Nikhil Kamath
Credit: X/@nikhilkamathcio
Nikhil Kamath, co-founder of Zerodha and a prominent figure in India’s entrepreneurial landscape, recently bought his first house. Being an important milestone in one's life, the move should have brought Kamath congratulatory messages however, the entrepreneur is facing online flak for being a "hypocrite''.
The online criticism stems from the fact that Kamath has often advocated renting a house instead of buying one. Netizens are calling Kamath's decision to buy a house a "contradiction of his own words" and accused him of giving advice only as a billionaire.
"These rich people will tell you to rent flats because they're the ones purchasing and putting it on rent," wrote one user on X.
Another said, "Hey @NikhilKamath, so you preached that renting is better than buying a house, but then you went ahead and bought one yourself? Looks like your 'renting' advice was only for the poor folks, while you enjoyed the benefits of being a billionaire! #DoubleStandards #Hypocrisy.”
Some people also came to the businessman's rescue and explained what he actually advised others about. "Okay, so where does it get confusing Rent, if you don't have the funds to buy. Invest wisely and grow your wealth over 2 decades or so and then buy. Buy, if you have enough saved and wouldn't have to worry about being in debt. Buy, if you can pay off the loan <5 yrs. Rent if not (sic)", said a user.
What Nikhil said about his decision to buy house
While the online debate on Kamath's decision is still raging, the entrepreneur on his podcast WTF is with Nikhil Kamath, explained his reasoning behind buying a home. Kamath said that while renting has its benefits, it also comes with several drawbacks like uncertainty over when one might need to move out.
Sharing a personal anecdote, Kamath said that he was once forced to vacate a rented accommodation earlier than he would have wanted to. The security factor, he said, influenced his choice to purchase a home