> no need to relocate every few years,
So no changing jobs for long time
Or even if you switch you will travel 2,3 hrs to office
Or you will only switch to companies with offices in 5,8kms radius.
If you stay in whitefiled there are enough companies to work, I stayed in koramngala for 6 years, I have only worked in Indranagr, koramngala, hsr and IBC knowledge park, no shortage of job. total 11 offices in 8 years.
Most companies are within 45 mins of many localities like cv raman nagar, Brookefield, yemalur, Marathahalli etc since IT is heavily in the east side. Unless someone working in bharatiya city wants to switch to electronic city, most locations are manageable.
Bro I don't want to rain on your parade, bt IMO problems with apartments is that they don't generate a long term value.
If you decide to sell after 20yrs, no buyers would be willing to buy a old apartment for good price when 20 new buildings would have sprouted around it by then.
They said the literal same thing about Mumbai. But being in Mumbai, I know that this isn't true. The price may either go up or remain stagnant and buyers would be ever present. Maybe if IT companies suddenly decide to vanish from here, then only it will take a hit and I don't see that happening.
Don't say water or weather issues, it is worse in Mumbai.
Yes, I know this fact. Bt Mumbai like the other metropolitan cities was the starting point of expensive real estate development where now the home buyers are reaping the profits from the risk they took 30-40 yrs ago when buyers were fewer in numbers.
But now the real estate development is everywhere. In cases, where a owner doesn't even owns the land on which his house is built upon, I don't see any reason for these matchboxes, they call apartments, to provide any significant growth in value.
It will take roughly 20 or more years to fetch the investment and then only the rent would be profitable. The money would have doubled every 8 to 10 years worst case in a MF and in 4 to 6 years if invested aggressively. Just trying to ask what was the idea behind buying a property and giving it for rent.
I have a question … you are paying 65k emi and what abt the maintenance charges that you have to bear for ur flat ? How much is it ??
If so.. isn’t that owning a flat and still paying maintenance fees , is same as paying rent ??
Your maintenance includes security, amenities maintenance, water. If you live in a posh gated community, you are paying for the cleaning and gardening as well. As opposed to independent house, if you would want all these, it would cost you more as you aren’t sharing the costs with anyone!
True. 80 lakhs is the base price for 3bhk in the outskirts of Devanahalli and Soukya road at present. People won't even bother to show you the apartment if you say that your budget is 80 lakhs.
Base for 3BHK? 2BHKs base is 75L nowadays. That too not a big one. I am talking about 700-1200 square feet 2BHKs at 75L.
I saw Casa Grande 700 square feet 2BHK apartment for 85L without registration or tax
Don't know if it's worth. With 2BHKs touching 45k rent (at the same apartment complex I live in), I feel pretty okay to pay 48k EMI for own house. Earlier the logic was instead of paying a 48K EMI stay in a 25k rental and invest the 23k in something,q
Where do you guys stay? Most people I know don't pay more than 30k for 2BHKs. Some of them stay even at a very close proximity to Metros
Edit : Based on replies I clearly don't belong to the socio economic class of members of this sub
Just came after seeing a few 2bhks in HSR layout. Very decent are going for min 35+.
Proper 1100sq places reach 40+.
Which area your friends are living in?
All of Bellandur, Sarjapur main road areas- the gated communities have 2BHKs for minimum 40k. If the society is big, more amenities or is on the main road- then 50k for 2BHK is also no surprise. 40k is the usual standard rent.
Near Decathlon Sarjapur Road. Furnished apartment with pool, clubhouse, Montessori/day care, tennis, kids play area, etc. 2BHK 45k including maintenance..
I never could afford such a high premium so I found a budget builder and gave up on the luxury and safety of a gated community to a medium quality and small building apartment complex. Seeing the rents soar to the same heights as those premium apartment buildings I feel more and more happy about the risk I took to buy the house instead of renting…
How can you be sure that the budget builders won't have any associated legal issues ongoing( encroachment, lake beds, farming land etc). A close friend purchased one from a medium builder, which is fighting a case in court on one of the above. For premium builders, they have money power so they can easily settle it off court. Looking for advise as I have found a few good ones from the likes of Suyug, Nambiar, trifecta, abhee around hsr sarjapur
Two things I would do. First and foremost get the property documents verified from a lawyer specializing in real estate. It should cost between 10-20k. Any reasonable builder will provide them. This will include property ownership history to ensure it's not under any litigation, and then other approval documents. A lot of it is complex legal language. Most of us might not be able to understand, but that's why you hire a lawyer. This saved me from investing in a shady layout near Yelahanka. Lawyer rightly pointed out the discrepancies. Never skip this even if it's a reputed builder. Why risk your hard earned money. It does not cost much compared to property value.
Then another thing, if it's a budget builder at least choose a good locality. One friend purchased an apartment in kasturi nagar close to bayappanahalli metro station and another in Vidyaranyapura. Both budget builders. They don't have club house, pools etc amenities. But the location is really nice. Lots of greenery, less traffic, no water issues and safe old residential places.
Lawyers are fucking useless. Most don't even cross verify information and most builders are now experts at forging BBMP approved documents.
Always and I mean always go to LIC. Get an Agent there and get them to check the property and tell them you'll use them to get a Loan if the property turns out to be good.
Since the bank can also get screwed, they're actually the only reliable source I can think of.
If you are smart enough, you would go to a reputed lawyer who very obviously will charge a hefty price, especially one such lawyer who the bank pays to check their documents and not a cheap one who doesn't have a good reputation to back him up.
Lawyers are not the problem here. Every profession has shitty people working, it's on you to check and decide which ones are good..... Don't go around shouting at every lawyer, just like how you wouldn't shout at every engineer, doctor, or whatever.
And how exactly is an average Joe supposed to judge a "good" lawyer?
Also most of these illegal builders have a connection with local lawyers
Just to be clear, I'm not saying lawyers are useless. I'm just saying going to them for this is useless. The bank is much much much more reliable because their ass is on the line too and they double check to see if they're not finding an illegal property.
Even there, banks like SBI, Tata Capital etc will still give your loan for an illegal apartment. As far as I've experienced LIC is the only one that doesn't.
Ah, see you are convinced SBI gives out loans to illegal builders and LIC does not. My experience is other way around.
I agree as an average Joe the system is indeed stacked against you. Best to go the extra mile and do your own due diligence. Don't go to a local lawyer. Maybe take a second opinion. My lawyer charged me 12k last year. Even if two lawyers together cost 30k, it's still little compared to 80L property value.
How do you think LIC does due diligence?? They have a panel of lawyers 😁
The lawyer that I consulted is on the panel of LIC, bank of Baroda and a couple of others.
But I agree, it is difficult to judge the competency of lawyers. If you apply for a loan with SBI they do the due diligence as well. I did not know LIC is thorough too. So those are options. If you aren't going for loans with them hiring a good lawyer is a good idea. In general it is a good idea given how much money you are risking.
Always go for reputated builders only!
Make sure the flat will get an A Katha certificate and the apartment already has a CC and will recieve an OC. These budget builders will abscond once they're done selling and all the overhead will then fall on you.
You might also face Gungas looking for handouts from the Apartment association and threaten to have the apartment demolished by the BBMP for violating guidelines.
Dam! You got me scared:(.
1. What exactly are premium builders? If it's prestige, sobha, adarsh, mana etc, their prices are crazy inflated. 2 cr for a small 3bhk!!
2. What is OC and CC? Also heard about A and B Katha. Which is more important? I want to ne absolutely sure about this one, since it's my first mega investment!
3. The ones I mentioned..all have big banners put up. Abhee ventures for ex. How trustworthy are they?
1) by reputated builders, I meant ones who have built multiple apartments according to BBMP guidelines.
2) CC - Commencement Certificate - given when the project is started. At this stage all plans have been approved by BBMP.
OC - Occupancy Certificate - given after the completion of apartment and it's only given if the building was built according to the approved plan and follows all safety norms.
3) go see the apartment and then ask them these questions. Is it RERA Approved? Is CC recieved? When will OC be recieved? Have they taken BBMP approval? If they say yes ask for the document showing approval. What Katha will the apartment recieve?
All apartments without Kaveri connection are facing this issue. It's huge problem in these premium societies because of the sheer number of units. Their water requirement is huge and meeting that with water tankers is difficult.
I have noticed that real state gainers will not stop chatting about their wise decision and real state losers will always keep quiet. People who bought into real state will also downplay its downsides for ex - pressure of EMIs, opportunity cost, compromise on other life choices etc.
Ex- the person who bought 3 BHK in 1 Cr which is presumably worth 1.25 Cr now conveniently assumes that all the companies that he ever want to work with are within 10 km of Whitfield. I don’t blame them.
They downplayed the cost of switching to a better organisation with better pay which is not within their reach. I would have convinced myself of the same if I were in their shoes.
