are gradually gaining prominence. As demands and commendable industry standards thrive, perspectives on returns are also undergoing diverse evaluations. (Read more)
• RBI boost?– The Reserve Bank of India has maintained the repo rate at 6.5% in its recent decision, showcasing the unwavering stance of the monetary policy committee. This move is anticipated to bolster housing demand, marking positive news for the real estate sector. Despite a 20% increase in EMIs over the past two years, the unchanged policy rates are set to provide stability and support to both homebuyers and developers. (Read more)
• Bengaluru’s soaring rents –?The pursuit of a 1RK apartment has become an elusive quest for many, as rental rates surge to unprecedented heights. While the suburbs remain relatively affordable, areas near the city center and IT corridors have witnessed an astonishing spike in rents, with even 4BHK listings demanding rents as high as Rs 2.5 lakh and deposits of Rs 25 lakh. The rental landscape is transforming rapidly, presenting a unique contrast between Bengaluru and Mumbai real estate dynamic. (Read more)
• ChatGPT may stop talking?– OpenAI is facing a potential financial crisis. A report predicts possible bankruptcy for the company by the end of 2024, attributing the situation to the exorbitant daily cost of running AI services like ChatGPT, which amounts to around $700,000. Despite the rapid success of ChatGPT after its launch in November 2022, recent data reveals a diminishing user base, with a 12% drop in July 2023 compared to the previous month. (Read more)
• Kicking the coal habit –?In the heart of South Africa, a once towering coal-fired power station, the Komati Power Station, has undergone a remarkable transformation. Once a symbol of fossil fuel reliance, the station has now been repurposed into a beacon of clean energy, boasting a combination of 150 MW of solar, 70 MW of wind, and 150 MW of storage batteries. This transformation took place because of innovative approaches to climate financing. (Read more)