When it comes to real estate, $3 million (approximately ₹25 crore) can mean vastly different things in India and the United States, as highlighted by a recent post going viral on X. Management consultant Gurjot Ahluwalia shared a side-by-side comparison of what $3 million will get a buyer in India vs the US, and social media users were struck by the disparity that highlights how overpriced the Indian real estate market is
“Which $3M apartment would you prefer?” Ahluwalia wrote on X, sharing screenshots of two listings taken from the internet.
₹25 crore apartment in Gurgaon
If you have ₹25 crore, and are willing to stretch your budget a bit further, you can buy a 4BHK or 5BHK in a posh society in Gurgaon. A listing on 99 Acres shows that ₹26.8 crore will get you an apartment in Gurgaon with a built-up area exceeding 5,000 square feet.
The apartment will be located in a residential society that offers a range of amenities, including a swimming pool, covered parking, gym, spa, access to green spaces etc.
Not too shabby - but nothing compared to what the same amount will get you in New York.
$3 million in New York
{{/usCountry}}Not too shabby - but nothing compared to what the same amount will get you in New York.
$3 million in New York
{{/usCountry}}A Zillow listing shows that $2.85 million ( ₹23.9 crore approximately), is enough for a stunning 6-room penthouse overlooking the iconic New York skyline in the United States.
The terraced loft penthouse comes with a “Massive 52 ft long great room with 14 ft ceilings and breathtaking East, South and North open river views”. It also houses a master bedroom with “serene East River and city skyline views,” a private guest suite with a walk-in closet, a media room with full bar, a professional laundry room, additional large bedrooms and access to a double rooftop terrace with 360 degree views of the Manhattan skyline.
The rover-view penthouse covers an area of 4,500 square feet.
“Real estate in India is a scam”
The comparison between Gurgaon and New York led many social media users, including Gurjot Ahluwalia, to conclude that real estate prices in India are ‘scamming’ customers.
“We are the most overpriced real estate market with the poorest infrastructure,” wrote Lok Sabha member Karti Chidambaram.
“In India, real estate pricing is a scam created by black money holders,” another X user opined.
“Atrocious.. with $1 M you can buy a mansion in the US and live like a Royal .. real estate is a daylight robbery in India,” another said.
“India's real estate is the biggest scam ever. You'll have one of the best villas in Dubai with this money. Maybe even 2 of them,” wrote X user Siddharth. Some X users prophesied that the “real estate bubble” in India would soon burst.