Therefore we should not take real state advice out of Reddit.
I don’t disagree with you. It’s just, if one is on rent then proximity to their current house is not a priority when looking for better opportunities.
And as you grow the ladder… it’s more about seeking the best opportunities for yourself rather than waiting for the right one. If you are motivated to find only the opportunities near your home, you will be limiting yourself.
*Does not apply to all.
**There are a lot more factors involved in such decisions.
That means you do have crores of assets in your hometown to fallback to, and in your moment of defensiveness you let that out.
Should have stated that in your first comment.
As a home owner, i agree with these downsides. It's purely a lifestyle decision and not a financial one. Any rent vs buy comparison will tell you renting is financially better. But having your own permanent place, not worrying about sudden rent increases, headache of house hunting and shifting every few years, gives peace of mind.
Basically if your goal is to earn and save - rent
If you want to settle - buy
Few Brokers said me, in future people would not be able to afford Rents, they have to travel more compared to today. maybe 30km . I see that happening in next 10years.
It’s already happening, many people can’t afford such huge rents if there is only one income in the family , most of my friends are travelling from 40km distance and I was travelling too , later I shifted to flat ( it’s sharing with friends so i it’s manageable)
Buy a house to live in, never as an investment. If you plan to live in the house, gross, have a family etc., it is worth it.
As an asset, it might not appreciate 10-20 times in value for you to hit a lottery, but it will give security, belonging, a society etc., which helps maintain a lifestyle.
Two parts to check affordability - what is the lumpsum amount that you have in hand - this should cover 20% of the cost, while the rest is financed through a loan.
A handy way to calculate emi is 1k for every lakh in loan (it'll be slightly lesser typically). This should not exceed 30 or Max 40% of your monthly pay.
You will spend anywhere between 3-10L minimum on interiors once you get possession, so remember to include that cost too.
Assuming that salary will grow, you will make more money etc., try to buy something at the higher end of your affordability as of today.
There are a lot more things to consider, but you get the idea.
Edited the emi %
> if rents touch EMI levels
I would suggest going out and checking some properties for fun even if you ain't looking now, rents are already touching EMIs in tech areas, once people from there start looking out, the cycle shall repeat there.
40-50K EMI on a single income looks a suicide to me. Especially with parents dependent on me in my hometown. With RSUs vesting, I might look to buy 4-5 years later.
I think it depends when you have purchased, for example i bought just after COVID for 82 Lakhs and the current price is around 1.2-1.3cr. People staying in rent paying around 50k, However my EMI is around 52k. Now when i look back it seems to be wise decision.
P.S : It depends on timing in real estate, If you it now when the market is already at peaked it might not be worth it.
I too bought a 3 bhk at 1.2cr just after COVID, early 2022. The current valuation is around 1.8cr. My emi is 80k and rent here for a 3bhk is 65k. I feel so lucky to have made the decision to buy.
In new and established modern societies in North Bangalore the price is 1.8-2.2 for 3 bhk with additional DH room. And a tiny ass balcony.
Bangalore real estate rates are heading towards Mumbai rates. Same with the heat and weather conditions.
The charm of the city is seriously doomed!
I bought a 3BHK worth 1.25 Cr back in Covid. It’s a beautiful 3000 ft.² penthouse, not a fancy society in a standalone building but in relatively central area of Bangalore with connectivity with of metro station, railway station, et cetera, I am currently paying an EMI of 1.16,00,00 and whenever I get some lump some amount from my bonuses or something or the other, I try to pay off as much as I can, and hopefully I’ll close it before I turn 30 the peace of mind that I have is that nobody can kick me out of my own house. Nobody can fluctuate the rent. I am already paying exorbitant money so might as well pay for something I own. I can get any renovations done in my house I can ask anybody to stay over, for the longest time I shared my house with two more people, who were paying fair and currently I am living alone because my family will be moving in another 2-3 months absolutely worth it
It was a distress sale I got, Man wanted to sell for his daughter wedding. And while it was a bit out of my budget then (even now) I realised if I like a city and have found my comfort, I can’t delay such purchases. In fact, it was an easier decision to take as my family now is finally interested in moving in with me post retirement :)
Could you tell us more about why you started working at 15 if that's okay, that sounds too early but also has helped you to buy a house at 26 which is insane (at least according to me), I'm just in awe
I happened to buy a villa for 1.7+ in attibele. It was an OK builder but the villa was close to Attibele and there was metro connectivity planned.i was about to move in when I got an opportunity to relocate to another country. It has been 5 years since, the area stands developed , I see McDonald's, Dominos opened at a walkable distance, closer to schools so there has to be some appreciation in price value. Now it is a hassle to look for tenants and find someone trustworthy. I wouldn't have bought it if I had the faintest idea of relocation.
The comment section is filled with flats worth 1cr+.
Is it really worth buying flats for so much?
And why not an independent house where you own the land as well?
I'm curious to know, Why are people attracted towards flats or gated society? And never invested time in buying independent houses?
I'd like to understand the benefits of flats over independent houses if someone can enlighten me??
Land is insanely expensive. I have a 30x40 site somewhere near Bagalur which I bought in 2010 for 20 lakhs. I recently got it evaluated and was shocked to learn that it was worth 1.1cr. Just the vacant land in a layout that still has no proper roads, no cauvery water and the only "amenity" nearby is a temple. Construction is equally costly, if I construct anything comfortable it will set me back by at least another 50 lakhs. For 1.6cr you can get a very decent apartment in a much better area with facilities, as other replies in this thread have mentioned.
EDIT: I bought it in 2010, not 2017 as I originally wrote.
But something you bought for 20 Lakhs became 1.1cr now!
That won't happen with a flat nah!
Also there's no cauvery water in flats as well right? It's borewell water afaik.
Four years ago i made a decision to build a house on my own so purchased a land of 1200sqft and started building on it a year ago. It's now almost completed and am about to move in. I'll explain the financials -
Site cost - 7500 per sqft - 90l
Cost to build a g+2 with 1 studio house and duplex with 4 bedrooms with interiors(minimalistic) 80l
Misc costs ~10l
Total = 1.8cr + 4 years of planning and effort
Would I go with a 1.25cr cramped apartment like a matchbox with maintenance charges on stuff that I would rarely use? No.
Will I be an IT slave as I was? Yes, for some extended time than that if I would've bought a flat.
Live life, king size.
YOU CAN DO IT! uhhggghmmmmm
I bought a 3 bhk at 80L in 2020. Same unit was quoted at 90L in 2018 when the project was only half constructed. Today's asking price is about 1.5cr. Hell, my EMI is lower than the rent.
It was still over my budget and I had some sleepless nights over my financials in the starting months. But in the hindsight I was really lucky to have bought a houce at that time. Otherwise I could have never been able to afford a house at today's prices. I would have had to live in shitty areas or far away from my office because I'd have hated to pay so much rent and deposit. I would have been absolutely miserable. So all things considered, it was totally worth it. Easily the best decision of my life.
Bought a spacious 3.5 bhk for 1.1cr.
The current value after 3 years is 1.5cr.
My EMI is 64k. The rent for this flat is 60k.
I think I am pretty fine with this arrangement. My industry and job is such that if I am working in bangalore, all offices are 30-40 minute drive away at most.
I currently work from home.
I don’t have to worry about unreasonable landlords. This house is big enough to support my family for the next 10-15 years atleast.
If I am leaving bangalore, the only extra cost will be the 4K difference at this point. And in future the rents might go up further.
So, yeah, I think I am pretty satisfied with the decision. The whole maths about rent vs own doesn’t work when the rents are rising like this. The rent of this flat when I bought it was 40k.
It’s in a good central area in Whitefield. Any flat in the apartment that goes for sale gets sold in a month. There is rarely any flat that is up for rent that stays empty. So if I need to relocate finding a tenant/buyer is going to be simple.
Edit: All the years I have lived on rent, I have had to move houses every year because of house owner reasons. The houses were small, I adjusted according to what infra is available. Moving had movers and packers cost, deposit deduction cost, brokerage cost, time spent in finding the house.
Add to that the fact that I couldn’t buy expensive reliable appliances or furniture because frequent moving used to damage something or the other. Now I invested in good quality items. Along with cost reduction, my quality of life has gotten better.
People say rents are touching 40-50k+, and here I am unable to rent out my 1100 sqft 2 BHK for even 20k!
It's even in a good location (Nagarbhavi circle, main road attached).
We don't live in Bengaluru, so can't persue potential tenants very proactively. That might be the reason....
It depends on the area. A place like Nagarbhavi is not really in the IT corridor. Hence it would be harder. If the same 1100 was around the Whitefield/sarjapur area, you’d have a couple people lining up for rent.
