Representative Image: ‘Reality Of Real Estate In Delhi’
The user wrote in the Reddit post, “Delhi real estate is beyond the reach of a middle-class salaried person—salary wale toh bhool hi jao. Recently, my family asked me to look for a property in Delhi. They still have the old mindset that Ghaziabad/Noida is bad, so I had to look for properties within Delhi.”
He shared some findings from his search:
”East Delhi:
IP Extension, gated colony, 3 BHK flat: Starts at Rs 1.8 crore
Krishna Nagar: Rs 95 lakh – Rs 1.8 crore for a 3 BHK
Laxmi Nagar: No one wants to go there due to its bad reputation
South Delhi:
CR Park: Rs 4.5 crore for a 3 BHK (no jokes)
Found a 4 BHK flat worth Rs 6.5 crore—admittedly amazing, but absurdly expensive
North Delhi:
Model Town: Rs 2.5 crore for a 3 BHK
North/East Delhi: Rs 1.9 – R 2.5 lakh per square yard.”
He further mentioned, “I just want to get out of North-East Delhi, but buying a property is so hard now. My parents don’t want to sell our ancestral property, which is worth over Rs 2 crore (huge area) in North-East Delhi. It seems I’ll easily end up with a debt of Rs 1 crore, even though my parents are putting down the initial amount. But I can’t make them pay the bills. Moving from a whole house to a flat worth crores doesn’t seem fair to me… but kya hi kar sakte hain ab?”
The post resonated with many on Reddit and beyond. One user commented, “With prices sky-high, from a common perspective, I think a long winter is coming. Many people will not be buying, and prices may stagnate for a long time. My only worry is that if we have a weak economy with uncertain jobs and markets, and if the rupee falls further, the income-affordability gap will widen even more. Meanwhile, only low-quality builders might survive. At the end of the day, the common man will be screwed.”
Another user noted, “Real estate is the biggest scam in India. In 2014, a 3 BHK flat cost Rs 30 lakh. Now, in the same area, a smaller flat costs Rs 1.4 crore. A fresher’s salary was Rs 3 LPA in 2014, and it’s still around Rs 3.5 LPA now. Even someone earning Rs 40 LPA today can’t buy a flat easily.”