A 2BHK flat price in good locality and constructed by Tier 1 builder like Prestige, Brigade costs around 1cr (150k USD) in Bangalore If you take take home loan for 10 years , you have to pay around 1 lakh EMI per month ( difficult for avg salaries couple and single income family). I feel like only NRIs who earn out side Bangalore only can buy house comfortably in Bangalore. Me being earning Bangalore, I am comfortable to buy house in Tier 2 city for my salary range . What are your thoughts? #mortgage #housing #bangalore #emi #houseloan
You should check house prices in Mumbai. A 650sqft 2BHK flat in mainland Mumbai is upwards of 2 Cr. It's just that Bangalore is now reaching the same levels as Mumbai
Agree, Mumbai prices are sky rocketing compared to other indian city.
@maersk. It was long back. Prices are steady now in mumbai
You are forgetting all the local business people with all the black money. They are the primary factor
In India people don't believe much in the stock market as they consider it as gambling, the only thing they believe in is investing in land/property and all the black money always goes into properties. Returning NRI's are probably contribute less than 5% to this rise in prices.
Yes. They only buy high value properties which is very less %age of total inventory.
Returning nris are like barking dogs. They seldom bite with their fancy dresses and accents
You are assuming that there are only two types of Indians in India. Tech and non-tech. There are so many people in India that are not in tech, they have businesses in F&B, health industry, jewelery etc and earn quite a bit more than tech.
I know people that bring in anywhere between 3L to 30L a month in profits. These are profits in white too, not black money. So yeah NRI find it it very difficult to keep up with these prices. For instance, most of these transactions are all cash up front. So 2c is close $300k. How many nris outside the bay area have 300k cash waiting to be invested?
Lol. If leetcoders only knew how much more is to be made even with silly businesses, they would start realizing that they are wasting their talent and skill away, working too hard to chase bullshit. Here's an example https://youtu.be/2zY5NkswIow
you should not buy from prestige etc but buy those so called illegal ones from good builders. All things can be legalised later by paying some money. You end up paying far less and better amenities at fraction of the cost.
second this. These big famous builders are just not worth it. We got a flat in posh locality at half the cost prestige was quoting in just vicinity of a prestige project. Yes we had to pay a few extra bucks for legalisation etc but now its perfect and loanable.
@andabands, thanks for info. What kind of flat is it? I mean, is it in apartment or stand alone building ?
Prices increased only 2-4 percentage per year for apartments flats in Bangalore.
Op what about sfh ? Have they skyrocketed?
Issue with Bangalore real estate specifically is, a lot of NRIs hold multiple properties. All my landlords have been NRIs with 3-4 flats in Bangalore. As a result rents don't go down, because these people can take the hit of not having any occupancy for months. For buyers, it's again a problem because NRIs are just looking to park money, so builders don't budge. I don't agree with the part that Indian earning 50 LPA at 4 YOE is the reason prices are so high. I went to a couple of builders to checkout flats and no one took me seriously, because I didn't look "old enough". These people are yet to discover how much tier 1 tech employees are earning.
Tech Industry
4h
486
Will Tesla’s layoff trigger over all market layoff?
Tech Industry
11h
1049
The man I love hates me because I’m Vietnamese
Tech Industry
10h
1104
Question about women in their 30’s?
Tech Industry
3d
42734
What happens when most of your team is Indian?
Software Engineering Career
16h
2856
L4 Google -> 45 interviews, 5 offers, AMA
Indians earn 50L+ in top tech companies with 4YOE+. NRI and Top earning folks are a reason. Also even more thaj them, the builders have created a sort of a cartel. They have huge inventory but are still not reducing cost even if demand is low.
Agree that builders formed as group and increasing the prices .
I feel like only 5 percentage SWEs earn 50 L for 4 YOE in Bangalore.