A Noida man has sparked a discussion about soaring property prices after explaining how even a compact two-bedroom apartment in the city may now require buyers to earn more than ₹1 lakh a month.
In a video shared on Instagram, Rishi Shandilya broke down the approximate salary, down payment and home loan needed to purchase what many people jokingly describe as a “pigeonhole” or “matchbox-sized” apartment in Noida.
₹25 lakh down payment for a small flat
In the clip, Shandilya said that a 2BHK apartment in Noida could cost anywhere between ₹75 lakh and ₹80 lakh, even when the property is relatively small.
“The tiny, matchbox-like apartments that people often describe as ‘pigeonholes’ in Noida can cost around ₹75 lakh to ₹80 lakh for a 2BHK,” he said.
{{/usCountry}}“The tiny, matchbox-like apartments that people often describe as ‘pigeonholes’ in Noida can cost around ₹75 lakh to ₹80 lakh for a 2BHK,” he said.
{{/usCountry}}According to him, a prospective buyer would need to arrange at least ₹20 lakh to ₹25 lakh as a down payment before applying for a home loan.
He further claimed that the buyer would need a monthly salary of approximately ₹1 lakh to ₹1.2 lakh to qualify for a loan of around ₹55 lakh to ₹60 lakh.
“Only then would you be eligible for a home loan of approximately ₹55 lakh to ₹60 lakh, with a monthly EMI of nearly ₹60,000 to ₹65,000,” Shandilya added.
‘Harsh reality’ of Noida’s property market
The video was shared with a caption highlighting how home ownership has become increasingly difficult for salaried professionals.
“Even an apartment mocked as being thinner than a matchstick and no bigger than a pigeonhole now requires a budget of nearly ₹80 lakh,” the caption read.
It added that buyers would typically need to earn over ₹1 lakh per month and arrange nearly ₹25 lakh as an upfront payment to make the purchase possible.
“The reality of the real estate market may be harsh, but this is the truth,” the caption concluded.
(Also read: Ceiling crashes down in Noida apartment, sparking outrage and alarm: ‘It’s a death trap’)
Watch the clip here:
Social media users react
The video attracted several reactions from Instagram users, many of whom agreed with Shandilya’s assessment of Noida’s property market.
One user wrote, “Yes, you’re absolutely right.” Another commented, “This is true.” A third person said, “I completely agree with you,” while another added, “Whatever you have said is correct.”
HT.com has reached out to the user for his comments, and the copy will be updated once his response is received.
(Disclaimer: This report is based on user-generated content from social media. HT.com has not independently verified the claims and does not endorse them.)