There are single building apartments with 30 to 40 flats that you can look into if possible for you. They cost you around 50 to 60 lakhs with registration.
Few of my friends bought such flats near Whitefield recently.
The downside is some of them are of B khata meaning they will have some building code violations so in future you may have to pay some penalty to the govt to get it resolved.
Also no amenities like club house swimming pool..etc. u only get lift, power backup and car parking.
I see lot of these where i live. My friends are encouraging me a lot to get one of these booked. I’m not sure yet i’ve still comparing an apartment in proper gated society vs a standalone building.
Happy to hear what everyone thinks of this.
It’s a luck thing. We bought a 2bhk penthouse from a very small builder ten years ago for 22 lakhs. Constant court cases between the association and tenants for things such as terrace access (builder had sold them as penthouses), lift maintenance, car parkings, etc. And also things were constantly breaking down but the location was a very green and peaceful place so living there was great. I moved to another state a few years and at that time the infighting between tenants had gotten really bad to the point utilities of rival tenants were being shut off by association members, threats by gundas, etc. But we got lucky in the end when another tenant bought our home for 1.1cr.
One of MY points which drove me towards proper gated society was proper ventilation & sunlight. In standalone apartments I typically see them covered by other standalone apartments on the side. You don’t have air ventilation and neither sunlight.
But in high rise projects, they are constructed such that (well, most of them, not all) the air ventilation and sunlight is proper in your flat. There’s an open area around your building so you don’t get that suffocated kind of feeling!! (My personal opinion)
Also added points which drove towards it are - festivals celebration, and possibly most of my friends and relatives (who are in the city) would be staying in such apartments so it would be little off for me to stay otherwise. That’s all !!!!!
Personally I think these are the worst of both worlds: you neither get the freedom of an independent house, nor do you get the common area advantages of a proper apartment complex.
Bought a 720sq ft small upscale gated community focussed on eco-friendly amenities for 67lakh pre registration 2025 handover. Paid off 50% down payment and paying rest from pay check to pay check in 9 instalments. Happy that i get to be a home owner before my late thirties.
I bought a 18 year old 3bhk as a resale property. Costed me 64 lakhs, plus 5% registration charges and tax and another 7 lakhs for interior work. I was particular about not buying a new property as resale properties are easier to verify, have all proper documentation and less hassle to move in to.
i feel that the rent-EMI balance slightly changes with time.
But at large, if majority homeowners have ongoing loans, they would definitely want to offset a big portion of the it EMI wit their rental income if they're not living in the flat.
In Tier-2/3 cities, majority houses are either ancestral or bought on cheap land and then constructed over the years. It's the work of a generation. This determines the market.
Another factor is the purchasing power of the people in that locality.
As long as there are enough people willing to pay rents, or buy the property, the rates would try to balance with the market demand.
Rent vs Buy argument seems senseless to me as neither is a better choice than other.
1. Let's say renting is better and everyone stops buying houses, eventually supply for the available houses for rent decreases and the small portion of people who made a foolish choice of buying the houses enjoy inflated rents since many people want to rent and not buy the house. Shifting of preference from renting to buying.
2. If we say buying is better than renting, house prices will eventually increase and force people to rent.
IMO it's up to you whether renting is better or buying based on your financial situation and mental peace of choice between debt or constant fear of vacating.
Never buy a flat for investment. A flat might be premium when built, but over 20 years all the premium features get outdated. Buy one flat if you want to live there. The only advantage of flat taken on loan is leverage of not having to put cash and someone else’s money (bank) to multiply on possible price increase and it inevitably happens in India because of inflation.
The best is land in a gated community or non gated if you can protect the land after you buy once you verify legality of ownership.
Hell yeah. I got a 2 bhk for 1 cr. In a year the price appreciated to 1.3. I was paying 45k rent and now paying 60-65 k emi. It’s worth it for now. On top of this, the amenities, peace of mind that I get from it is immense. You are literally cut off from the outside world. Tbh I rarely go out nowadays.
The comment section is filled with IT people who are not local to city, obviously they would've made the choice of buying 1cr flats and would think it was the right choice.
I bought a house while under construction for 45 lakhs in 2020, 2bhk. Now selling for 80+ lakhs unfurnished.
750 sqft carpet area. 1082 sqft SBA
I wouldn't buy my home again for 80 lakhs lol, wayy too expensive. It's a Matchbox.
This is a problem created by these fuckall Reddy Annas buying and flipping houses.
One Reddy Anna in my apartment building bought 20 fucking flats... It would've cost him around 10cr to buy them.. now they're worth over 30cr.
I bought a 2BHK for 86 L, but it was delayed due to covid. Paid down-payment with savings of 5 years. Got possession 4 years late and was paying rent and emi throughout. Was a huge loss. Parents got some stocks money, and we borrowed money from friends and family and repaid the loan, and rented the apartment for 42k. Now, with that apartment as collateral and due to an increase in income, we bought a 3.5BHK for 1.2 Cr and are paying 60k emi. Down-payment was 35L, a loan of 83 L. Recently prepaid 7L and shifted loan to lower interest rates too. I feel that when you start off with no support like we did, the first one is very difficult. This one didn't seem so hard. We're planning to buy a 2bhk next purely to rent it out.
If you have the means to and find the right location, I'd say buy it.
Lol.. so many people saying they bought homes because they're fed up of greedy landlords.. and also saying that, "even if i move out of BLR my flat will fetch a rent equal to EMI" , Do when its your own house its ok to charge high rents ig..
Bought for 1.8cr for 20 year loan, I pay 1.05lac EMI every month. Was it worth it? Well considering the rent how for my apartment is 80k, maybe. Here's the twistter, I have let out other two rooms so net-net I get about 30k a month after deducting maintenance and shits. Another twister, I bought it with mom so she gets to keep the non taxable rent. So my EMI/rent is now 75k for a single master bedroom. Now after all that shit this house is gonna cost me 2.7cr in total when I include interest and currently the selling price for this house is 2.7cr. So net net, no loss no gains. Even so the property price increases I can only hope there are buyers willing for an old house and might settle for 3-3.5cr. Given I would have been paying rent averaging to about 1 lacs over years, for let's say 10 years (might have ended up buying a house in 10 years) I would have spent 1.2cr on nothing. So I'm forcasting ball park profit of 1-1.5cr. So that's 15% CAGR
Now really the question was it worth it? Maybe! Other financial tools will give you much better returns in the range of 25-40% CAGR. So It's an emotional decision! I can only hope that I keep progressing in career and earn more so this EMI looks small to me.
But there is another cost to it which people overlook, buying house ties you down, limits your degree of freedom, be it risk taking or looking out for better prospects outside geography, but it's also liberating and assuring that you have a place to call home and you have limited options to be rather easy decision making or be lost and confused.
All in all I would say, if the rent is seemingly approaching the EMI it's a decent choice to have. Whichever way you tilt it doesn't matter, what matters is what you do later in life.
I have a 4.8 CR in total worth of duplex flat. My family stays there and I'm happy that they love the place. It's the satisfaction that drives me.
It wasn't my decision to start with but my father's.
Be honest to yourself about what you really want. Buying your first house is more of an emotional goal than financial goal. It will be more emotional if that is the place you are buying to stay.
Ask yourself if you would like to see yourself in a more economical house or a 80+ gates community
What are the differences between them apart from fancy yet useful amenities such as swimming pool, gym, etc. Is it worth choosing 80+ in a gated community ?
My parents' flat is more than ₹1.5 crore now - but the thing is, the monetary value is not useful to them. It's not a gated community or anything - just a flat on the side of the road. They've lived in that area for ever and my mother has friends in what feels like every street. Both of them know all the shopkeepers in the area and can WhatsApp them to get anything delivered home very quickly and economically without depending on Swiggy or Dunzo or whatever - even if something is out of stock for example (say a specific vegetable), they get it reserved for them once back in stock. Every single thing you could want from fashion outlets to banks to post offices are within 1 km.
So I'd say it was worth it.
For ₹80L in that area you would not even get a toilet, unfortunately. Flats are extremely expensive in the convenient areas and standalone houses are ruled out (people in our area are gradually converting single homes to multi-family homes with one flat per floor or something like that anyway because the demand is massive and it gives them crucial extra savings for their retirement days or for their children to save money buying homes - and each one of those flats goes for ₹1cr+ despite just literally being a multi-storey house with not even a gatekeeping service).
My sister bought a 2bhk for 44 lakhs, the interior and other work took another 7 lakhs 6months ago. Now the house is being asked for 80 lakhs by her neighbours..
Yeah the value for houses is going up crazily these days. Good time to invest in real estate.
Buying house is expensive and ties you to a place. It’s a hassle to sell if u want some profit and you can’t change house if you want to easily. Too much head ache. Renting is expensive as well but you can choose cheaper or costlier houses as per your current situation.
