The recent turbulence in the global tech market has hit home for one Bengaluru resident, forcing the homebuyer to walk away from a ₹3.5 crore apartment deal in the city’s eastern corridor. The individual claimed that a sudden dip in their Oracle and Microsoft stock holdings left them ₹40 lakh short of the target. The buyer decided to forfeit the token amount rather than risk a high-value investment.
“Backing out from a 3.5 cr apartment deal,” the Reddit user wrote, adding, “I had paid 1 lakh as token amount and was planning to buy a Prestige unit in East Bengaluru in resale at 3.5 cr. It was planned for next month and was hoping to cash out my Oracle and Microsoft stocks. Although it was about 1.5 cr which these stocks were going to contribute to purchase but last 2 weeks have changes my perspective.”
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The Redditor continued, “I am now about 40 lakhs short due to sudden fall. Also, my confidence of being able to keep my high paying job for next 7-8 years has taken a beating. So yes, I am backing out of the deal. letting go of my token amount plus additional 35k which I paid for legal verification. I was confident until now but not anymore. It is looking real.”
How did social media react?
An individual commented, “Good decision. The exact reason I am not willing to buy. I stay on rent at PSN and will continue to do so. I am not too worried about housing in my old age, but I am more worried about the debt burden. Believe me, having money in your account gives you an amazing feeling of freedom, even though you don't spend it. Won't lose it for anything, not even a home, at this point.”
{{/usCountry}}An individual commented, “Good decision. The exact reason I am not willing to buy. I stay on rent at PSN and will continue to do so. I am not too worried about housing in my old age, but I am more worried about the debt burden. Believe me, having money in your account gives you an amazing feeling of freedom, even though you don't spend it. Won't lose it for anything, not even a home, at this point.”
{{/usCountry}}Another expressed, “You don't get a refund for a token amount?” The OP responded, “No. Unless documents have issues, no caveat. It is reasonable and not unhappy with the same.”
A third asked, “Why not buy a cheaper apartment?” The OP shared, “This is a problem with us and, in fact, with many of my peers. Somehow, we have inflated our standard of living to a point that anything below is just not checking many of the boxes.”
A fourth wrote, “I am in a similar situation, but I'm doing the opposite. My wife and I are purchasing a land+home in Bengaluru in a week. The total price for 1200 sq.ft land + old home is INR 4Cr. We are liquidating our savings and going ahead. EMI will be 2L/mo. We are choosing to be hopeful and confident about our future. Our logic is simple - A roof above our heads and ground below is a long-term hedge to release the stress of having to be in the city to earn (We don't get WFH in our roles) while constantly having to worry about rent increase and landlord changes.”
(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.)