Noida Property Prices: Even a budget of ₹ 1 crore is falling short to buy a house in Noida. After the viral video, a debate has erupted on social media on property prices and the difficulties of the middle class.
Noida Real Estate: The continuously increasing property prices in Noida have once again increased the concern of common working people. In a video viral on social media, a Noida resident claimed that despite having a budget of around Rs 1 crore, he could not get a house as per his requirement. He says that the starting price of many new housing projects being launched in the city is around Rs 2 crore. After this, a big debate has started on social media regarding this issue.
It felt better to pay EMI instead of rent, but the budget became small.
In the video shared on Instagram, the young man told that he has been living on rent in Noida for a long time. The thought came to his mind that instead of paying huge rent every month, it would be more sensible to pay the home loan EMI with the same amount. With this thought in mind he started looking for property. However, after talking to property dealers, they found out that the price of the flats they were expecting was way above their budget. He says that despite preparing a budget of up to Rs 1 crore, he could not find a suitable house, while many new projects are starting from Rs 2 crore and reaching up to Rs 4 crore.
After all, who is buying such expensive property?
In the video, the young man raised the question that how can a person earning a normal salary buy a house worth crores of rupees while managing his daily needs, family and other expenses. He says that even after reaching the full extent of one’s financial capacity, it is not easy to arrange more than Rs 1 crore. In such a situation, it is difficult to understand who are the buyers of these expensive flats. Watch the Instagram viral video below-
Opinion divided on social media
After the video surfaced, people gave different types of reactions. Some users believe that property prices have increased much more than their actual costs and this situation points to a possible property bubble. Many people also said that old housing society flats are also being sold more expensive than new projects at many places. At the same time, some users took a different view. He says that the value of an expensive property is not just about the four walls, but facilities like better location, safe society, modern facilities, club, swimming pool, greenery, professional community and better lifestyle are also a part of its value.
Buy a home or rent amid rising prices?
This whole matter has once again raised the question whether buying a house is the right decision for everyone in the current times or not. Many people advised that if the budget is under severe pressure then living in a rented house may be a more practical option for now. At the same time, amidst the rising property prices, the debate has also intensified that in the coming times, it will become more challenging for the middle class to buy a house in cities like Noida.