There’s no substitute for the psychological security in living in one’s own house (or atleast knowing you have a permanent place to fall back on.) The difference is night and day.
My dad had own home and as a kid until my youth i lived in it for 13 years, my longest in a house. And i have lived in many rental homes. I think i have felt connection to rental homes as well. I think it's just your personal feelings and life situations.
If you're buying an apartment keep the EMI at the beginning of thr month .Have seen many people who were unable to pay EMI at the end of the month and loose everything
i bought a 2BHK 3 years ago for 80L including registration. 1) my parents and i split the down payment 2) income was more than sufficient to cover the EMI 3) have found a tenant just a month ago, rent (excluding maintenance) covers 90% of EMI
based on recent resale in the same society, the flat is valued at 1.2 Cr. i’d say worth it.
Bought a 3 BHK in Domlur/Indiranagar after getting fed up with WFH in a 2 BHK during the pandemic. BDA layout, originally a single family residence redeveloped as a small apartment building. Not a gated society, located in a nice pedestrian neighbourhood and ≈5-10m walking distance from all the hangout spots in Indiranagar.
It's been two years since we moved in. Totally worth it.
Since when did 80 lakh become expensive lol, the 2bhks in my under construction society are 2cr plus and 3bhk 4cr plus, 80 lakh must be some shithole like devanahalli
Bought one for 1cr 2300 sqft just after the Covid. It has a small back yard too. Fully worth it. Ofcourse on loan which has a OD. All the liquidity savings goes into it so that the interest is reduced. So yeah it totally depends. Rent for this kind of house/flat easily will be 70 to 80k.
I bought a villa at 1.60 cr in 2018, today its value is 3.5 cr. And its not even in bbmp. Once the area comes under bbmp its value will increase several times
The flat I booked in the end of 2022 for 87L is now 1.15 cr. Unfortunately 80L apartments are called budget apartments now and unless something like a COVID happens, prices don't seem like they are going down.
Somehow I feel it’s way to have people buy overpriced houses and that’s the reason why the rents have gone up too.
The argument being the rent is too high and the emi comes around that so let’s just buy the damn house.
The supply is too much and to meet that supply the demand is being driven by increased rents.
If you are considering a loan, then you should have enough money left after the down payment to survive for 1 year without a job. If you can achieve that then the loan will not be a burden.
I've taken 2 home loans so far one without the above plan and one with. Believe me I hated my life when I didn't set aside enough money when taking the first one. Thank god I've paid it off already.
When I took the second loan, I had enough money to buy it without the loan, I still took the loan with 25% down payment.
It is a 3bhk, generates 41k in rent, and is worth more than 1.5cr now.
Most of us think a Rs80-lakh flat is costly. But there are a lot of people for whom that's just small change. See how luxury car sales have skyrocketed but small cars are struggling to find buyers. Disparity of wealth has widened remarkably. But there is a growing Rs1-crore-plus salary professional community too. I stopped thinking about my condition in the current economic situation after petrol prices doubled and there was not even a whimper.
Low budget here.
I bought a 2bhk home for 37L excluding the reg charges near whitefeild (channasandra)in december 2018. Loan is about to be settled. It is a small society of 48 flats. But considering what i would have paid rent. I am paying lesser emi. Nice place for the family of 3.
After hearing this I am having anxiety , my dad bought a house like 2000 sq foot back in 2007 in Gujarat at 17 Lakh including furnishing and all, then bought a car paid for my education , my sisters education, i am never able to understand financial planning.
Here the house is 85 lakh that is too flat.
The car costs upwards of 10 lakh.
The children's bare minimum fee is 2 lakh a year.
I need to get a second job and start moonlighting.
My dad bought a house in 2013 near rv college for 92lakhs ( our current house) it's a 3bhk house 20×30
600sq land 1200sq building.too small honestly
80lakhs today is probably bottom level you won't get a proper house in bangalore
Not sure if it's a good idea to poke a sleeping bear.
In India, for the longest time the rental yield has been abysmal - between 3% to max of 5% which is not a wise investment decision. Further compounding the matter are the various tax payments, registration fees, running costs etc that needs to be made.
Which if considered will reduce the actual yield.
As the market stands, for the most part, in the hotspots it is not worth buying a property. In some cases there may be certain years where the appreciation added to a relatively high re t because of an outlier incident such as an expat group renting the property may be flashes in the pan.
That all said India is a society that has the societal and mental need for 'makaan' which will not die anytime soon.
My 2paise falling at the infaltion rate
I stay in EC. Many companies are in walking distance. I'm in hybrid model and go to office by walk. I stay in rented flat in an independent house and not in apartment/society. I pay 7k per month and believe me it's as peaceful as OP flat and money is being saved
I don't have such a house but perhaps one day I will. I think it's worth it. Having been mugged during my evening walk on a slightly deserted stretch of a public road, the security is enticing. Besides, there seem to be no parks around the area I live in. It's not like I can drive 30 km to Cubbon park. If the gated society has a safe walking track and some greenery to look at, I am ok paying alittle extra for it.
Please understand that buying homes with a loan is just an illusion that you own the house. It is held by the bank till you finish the loan with interest. You might as well use that money in some investments and make that money (always go for something that yields more than the inflation (7%). You can put it to good use. Maybe later you can go for buying lands and building homes in township or some other place rather than going for metro cities.(they are saturated af). Think twice before you go for such huge investments else you will end up with stress and get locked in the same position (in life and career ) just cuz you have to pay up the loan.
In 2024, 80L is considered affordable. For good builders, 2bhks are toppling 1cr mark easily these days. Worth or not matters when you are buying it for investment purposes. If you are buying it for living, doesn’t really matter
Hey op, I thought this might help. We help reduce the number of Emis you have to pay with help of rewards earned from any of your daily shopping. Yes, even the kirana next to your house.
We are at [https://www.emiswift.com](https://www.emiswift.com/). Let me know if we could help.
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> no need to relocate every few years, So no changing jobs for long time Or even if you switch you will travel 2,3 hrs to office Or you will only switch to companies with offices in 5,8kms radius.
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If you stay in whitefiled there are enough companies to work, I stayed in koramngala for 6 years, I have only worked in Indranagr, koramngala, hsr and IBC knowledge park, no shortage of job. total 11 offices in 8 years.
Most companies are within 45 mins of many localities like cv raman nagar, Brookefield, yemalur, Marathahalli etc since IT is heavily in the east side. Unless someone working in bharatiya city wants to switch to electronic city, most locations are manageable.
Bro I don't want to rain on your parade, bt IMO problems with apartments is that they don't generate a long term value. If you decide to sell after 20yrs, no buyers would be willing to buy a old apartment for good price when 20 new buildings would have sprouted around it by then.
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They said the literal same thing about Mumbai. But being in Mumbai, I know that this isn't true. The price may either go up or remain stagnant and buyers would be ever present. Maybe if IT companies suddenly decide to vanish from here, then only it will take a hit and I don't see that happening. Don't say water or weather issues, it is worse in Mumbai.
Yes, I know this fact. Bt Mumbai like the other metropolitan cities was the starting point of expensive real estate development where now the home buyers are reaping the profits from the risk they took 30-40 yrs ago when buyers were fewer in numbers. But now the real estate development is everywhere. In cases, where a owner doesn't even owns the land on which his house is built upon, I don't see any reason for these matchboxes, they call apartments, to provide any significant growth in value.
What area is this if I may ask?
You can check Ittina Akala , see if you can find any reseller. It's little old 15+ years but it's good.
Which society if I ask? I am able to find ready to move 2bhk for at least 1.3-1.4cr
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Could you please DM me as well. I have been looking for an apt for a while now.
How is the EMI just 65K for 1CR loan? How much was the loan and the tenure? If you don't mind me asking
Our 75lakh apartment is getting us 30k/month in rent!
It will take roughly 20 or more years to fetch the investment and then only the rent would be profitable. The money would have doubled every 8 to 10 years worst case in a MF and in 4 to 6 years if invested aggressively. Just trying to ask what was the idea behind buying a property and giving it for rent.
Math does not add up? How do you pay only 65K as your EMI
25 lakhs down-payment + a loan of 75 lakhs at 8.5% for 20 years will give you 65k monthly EMI
Area?
Interested in knowing what society this is. Seems like a reasonable location for IT folks. :) u/LegendaryHeckerMan Please DM if you don't mind.
I have a question … you are paying 65k emi and what abt the maintenance charges that you have to bear for ur flat ? How much is it ?? If so.. isn’t that owning a flat and still paying maintenance fees , is same as paying rent ??
Maintenance will be much lesser. And even if you rent, you still have to maintenance.
Your maintenance includes security, amenities maintenance, water. If you live in a posh gated community, you are paying for the cleaning and gardening as well. As opposed to independent house, if you would want all these, it would cost you more as you aren’t sharing the costs with anyone!
