‘Who is buying ₹4 crore homes?’: Noida man stunned after property hunt exceeds his ₹1 crore budget
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.A Noida man said soaring property prices had pushed home ownership beyond the reach of salaried buyers. (Representational image/Unsplash)(Also read: Noida resident calls high rise towers ‘luxury chawls’, cites daily lift chaos. Watch)The video was shared on Instagram 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 itThe 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:
