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Bengaluru resident shocked as friend pays ₹1.6 crore for 3BHK in Avalahalli: ‘This seems absolutely deluded’
The Bengaluru resident questioned whether buying properties at such high prices was due to FOMO.
A viral Reddit post has ignited a heated debate over an "insane market bubble". The discussion began when a user expressed total disbelief after an acquaintance purchased a 1,400 sq. ft. 3BHK in Bengaluru’s Avalahalli for ₹1.6 crore. Questioning whether the market is driven by genuine value or pure FOMO, the critic argued that buyers are paying premium prices for "average" construction in gated communities.
“Insane market bubble in East BLR - how are people buying?!” a Reddit user wrote, adding one of their acquaintances purchased a “900 sq. ft. carpet area/1400 sq. ft. SBA 3BHK” for ₹1.6 crore in Avalahalli.
The critic didn't hold back, stating, “To me, this seems absolutely deluded.” They went on to challenge the developer behind the gated community, claiming that it is not a “premier builder” and characterising the company's craftsmanship as “average at best.”
In the following lines, the person questioned, “What is driving these insane prices? Are people that scared of losing out? Is this just FOMO?”
Talking about their own recent purchase in Cooke Town, a neighbourhood in Bangalore Cantonment, the individual shared that they purchased a 1900 sq. ft. SBA 3BHK for ₹2.4 crore. “Granted, mine is a stand alone building and is 20 years old.”
Despite the new facilities and amenities, the individual expressed disbelief that anyone “who in their right mind” would pay ₹1.6 crore for a space that seems like a “matchbox.”
“I know I haven't looked at the market that side of town at all, but this is insane.”
How did social media react?
The Bengaluru resident's post prompted several questions, including some on the soaring prices of real estate in Bengaluru and other major cities across the country.
Also Read: Bengaluru resident calls 2BHK hunt a nightmare as rents soar to ₹70,000: ‘Roads are barely there’
An individual wrote, “Wait 10 years. The old shanty, which you are so proud of, will not even be livable. Forget 10 years; one leak, and you will not even be aware of what hit you. Plus, the quality of life inside the gated community is unmatched, especially in a place like Bangalore where civic services don't exist.” The OP responded, “I'm fine with my ‘old shanty’. I'm not defending my purchase. If you can't see that, you should move on.”
Another added, “That's not Bangalore East. That is literally out of Bangalore. Surprised that people are buying that far. You get cheaper apartments in South Bangalore, which have better facilities.” A third commented, “Avalahalli is not East BLR. It's not even BLR.”
(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.)