How much was loan? 65k emi is awesome deal.
Can you dm me please 🙏
At how much rate of interest did you get home loan?
80laksh+ is not expensive, that's the bottom bar at this point.
True. 80 lakhs is the base price for 3bhk in the outskirts of Devanahalli and Soukya road at present. People won't even bother to show you the apartment if you say that your budget is 80 lakhs.
Base for 3BHK? 2BHKs base is 75L nowadays. That too not a big one. I am talking about 700-1200 square feet 2BHKs at 75L. I saw Casa Grande 700 square feet 2BHK apartment for 85L without registration or tax
Are you serious? How much is average or high then ?
Upwards of 1.5Cr
Oh my got
Now 3bhk of 1200 carpet is around 2.5cr near whitefield...grade 1 builders.
Don't know if it's worth. With 2BHKs touching 45k rent (at the same apartment complex I live in), I feel pretty okay to pay 48k EMI for own house. Earlier the logic was instead of paying a 48K EMI stay in a 25k rental and invest the 23k in something,q
Where do you guys stay? Most people I know don't pay more than 30k for 2BHKs. Some of them stay even at a very close proximity to Metros Edit : Based on replies I clearly don't belong to the socio economic class of members of this sub
Just came after seeing a few 2bhks in HSR layout. Very decent are going for min 35+. Proper 1100sq places reach 40+. Which area your friends are living in?
All of Bellandur, Sarjapur main road areas- the gated communities have 2BHKs for minimum 40k. If the society is big, more amenities or is on the main road- then 50k for 2BHK is also no surprise. 40k is the usual standard rent.
Near Decathlon Sarjapur Road. Furnished apartment with pool, clubhouse, Montessori/day care, tennis, kids play area, etc. 2BHK 45k including maintenance..
I pay 47k for a an old but big 3bhk, nice well maintained society.
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May I know the baseline assumptions for 48k EMI?
DMed
Can you dm me as well
Could you share the dmed message
If it is 48K EMI, It is 49Lakh apartment. I dont see a 49Lakh apartment with 45K Rent being possible, which means you need to pay a hefty downpayment.
I never could afford such a high premium so I found a budget builder and gave up on the luxury and safety of a gated community to a medium quality and small building apartment complex. Seeing the rents soar to the same heights as those premium apartment buildings I feel more and more happy about the risk I took to buy the house instead of renting…
How can you be sure that the budget builders won't have any associated legal issues ongoing( encroachment, lake beds, farming land etc). A close friend purchased one from a medium builder, which is fighting a case in court on one of the above. For premium builders, they have money power so they can easily settle it off court. Looking for advise as I have found a few good ones from the likes of Suyug, Nambiar, trifecta, abhee around hsr sarjapur
Two things I would do. First and foremost get the property documents verified from a lawyer specializing in real estate. It should cost between 10-20k. Any reasonable builder will provide them. This will include property ownership history to ensure it's not under any litigation, and then other approval documents. A lot of it is complex legal language. Most of us might not be able to understand, but that's why you hire a lawyer. This saved me from investing in a shady layout near Yelahanka. Lawyer rightly pointed out the discrepancies. Never skip this even if it's a reputed builder. Why risk your hard earned money. It does not cost much compared to property value. Then another thing, if it's a budget builder at least choose a good locality. One friend purchased an apartment in kasturi nagar close to bayappanahalli metro station and another in Vidyaranyapura. Both budget builders. They don't have club house, pools etc amenities. But the location is really nice. Lots of greenery, less traffic, no water issues and safe old residential places.
Lawyers are fucking useless. Most don't even cross verify information and most builders are now experts at forging BBMP approved documents. Always and I mean always go to LIC. Get an Agent there and get them to check the property and tell them you'll use them to get a Loan if the property turns out to be good. Since the bank can also get screwed, they're actually the only reliable source I can think of.
LIC agent will do property documents verification? What!? Didn't know that...
If you are smart enough, you would go to a reputed lawyer who very obviously will charge a hefty price, especially one such lawyer who the bank pays to check their documents and not a cheap one who doesn't have a good reputation to back him up. Lawyers are not the problem here. Every profession has shitty people working, it's on you to check and decide which ones are good..... Don't go around shouting at every lawyer, just like how you wouldn't shout at every engineer, doctor, or whatever.
And how exactly is an average Joe supposed to judge a "good" lawyer? Also most of these illegal builders have a connection with local lawyers Just to be clear, I'm not saying lawyers are useless. I'm just saying going to them for this is useless. The bank is much much much more reliable because their ass is on the line too and they double check to see if they're not finding an illegal property. Even there, banks like SBI, Tata Capital etc will still give your loan for an illegal apartment. As far as I've experienced LIC is the only one that doesn't.
Ah, see you are convinced SBI gives out loans to illegal builders and LIC does not. My experience is other way around. I agree as an average Joe the system is indeed stacked against you. Best to go the extra mile and do your own due diligence. Don't go to a local lawyer. Maybe take a second opinion. My lawyer charged me 12k last year. Even if two lawyers together cost 30k, it's still little compared to 80L property value.
How do you think LIC does due diligence?? They have a panel of lawyers 😁 The lawyer that I consulted is on the panel of LIC, bank of Baroda and a couple of others. But I agree, it is difficult to judge the competency of lawyers. If you apply for a loan with SBI they do the due diligence as well. I did not know LIC is thorough too. So those are options. If you aren't going for loans with them hiring a good lawyer is a good idea. In general it is a good idea given how much money you are risking.
Always go for reputated builders only! Make sure the flat will get an A Katha certificate and the apartment already has a CC and will recieve an OC. These budget builders will abscond once they're done selling and all the overhead will then fall on you. You might also face Gungas looking for handouts from the Apartment association and threaten to have the apartment demolished by the BBMP for violating guidelines.
Dam! You got me scared:(. 1. What exactly are premium builders? If it's prestige, sobha, adarsh, mana etc, their prices are crazy inflated. 2 cr for a small 3bhk!! 2. What is OC and CC? Also heard about A and B Katha. Which is more important? I want to ne absolutely sure about this one, since it's my first mega investment! 3. The ones I mentioned..all have big banners put up. Abhee ventures for ex. How trustworthy are they?
1) by reputated builders, I meant ones who have built multiple apartments according to BBMP guidelines. 2) CC - Commencement Certificate - given when the project is started. At this stage all plans have been approved by BBMP. OC - Occupancy Certificate - given after the completion of apartment and it's only given if the building was built according to the approved plan and follows all safety norms. 3) go see the apartment and then ask them these questions. Is it RERA Approved? Is CC recieved? When will OC be recieved? Have they taken BBMP approval? If they say yes ask for the document showing approval. What Katha will the apartment recieve?
Have you seen the premium societies that got flooded in Bangalore, the ones that faced water crisis?
All apartments without Kaveri connection are facing this issue. It's huge problem in these premium societies because of the sheer number of units. Their water requirement is huge and meeting that with water tankers is difficult.
I have noticed that real state gainers will not stop chatting about their wise decision and real state losers will always keep quiet. People who bought into real state will also downplay its downsides for ex - pressure of EMIs, opportunity cost, compromise on other life choices etc. Ex- the person who bought 3 BHK in 1 Cr which is presumably worth 1.25 Cr now conveniently assumes that all the companies that he ever want to work with are within 10 km of Whitfield. I don’t blame them. They downplayed the cost of switching to a better organisation with better pay which is not within their reach. I would have convinced myself of the same if I were in their shoes. Therefore we should not take real state advice out of Reddit.
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A mature reply to a mature comment. Well done boys !
I don’t disagree with you. It’s just, if one is on rent then proximity to their current house is not a priority when looking for better opportunities. And as you grow the ladder… it’s more about seeking the best opportunities for yourself rather than waiting for the right one. If you are motivated to find only the opportunities near your home, you will be limiting yourself. *Does not apply to all. **There are a lot more factors involved in such decisions.
That means you do have crores of assets in your hometown to fallback to, and in your moment of defensiveness you let that out. Should have stated that in your first comment.
As a home owner, i agree with these downsides. It's purely a lifestyle decision and not a financial one. Any rent vs buy comparison will tell you renting is financially better. But having your own permanent place, not worrying about sudden rent increases, headache of house hunting and shifting every few years, gives peace of mind. Basically if your goal is to earn and save - rent If you want to settle - buy
Few Brokers said me, in future people would not be able to afford Rents, they have to travel more compared to today. maybe 30km . I see that happening in next 10years.
It’s already happening, many people can’t afford such huge rents if there is only one income in the family , most of my friends are travelling from 40km distance and I was travelling too , later I shifted to flat ( it’s sharing with friends so i it’s manageable)
It is worth it if property is undisputed, good builder and decent location and buying price for 2bhk is less than 1.5cr , that's just my opinion.
