Gurugram Man With Rs 1 Crore Pay Says Still Can't Buy ‘A Home’: ‘Despite Corporate Success…’
The 40-year-old, an MBA from IIM Bangalore and the sole earning member of his family, has lifetime savings of over Rs 7 crore.
A man working in Gurugram has raised concerns over the high cost of property in the city, despite earning a substantial salary of over Rs 1 crore per annum.
The 40-year-old, an MBA from IIM Bangalore and the sole earning member of his family of three, revealed that even with lifetime savings of over Rs 7 crore, buying a decent home near his workplace remains challenging.
“I work for a Public limited organisation at a fairly senior level. My CTC is 1.2 crore per annum. MBA from IIM Bangalore. 40 years, the only earning member of my family of 3 (wife, mother and I). No Major responsibilities, no kids, no plan to have them. Despite this, I'm not being able to wrap my head around buying a property in Gurgaon (where my current job is),” his Reddit post read.
He explained that a builder floor in DLF Phase 2 costs upwards of Rs 5 crore, while a 4BHK in MGF Vilas is priced around Rs 14 crore. While older apartments are somewhat more affordable, the user noted that they require additional renovation and legal costs.
“Even for a NEW 4 BHK which costs Rs 5 crore, I have 2 options - spend close to almost all my networth (5 crore plus government charges brokerage etc means another 40 lakh gone) or take a loan, which means keep working for another 20 years, but in today's age, at my level and age, there is no guarantee jobs will even last that long,” he added.
Expressing his frustration over difficulty of owning property in Gurugram, the man asked whether his perception of affordability is skewed or if homeownership in the city is realistically out of reach for most.
“And even after all this I get a measly floor with a lot of show and pomp (false ceiling, who needs that) but no amenities (no parks, clubs etc, forget about clean air and water). The quality given by most small builders building these floors means taking a risk as there are several structural issues within the first couple of years. Forget about land or own house,” he added.
The man concluded his post questioning that despite being at the “height of corporate success,” if he is not able to own property in Gurugram, he wondered who actually can afford to buy a home in the city.
As the post gained traction, some people recommended the user to retire and move to a smaller town.
“Come to goa. I don’t mean north where all the drama lies. Come to the south. Here you can get a decent bungalow in an area around here for 1.8-2 cr + another 1cr for all renovation and setup,” a user suggested.
Others suggested the man invest part of his savings in a restaurant or cafe in a hill station and move there for a “relaxed” life.
Another user, with a similar situation, suggested the man consider properties further out like GCE or Nirvana County in Gurugram, known for "infrastructure and liveability.”
“Alternatively wait it out for a few more years because I genuinely feel pricing is now stabilising after the crazy post Covid-19 boom,” the user said.
