The dream of almost all people is to one day own their own house. However, there are a lot of things to take into consideration in that before one can make the purchase, the biggest one being the price.
It is no news that housing prices have been rising in the country for a while now and not all of it is because of inflation even, with a 2023 paper by the Centre for Social and Economic Progress (CSEP), a New Delhi-based policy think tank, claiming that “lack of credible and rigorous land use planning and implementation, leading to constrained and unpredictable supply of land.”
An IIT-Bombay alumnus also reiterated this sentiment in a social media post.
What Did The IIT-Bombay Alumnus Say?
Kalpit Veerwal, an IIT Bombay alumnus posted on X/Twitter talking about the rising price to buy a plot of land and how five crore is the new one crore. On 3rd April he wrote “Five crore is the new one crore. Can’t even get a decent plot of land in one crore anymore (in metros, it’s not even a decent flat).”
This led to a lot of debate and discussion on how valid this was with some agreeing and others disagreeing. One user commented, “No, it really depends on what you ‘want”. One can get a house in 1.5 crore vs five crore in the same locality” while another replied “The more you have, the more you need. The less you have, the less you need. Seeing people struggling, salty and miserable at one crore. I also see people living their hearts out at 20 lac.”
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One user agreeing with Veerwal wrote “Very well said. In South Delhi’s posh areas, the starting price is around 3 crores. You can get a decent flat in a posh area of South Delhi for 5 crores. Nothing substantial is available for 1 crore.”
One user commented on how this wasn’t just limited to metro cities and how even small towns were seeing an increase in land price writing “I’m from a very small town in West Bengal. Here, you can’t make a decent house if you don’t have one crore. The land price is too high. It was five lakh in 2020. Now it’s 40 lakh.”
Another wrote “Why would you assume that the value of one crore would stay stagnant? Of course, it would decrease with time. That’s how money works.”
Others commented on how this was due to an over inflated market writing “Even in tier 2 cities, 50 lakh is the new 1 Cr. Highly over inflated,” while one said this is “Very subjective. You can easily find a decent plot in 1-2 Cr in tier 2 cities.”
Another person commented “Honestly, everything depends on the locality. Investing 1cr in an area which is few kms away from the 5cr area is always wiser. Real estate in most of the metros are inflated left right and centre.”
Some people also commented that even after investing such high amounts, the real estate sector is not going to grow at a fast pace and the resale value will not be any higher than the purchase price or might even drop in worse case scenario.
Image Credits: Google Images
Feature image designed by Saudamini Seth
Sources: Hindustan Times, Moneycontrol, News18
Find the blogger: @chirali_08
This post is tagged under: IIT-Bombay, IIT Bombay alumnus, plot, plot price, plot price india, realty prices, land prices, land prices india, metro cities, metro cities india, land, house, bombay
Disclaimer: We do not hold any right, copyright over any of the images used, these have been taken from Google. In case of credits or removal, the owner may kindly mail us.
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