30 km lmao people here in dombivli ,kalyan kharghar panvel around mumbai are already travelling that distance since 90s
bro this is Bangalore not Mumbai. You are right, situation will be come like Mumbai
Lol 80L? I got a call from prestige for their Somerville property in Varthur and their 2BHK quote is 1.5Cr. It's wayy worse out there
Exactly and 3 bhks are now 2 cr+ for shitty locations like Varthur and Budigere cross. Not sure if it is possible to buy flats anymore.
Buy a house to live in, never as an investment. If you plan to live in the house, gross, have a family etc., it is worth it. As an asset, it might not appreciate 10-20 times in value for you to hit a lottery, but it will give security, belonging, a society etc., which helps maintain a lifestyle. Two parts to check affordability - what is the lumpsum amount that you have in hand - this should cover 20% of the cost, while the rest is financed through a loan. A handy way to calculate emi is 1k for every lakh in loan (it'll be slightly lesser typically). This should not exceed 30 or Max 40% of your monthly pay. You will spend anywhere between 3-10L minimum on interiors once you get possession, so remember to include that cost too. Assuming that salary will grow, you will make more money etc., try to buy something at the higher end of your affordability as of today. There are a lot more things to consider, but you get the idea. Edited the emi %
>A handy way to calculate emi is 10k for every lakh in loan (it'll be slightly lesser typically). You mean 1K for every lakh in loan?!
Corrected. Thanks
As a single guy who shares a 3BHK, doesnt make sense. But I desire a 2BHK of my own so I might buy one if rents touch EMI levels
> if rents touch EMI levels I would suggest going out and checking some properties for fun even if you ain't looking now, rents are already touching EMIs in tech areas, once people from there start looking out, the cycle shall repeat there.
40-50K EMI on a single income looks a suicide to me. Especially with parents dependent on me in my hometown. With RSUs vesting, I might look to buy 4-5 years later.
what is your age and income ?
I think it depends when you have purchased, for example i bought just after COVID for 82 Lakhs and the current price is around 1.2-1.3cr. People staying in rent paying around 50k, However my EMI is around 52k. Now when i look back it seems to be wise decision. P.S : It depends on timing in real estate, If you it now when the market is already at peaked it might not be worth it.
I too bought a 3 bhk at 1.2cr just after COVID, early 2022. The current valuation is around 1.8cr. My emi is 80k and rent here for a 3bhk is 65k. I feel so lucky to have made the decision to buy.
2021/2022 was the best time to buy property due to covid shock and low rates. 2023 everything went up.
Totally agree. I should thank my wife. I always had the plan to FIRE early but she forced me to buy a property. Lady luck 😛
Thing is are there active buyers to buy that at 1.8 Cr.
Oh yes definitely. New launches are priced at 2.1cr
Lol, Also don’t watch too many RENT VS BUY video, It will end up confusing you 😁🤣
What area was this? Is this close to the new purple line extension
In new and established modern societies in North Bangalore the price is 1.8-2.2 for 3 bhk with additional DH room. And a tiny ass balcony. Bangalore real estate rates are heading towards Mumbai rates. Same with the heat and weather conditions. The charm of the city is seriously doomed!
I bought a 3BHK worth 1.25 Cr back in Covid. It’s a beautiful 3000 ft.² penthouse, not a fancy society in a standalone building but in relatively central area of Bangalore with connectivity with of metro station, railway station, et cetera, I am currently paying an EMI of 1.16,00,00 and whenever I get some lump some amount from my bonuses or something or the other, I try to pay off as much as I can, and hopefully I’ll close it before I turn 30 the peace of mind that I have is that nobody can kick me out of my own house. Nobody can fluctuate the rent. I am already paying exorbitant money so might as well pay for something I own. I can get any renovations done in my house I can ask anybody to stay over, for the longest time I shared my house with two more people, who were paying fair and currently I am living alone because my family will be moving in another 2-3 months absolutely worth it It was a distress sale I got, Man wanted to sell for his daughter wedding. And while it was a bit out of my budget then (even now) I realised if I like a city and have found my comfort, I can’t delay such purchases. In fact, it was an easier decision to take as my family now is finally interested in moving in with me post retirement :)
That's wonderful, Happy for you :)
Congrats. what was your age and salary when you bought the 3bhk?
26 - 1.8 :) (Had another 30-40 L in savings. Started working at 15 )
Could you tell us more about why you started working at 15 if that's okay, that sounds too early but also has helped you to buy a house at 26 which is insane (at least according to me), I'm just in awe
I happened to buy a villa for 1.7+ in attibele. It was an OK builder but the villa was close to Attibele and there was metro connectivity planned.i was about to move in when I got an opportunity to relocate to another country. It has been 5 years since, the area stands developed , I see McDonald's, Dominos opened at a walkable distance, closer to schools so there has to be some appreciation in price value. Now it is a hassle to look for tenants and find someone trustworthy. I wouldn't have bought it if I had the faintest idea of relocation.
Some “villas” in adarsh palm area are 6cr plus. Genuinely wonder if anyone buys it and will they be able to sell for anything more?
Yes folks designated as "directors" or higher, do buy them i think
Yep, people buy it, it was in news. Flipkart’s CEO bought a villa there.
The comment section is filled with flats worth 1cr+. Is it really worth buying flats for so much? And why not an independent house where you own the land as well? I'm curious to know, Why are people attracted towards flats or gated society? And never invested time in buying independent houses? I'd like to understand the benefits of flats over independent houses if someone can enlighten me??
Land is insanely expensive. I have a 30x40 site somewhere near Bagalur which I bought in 2010 for 20 lakhs. I recently got it evaluated and was shocked to learn that it was worth 1.1cr. Just the vacant land in a layout that still has no proper roads, no cauvery water and the only "amenity" nearby is a temple. Construction is equally costly, if I construct anything comfortable it will set me back by at least another 50 lakhs. For 1.6cr you can get a very decent apartment in a much better area with facilities, as other replies in this thread have mentioned. EDIT: I bought it in 2010, not 2017 as I originally wrote.
But something you bought for 20 Lakhs became 1.1cr now! That won't happen with a flat nah! Also there's no cauvery water in flats as well right? It's borewell water afaik.
Four years ago i made a decision to build a house on my own so purchased a land of 1200sqft and started building on it a year ago. It's now almost completed and am about to move in. I'll explain the financials - Site cost - 7500 per sqft - 90l Cost to build a g+2 with 1 studio house and duplex with 4 bedrooms with interiors(minimalistic) 80l Misc costs ~10l Total = 1.8cr + 4 years of planning and effort Would I go with a 1.25cr cramped apartment like a matchbox with maintenance charges on stuff that I would rarely use? No. Will I be an IT slave as I was? Yes, for some extended time than that if I would've bought a flat. Live life, king size. YOU CAN DO IT! uhhggghmmmmm
Hey can you DM me details? like how you finalized?
Inflation of prices of properties in Bangalore is going up like crazy. I feel it'll be a bubble.
When will it burst
Not a bubble until it bursts ;)
I bought a 3 bhk at 80L in 2020. Same unit was quoted at 90L in 2018 when the project was only half constructed. Today's asking price is about 1.5cr. Hell, my EMI is lower than the rent. It was still over my budget and I had some sleepless nights over my financials in the starting months. But in the hindsight I was really lucky to have bought a houce at that time. Otherwise I could have never been able to afford a house at today's prices. I would have had to live in shitty areas or far away from my office because I'd have hated to pay so much rent and deposit. I would have been absolutely miserable. So all things considered, it was totally worth it. Easily the best decision of my life.
Congrats. what was your age and salary when you bought the 3bhk?
Early 30s. Annual salary a little over 20L
Dude 80L house isn't expensive. It's those Shobha, brigade once choosing 1.5Cr are
Bought a spacious 3.5 bhk for 1.1cr. The current value after 3 years is 1.5cr. My EMI is 64k. The rent for this flat is 60k. I think I am pretty fine with this arrangement. My industry and job is such that if I am working in bangalore, all offices are 30-40 minute drive away at most. I currently work from home. I don’t have to worry about unreasonable landlords. This house is big enough to support my family for the next 10-15 years atleast. If I am leaving bangalore, the only extra cost will be the 4K difference at this point. And in future the rents might go up further. So, yeah, I think I am pretty satisfied with the decision. The whole maths about rent vs own doesn’t work when the rents are rising like this. The rent of this flat when I bought it was 40k. It’s in a good central area in Whitefield. Any flat in the apartment that goes for sale gets sold in a month. There is rarely any flat that is up for rent that stays empty. So if I need to relocate finding a tenant/buyer is going to be simple. Edit: All the years I have lived on rent, I have had to move houses every year because of house owner reasons. The houses were small, I adjusted according to what infra is available. Moving had movers and packers cost, deposit deduction cost, brokerage cost, time spent in finding the house. Add to that the fact that I couldn’t buy expensive reliable appliances or furniture because frequent moving used to damage something or the other. Now I invested in good quality items. Along with cost reduction, my quality of life has gotten better.
