Buying a home is the dream of perhaps every individual in India, and it is one such motivation that drives many to excel in their respective fields, plan savings and some sacrifices to just own a house they can call their home. However, for the past few years, the prices have shot up like never before, making it difficult for a decent earner to afford a house, especially in any of the metro cities or adjoining areas.
One such person took to Reddit to express his views, wherein the user mentioned that the plan to buy a home in Gururgram now feels a bit irrational. Reason – the insane prices.
‘Doesn’t sit right with me’
The Redditor titled the post as “Is it just me, or does buying a home in Gurgaon feel irrational now?” The user mentioned that he is 30, married and has two toddlers. The user works at a senior role in a tech firm.
“I’ve been looking at 2–3 BHKs in Gurgaon and most decent options are ₹1.8–2.5+ Cr. Even after a good down payment, EMIs come to ₹95k–₹1.5L/month for 20 years. That just doesn’t sit right with me,” the user mentioned.
The user also asked if people have this much money or has the culture “just normalized massive loans?”
‘Is this a bubble?’
Mentioning that “post-COVID prices feel crazy”, the Redditor said that homes bought for ₹60–70L a few years ago are now quoting ₹1.8–2 Cr. “Was it always like this, or is this a bubble?” the user added.
Then the person broke down the conditions of investment that he will have to make for buying such an expensive house. “What really makes me pause: if I invest ₹40k/month instead of EMI at ~10–11%, in 15–20 years that becomes ₹1.6–3 Cr, fully liquid and stress-free,” the post read.
“So I keep wondering, are we buying homes for security, or just out of FOMO?” the Reddit post added.
Commenting on the post, a user said, “Makes no sense to buy a home in Gurgaon now. The rates are insanely high and the city’s infrastructure does not justify them. Don’t know if it’s a bubble but something needs to happen to normalize these rates.”