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‘Who is buying ₹4 crore homes?’: Noida man stunned after property hunt exceeds his ₹1 crore budget
A Noida man was shocked to find that even a ₹1 crore budget could not secure him a suitable home.
A Noida resident has sparked a discussion about soaring property prices after sharing his experience of searching for a home in the city. The man said that despite stretching his budget to ₹1 crore, he was unable to find a suitable property, with several new projects reportedly starting at ₹2 crore.
(Also read: Noida resident calls high rise towers ‘luxury chawls’, cites daily lift chaos. Watch)
The video was shared on Instagram by a user with the handle @lifethroughamanseyes. In the clip, the man questioned how ordinary salaried professionals were managing to purchase homes priced between ₹2 crore and ₹4 crore.
Man questions Noida’s soaring property prices
“I currently live in Noida, and for quite some time, I had been wondering why I should continue paying such high rent when I could use that money towards a home loan EMI instead. So, I casually decided to explore some properties, but the property dealer was quoting prices of ₹1 crore, ₹1.5 crore and ₹2 crore as though these were insignificant amounts,” he said.
“My absolute maximum budget, even after stretching it, was ₹1 crore, but apparently, you cannot find anything within that amount in Noida. Whatever new project is being launched starts at around ₹2 crore, while some properties are priced at ₹2.5 crore or even ₹4 crore. Who is buying these homes, brother? Who can afford them?” he added.
The man further said that even after working hard and pushing his finances to the limit, ₹1 crore was the maximum amount he could afford.
“I genuinely do not understand whether the middle class has suddenly started earning so much. An average salaried person in Noida also has a life to live, wants to enjoy weekends and has other expenses to manage as well. How are people managing to buy these properties?” he asked.
Watch the clip here:
Internet users debate whether buying is worth it
The clip received several reactions, with some users describing the prices as evidence of a possible property bubble. “The average construction cost of a 2BHK flat is around ₹30 lakh, yet buyers are paying nearly ₹1 crore. This appears to be nothing more than a property bubble,” one person wrote.
Another agreed and said, “Yes, I agree. I have been thinking the same thing. Surprisingly, flats in some older societies are priced even higher than those in newly launched projects.”
(Also read: ‘Itne paise diye hai, aur ye condition hai’: Man regrets his ₹1 crore flat in Noida)
However, one user argued that buyers were paying not only for the house but also for the overall lifestyle. “If all you can see is the house and not everything else that comes with a ₹1–2 crore property, then you are missing the bigger picture. You are also paying for a good society, decent neighbours, a professional working community, better amenities, a safe environment, a swimming pool, gardens, social gatherings and the opportunity to live among people from different professions and backgrounds. The list goes on,” the user commented.
Others advised the man against taking on a large financial burden. “Brother, it’s better to continue living in a rented home instead,” another person wrote.
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.)