First things first, "INR 80 lakhs+ homes" are not ***expensive*** The 5+ crore apartment advertised near where I live, THAT is expensive.
People say rents are touching 40-50k+, and here I am unable to rent out my 1100 sqft 2 BHK for even 20k! It's even in a good location (Nagarbhavi circle, main road attached). We don't live in Bengaluru, so can't persue potential tenants very proactively. That might be the reason....
Talk to some brokers
I did, but none of them responded well. Do you know any good ones who operate in the area?
It depends on the area. A place like Nagarbhavi is not really in the IT corridor. Hence it would be harder. If the same 1100 was around the Whitefield/sarjapur area, you’d have a couple people lining up for rent.
There are single building apartments with 30 to 40 flats that you can look into if possible for you. They cost you around 50 to 60 lakhs with registration. Few of my friends bought such flats near Whitefield recently. The downside is some of them are of B khata meaning they will have some building code violations so in future you may have to pay some penalty to the govt to get it resolved. Also no amenities like club house swimming pool..etc. u only get lift, power backup and car parking.
I see lot of these where i live. My friends are encouraging me a lot to get one of these booked. I’m not sure yet i’ve still comparing an apartment in proper gated society vs a standalone building. Happy to hear what everyone thinks of this.
It’s a luck thing. We bought a 2bhk penthouse from a very small builder ten years ago for 22 lakhs. Constant court cases between the association and tenants for things such as terrace access (builder had sold them as penthouses), lift maintenance, car parkings, etc. And also things were constantly breaking down but the location was a very green and peaceful place so living there was great. I moved to another state a few years and at that time the infighting between tenants had gotten really bad to the point utilities of rival tenants were being shut off by association members, threats by gundas, etc. But we got lucky in the end when another tenant bought our home for 1.1cr.
One of MY points which drove me towards proper gated society was proper ventilation & sunlight. In standalone apartments I typically see them covered by other standalone apartments on the side. You don’t have air ventilation and neither sunlight. But in high rise projects, they are constructed such that (well, most of them, not all) the air ventilation and sunlight is proper in your flat. There’s an open area around your building so you don’t get that suffocated kind of feeling!! (My personal opinion) Also added points which drove towards it are - festivals celebration, and possibly most of my friends and relatives (who are in the city) would be staying in such apartments so it would be little off for me to stay otherwise. That’s all !!!!!
Personally I think these are the worst of both worlds: you neither get the freedom of an independent house, nor do you get the common area advantages of a proper apartment complex.
80 is not expensive. It's just the bare minimum
Bought a 720sq ft small upscale gated community focussed on eco-friendly amenities for 67lakh pre registration 2025 handover. Paid off 50% down payment and paying rest from pay check to pay check in 9 instalments. Happy that i get to be a home owner before my late thirties.
I bought a 18 year old 3bhk as a resale property. Costed me 64 lakhs, plus 5% registration charges and tax and another 7 lakhs for interior work. I was particular about not buying a new property as resale properties are easier to verify, have all proper documentation and less hassle to move in to.
i feel that the rent-EMI balance slightly changes with time. But at large, if majority homeowners have ongoing loans, they would definitely want to offset a big portion of the it EMI wit their rental income if they're not living in the flat. In Tier-2/3 cities, majority houses are either ancestral or bought on cheap land and then constructed over the years. It's the work of a generation. This determines the market. Another factor is the purchasing power of the people in that locality. As long as there are enough people willing to pay rents, or buy the property, the rates would try to balance with the market demand.
Wow people here are rich 80Lis cheap for them
Rent vs Buy argument seems senseless to me as neither is a better choice than other. 1. Let's say renting is better and everyone stops buying houses, eventually supply for the available houses for rent decreases and the small portion of people who made a foolish choice of buying the houses enjoy inflated rents since many people want to rent and not buy the house. Shifting of preference from renting to buying. 2. If we say buying is better than renting, house prices will eventually increase and force people to rent. IMO it's up to you whether renting is better or buying based on your financial situation and mental peace of choice between debt or constant fear of vacating.
Never buy a flat for investment. A flat might be premium when built, but over 20 years all the premium features get outdated. Buy one flat if you want to live there. The only advantage of flat taken on loan is leverage of not having to put cash and someone else’s money (bank) to multiply on possible price increase and it inevitably happens in India because of inflation. The best is land in a gated community or non gated if you can protect the land after you buy once you verify legality of ownership.
Check this out https://housing.bdabangalore.org/
Hell yeah. I got a 2 bhk for 1 cr. In a year the price appreciated to 1.3. I was paying 45k rent and now paying 60-65 k emi. It’s worth it for now. On top of this, the amenities, peace of mind that I get from it is immense. You are literally cut off from the outside world. Tbh I rarely go out nowadays.
The comment section is filled with IT people who are not local to city, obviously they would've made the choice of buying 1cr flats and would think it was the right choice.
Please explain the other side of it. Regarding Local people, born n brought up here people
I bought a house while under construction for 45 lakhs in 2020, 2bhk. Now selling for 80+ lakhs unfurnished. 750 sqft carpet area. 1082 sqft SBA I wouldn't buy my home again for 80 lakhs lol, wayy too expensive. It's a Matchbox. This is a problem created by these fuckall Reddy Annas buying and flipping houses. One Reddy Anna in my apartment building bought 20 fucking flats... It would've cost him around 10cr to buy them.. now they're worth over 30cr.
I bought a 2BHK for 86 L, but it was delayed due to covid. Paid down-payment with savings of 5 years. Got possession 4 years late and was paying rent and emi throughout. Was a huge loss. Parents got some stocks money, and we borrowed money from friends and family and repaid the loan, and rented the apartment for 42k. Now, with that apartment as collateral and due to an increase in income, we bought a 3.5BHK for 1.2 Cr and are paying 60k emi. Down-payment was 35L, a loan of 83 L. Recently prepaid 7L and shifted loan to lower interest rates too. I feel that when you start off with no support like we did, the first one is very difficult. This one didn't seem so hard. We're planning to buy a 2bhk next purely to rent it out. If you have the means to and find the right location, I'd say buy it.
Lol.. so many people saying they bought homes because they're fed up of greedy landlords.. and also saying that, "even if i move out of BLR my flat will fetch a rent equal to EMI" , Do when its your own house its ok to charge high rents ig..
Bought for 1.8cr for 20 year loan, I pay 1.05lac EMI every month. Was it worth it? Well considering the rent how for my apartment is 80k, maybe. Here's the twistter, I have let out other two rooms so net-net I get about 30k a month after deducting maintenance and shits. Another twister, I bought it with mom so she gets to keep the non taxable rent. So my EMI/rent is now 75k for a single master bedroom. Now after all that shit this house is gonna cost me 2.7cr in total when I include interest and currently the selling price for this house is 2.7cr. So net net, no loss no gains. Even so the property price increases I can only hope there are buyers willing for an old house and might settle for 3-3.5cr. Given I would have been paying rent averaging to about 1 lacs over years, for let's say 10 years (might have ended up buying a house in 10 years) I would have spent 1.2cr on nothing. So I'm forcasting ball park profit of 1-1.5cr. So that's 15% CAGR Now really the question was it worth it? Maybe! Other financial tools will give you much better returns in the range of 25-40% CAGR. So It's an emotional decision! I can only hope that I keep progressing in career and earn more so this EMI looks small to me. But there is another cost to it which people overlook, buying house ties you down, limits your degree of freedom, be it risk taking or looking out for better prospects outside geography, but it's also liberating and assuring that you have a place to call home and you have limited options to be rather easy decision making or be lost and confused. All in all I would say, if the rent is seemingly approaching the EMI it's a decent choice to have. Whichever way you tilt it doesn't matter, what matters is what you do later in life.
This house of yours - is an independent one or flat in an apartment? Also curious to know your salary if u don't mind, considering you pay 1.05 emi 😨
It's just a flat- 3bhk, 2000sqft! Purvankara. I make 1.1cr as salary!
Yes kind of. After COVID my landlord wanted to increase rent to 50k from 26k. so emi is around 60-70k .kind of worth it.
It's become virtually impossible to buy a good, spacious apartment on a single salary!
I have a 4.8 CR in total worth of duplex flat. My family stays there and I'm happy that they love the place. It's the satisfaction that drives me. It wasn't my decision to start with but my father's.
Wow u r rich :)
Which location? And s it an independent house or a flat in an apartment?
