A founder has sparked a discussion on Mumbai’s soaring real estate prices after comparing the cost of a 2BHK flat in the city with income levels in India and New York. Taking to Instagram, Guneet Singh Talwar shared a video in which he argued that home ownership in Mumbai is not just difficult for the middle class, but nearly impossible for most people.
In the video, Talwar said, “Today I came to know that a 2BHK is between 2 to 3 crore rupees.” He then referred to a commonly cited income statistic and added, “India's top 1% is people who make 3 lakh rupees or more per month.”
Explaining his point further, he said that even someone who earns enough to be counted among India’s top 1 per cent would struggle to buy such a home outright. “If you just enter India's top 1% and you saved 100% of what you earn, no food, no rent, no petrol, no clothes, you will still take 10 to 12 years to afford it outright,” he said.
Comparison with New York
Talwar also compared Mumbai’s property prices with those in New York. “Whereas, a 2BHK in non-Manhattan, New York, the non-Colaba Mumbai prices so there, 2BHK is generally 5 crores,” he said.
{{/usCountry}}Talwar also compared Mumbai’s property prices with those in New York. “Whereas, a 2BHK in non-Manhattan, New York, the non-Colaba Mumbai prices so there, 2BHK is generally 5 crores,” he said.
{{/usCountry}}He argued that the gap becomes clearer when salaries are compared. “In New York, the top 1% salary is 8 crores per year. In Mumbai, the top 1% is 36 lakhs per year,” Talwar said. According to him, this means a top earner in New York may afford a flat much faster than someone in Mumbai’s top income bracket.
“This is not a middle class struggle bro. This is a top 1% struggle I am talking about,” he said.
‘Mathematical impossibility’
Talwar said the situation is even worse for those earning regular salaries. “Think since that that swiggy delivery boy who is driving for 12 hours that teacher who is teaching children for 35,000 rupees, for them, Mumbai's 2BHK is a mathematical impossibility. It is not difficult. Not, it will be in a day. Impossible,” he said.
The clip was shared with the caption, “Broken Systems.”
Watch the clip here:
Internet reacts
The video drew several reactions from Instagram users. One user wrote, “This is exactly why young people are giving up on buying homes in big cities.” Another said, “Mumbai real estate has stopped making sense for salaried people.”
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A third user commented, “Even earning well does not feel enough anymore.” Another wrote, “This is not a dream, it has become a trap.” One user added, “The comparison with New York really puts things into perspective.” Another said, “Renting for life seems to be the only practical option now.”
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.)