Metros' Property Dilemma: 5 Crore Becomes The New 1 Crore For Flats In Metropolitan Cities
An X user highlighted the ongoing struggle faced by many in purchasing a house or property due to inflated prices. Kalpit Veerwal, an alumnus of IIT Bombay, shared his experience of trying to buy a plot of land, emphasizing how challenging it has become to find a decent property in today's market and especially in metro cities. He noted that ₹ 5 crore now holds the value that ₹ 1 crore had in the past.
Mr. Veerwal wrote on X that five crore has become the new one crore, stating that it is no longer possible to purchase a decent plot of land for one crore, and in metropolitan areas, it's not even sufficient for a decent flat.
Mr. Veeral's post quickly gained viral attention, accumulating over 120,000 views. His tweet initiated a discussion on the microblogging site, with some users expressing their opinions and others sharing their experiences of encountering similar challenges.
Public Reaction On Price Of Property In Metro Cities
One user wrote, "Honestly, the locality determines everything. It is always wiser to invest 1 crore in an area located a few kilometers away from the 5 crore area. Real estate prices in most metropolitan areas are inflated from all sides."
Another user expressed, "We own a variety of properties ranging from 40 lakhs to over 10 crores. It all depends on our expectations. Higher expectations result in increased spending. Another crucial aspect in real estate is branding. People associated with reputable brands construct slightly more luxurious houses, but at a cost 50-70% higher."
A user commented, "Yeah, it's true, the increase is crazy compared to the rates during COVID, and if there are rate cuts, it will increase even more."
One user shared, "Twenty years ago, the 'Kaun Banega Crorepati' show really signified something; with 1 crore back then, you could acquire a lot. Nowadays, a decent flat in a city like Noida will cost 1 crore, and I don't even want to think about Bengaluru and Mumbai."
Another user commented, "The more you have, the more you need; the less you have, the less you need. I see people struggling, feeling bitter and miserable with just 1 crore. Conversely, I see others living life to the fullest with 20 lakhs."
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