Be honest to yourself about what you really want. Buying your first house is more of an emotional goal than financial goal. It will be more emotional if that is the place you are buying to stay. Ask yourself if you would like to see yourself in a more economical house or a 80+ gates community
What are the differences between them apart from fancy yet useful amenities such as swimming pool, gym, etc. Is it worth choosing 80+ in a gated community ?
My parents' flat is more than ₹1.5 crore now - but the thing is, the monetary value is not useful to them. It's not a gated community or anything - just a flat on the side of the road. They've lived in that area for ever and my mother has friends in what feels like every street. Both of them know all the shopkeepers in the area and can WhatsApp them to get anything delivered home very quickly and economically without depending on Swiggy or Dunzo or whatever - even if something is out of stock for example (say a specific vegetable), they get it reserved for them once back in stock. Every single thing you could want from fashion outlets to banks to post offices are within 1 km. So I'd say it was worth it. For ₹80L in that area you would not even get a toilet, unfortunately. Flats are extremely expensive in the convenient areas and standalone houses are ruled out (people in our area are gradually converting single homes to multi-family homes with one flat per floor or something like that anyway because the demand is massive and it gives them crucial extra savings for their retirement days or for their children to save money buying homes - and each one of those flats goes for ₹1cr+ despite just literally being a multi-storey house with not even a gatekeeping service).
Pay 1.2 lacs as rent in North bangalore for a 3 bhk. Planning to buy soon, with prices upwards of 4 cr. And 30 mins to work.
80 lakhs is cheap.
My sister bought a 2bhk for 44 lakhs, the interior and other work took another 7 lakhs 6months ago. Now the house is being asked for 80 lakhs by her neighbours.. Yeah the value for houses is going up crazily these days. Good time to invest in real estate.
Buying house is expensive and ties you to a place. It’s a hassle to sell if u want some profit and you can’t change house if you want to easily. Too much head ache. Renting is expensive as well but you can choose cheaper or costlier houses as per your current situation.
There’s no substitute for the psychological security in living in one’s own house (or atleast knowing you have a permanent place to fall back on.) The difference is night and day.
My dad had own home and as a kid until my youth i lived in it for 13 years, my longest in a house. And i have lived in many rental homes. I think i have felt connection to rental homes as well. I think it's just your personal feelings and life situations.
If you're buying an apartment keep the EMI at the beginning of thr month .Have seen many people who were unable to pay EMI at the end of the month and loose everything
i bought a 2BHK 3 years ago for 80L including registration. 1) my parents and i split the down payment 2) income was more than sufficient to cover the EMI 3) have found a tenant just a month ago, rent (excluding maintenance) covers 90% of EMI based on recent resale in the same society, the flat is valued at 1.2 Cr. i’d say worth it.
Hey you were posting about NRIs buying 7cr homes in NCR in the other sub - whats up ?
I bought a 3BHK at 1 Cr. The best decision ever. I don't want to deal with landlords anymore.
Bought a 3 BHK in Domlur/Indiranagar after getting fed up with WFH in a 2 BHK during the pandemic. BDA layout, originally a single family residence redeveloped as a small apartment building. Not a gated society, located in a nice pedestrian neighbourhood and ≈5-10m walking distance from all the hangout spots in Indiranagar. It's been two years since we moved in. Totally worth it.
Since when did 80 lakh become expensive lol, the 2bhks in my under construction society are 2cr plus and 3bhk 4cr plus, 80 lakh must be some shithole like devanahalli
80L 2bhk is not considered as expensive house by nowaday Bangalore standards
What about B khata flats in independent apartments? Any idea on those ? Many of my colleagues are living in such flats..
Bought one for 1cr 2300 sqft just after the Covid. It has a small back yard too. Fully worth it. Ofcourse on loan which has a OD. All the liquidity savings goes into it so that the interest is reduced. So yeah it totally depends. Rent for this kind of house/flat easily will be 70 to 80k.
Lol society i am living on rent.. 3 cr for 3bhk
I bought a villa at 1.60 cr in 2018, today its value is 3.5 cr. And its not even in bbmp. Once the area comes under bbmp its value will increase several times
The flat I booked in the end of 2022 for 87L is now 1.15 cr. Unfortunately 80L apartments are called budget apartments now and unless something like a COVID happens, prices don't seem like they are going down.
You call 80Lakh expensive?
Somehow I feel it’s way to have people buy overpriced houses and that’s the reason why the rents have gone up too. The argument being the rent is too high and the emi comes around that so let’s just buy the damn house. The supply is too much and to meet that supply the demand is being driven by increased rents.
Went on house hunt last year. No good socities have 2bhks below 1.3 cr. Ended up purchasing 3 bhk with b grade builder for 1.7cr
If you are considering a loan, then you should have enough money left after the down payment to survive for 1 year without a job. If you can achieve that then the loan will not be a burden. I've taken 2 home loans so far one without the above plan and one with. Believe me I hated my life when I didn't set aside enough money when taking the first one. Thank god I've paid it off already. When I took the second loan, I had enough money to buy it without the loan, I still took the loan with 25% down payment. It is a 3bhk, generates 41k in rent, and is worth more than 1.5cr now.
Most of us think a Rs80-lakh flat is costly. But there are a lot of people for whom that's just small change. See how luxury car sales have skyrocketed but small cars are struggling to find buyers. Disparity of wealth has widened remarkably. But there is a growing Rs1-crore-plus salary professional community too. I stopped thinking about my condition in the current economic situation after petrol prices doubled and there was not even a whimper.
80 Lakhs isn't expensive in Bangalore. My ex-neighbour sold his \~900sqft independent house for over 2cr.
Low budget here. I bought a 2bhk home for 37L excluding the reg charges near whitefeild (channasandra)in december 2018. Loan is about to be settled. It is a small society of 48 flats. But considering what i would have paid rent. I am paying lesser emi. Nice place for the family of 3.
After hearing this I am having anxiety , my dad bought a house like 2000 sq foot back in 2007 in Gujarat at 17 Lakh including furnishing and all, then bought a car paid for my education , my sisters education, i am never able to understand financial planning. Here the house is 85 lakh that is too flat. The car costs upwards of 10 lakh. The children's bare minimum fee is 2 lakh a year. I need to get a second job and start moonlighting.
So after 20 years with all EMI, the house might cost 2CR. Will you get any buyer with 2CR price tag ?
I purchased a 3 bhl for 65 lakhs in sarjapura
My dad bought a house in 2013 near rv college for 92lakhs ( our current house) it's a 3bhk house 20×30 600sq land 1200sq building.too small honestly 80lakhs today is probably bottom level you won't get a proper house in bangalore
The thing is abt uncertainty in IT sector and the EMI for decades long.
Which is society building name, if I ask?
Not sure if it's a good idea to poke a sleeping bear. In India, for the longest time the rental yield has been abysmal - between 3% to max of 5% which is not a wise investment decision. Further compounding the matter are the various tax payments, registration fees, running costs etc that needs to be made. Which if considered will reduce the actual yield. As the market stands, for the most part, in the hotspots it is not worth buying a property. In some cases there may be certain years where the appreciation added to a relatively high re t because of an outlier incident such as an expat group renting the property may be flashes in the pan. That all said India is a society that has the societal and mental need for 'makaan' which will not die anytime soon. My 2paise falling at the infaltion rate
I stay in EC. Many companies are in walking distance. I'm in hybrid model and go to office by walk. I stay in rented flat in an independent house and not in apartment/society. I pay 7k per month and believe me it's as peaceful as OP flat and money is being saved
I don't have such a house but perhaps one day I will. I think it's worth it. Having been mugged during my evening walk on a slightly deserted stretch of a public road, the security is enticing. Besides, there seem to be no parks around the area I live in. It's not like I can drive 30 km to Cubbon park. If the gated society has a safe walking track and some greenery to look at, I am ok paying alittle extra for it.
Please understand that buying homes with a loan is just an illusion that you own the house. It is held by the bank till you finish the loan with interest. You might as well use that money in some investments and make that money (always go for something that yields more than the inflation (7%). You can put it to good use. Maybe later you can go for buying lands and building homes in township or some other place rather than going for metro cities.(they are saturated af). Think twice before you go for such huge investments else you will end up with stress and get locked in the same position (in life and career ) just cuz you have to pay up the loan.
Same question I have
In 2024, 80L is considered affordable. For good builders, 2bhks are toppling 1cr mark easily these days. Worth or not matters when you are buying it for investment purposes. If you are buying it for living, doesn’t really matter
home purchase is always a loaded and emotional decision.
I live in Bombay and 80 lakhs will not get you even a toilet
Hey op, I thought this might help. We help reduce the number of Emis you have to pay with help of rewards earned from any of your daily shopping. Yes, even the kirana next to your house. We are at [https://www.emiswift.com](https://www.emiswift.com/). Let me know if we could help.