Business Today - A Tall Story

Vijay Devarajan, 28, is worried. For the last several weeks, he has been using his weekly off to scout for a suitable place to buy. He visited Adyar, Thiruvanmiyur and Kottivakkam in Chennai. But, no luck. And, not because there is no supply of houses, but because they are well out of his range. A team leader at the Chennai office of Covansys, an it services company, he got a 15 per cent pay hike last year and wanted to use the equated monthly instalment (EMI) instead of the monthly rent to fund his acquisition of a house. Today, however, he is feeling priced out of the market.

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