A senior corporate executive and alumnus of the prestigious Indian Institute of Management (IIM) Bangalore has ignited a fierce online debate after revealing that his substantial annual income of Rs 1.2 crore is still insufficient to buy a home in Gurgaon comfortably. The 40-year-old tech professional shared his dilemma in a viral Reddit post, highlighting the extreme disconnect between even top-tier salaries and the city's skyrocketing property prices.
The Financial Profile of a 'Priced-Out' Buyer
The executive, who works for a publicly listed company, provided a detailed breakdown of his finances. With a Cost to Company (CTC) of Rs 1.2 crore, he takes home approximately Rs 6 lakh per month. He is the sole earner for a family of three, has no children, and carries no major financial liabilities. Despite this and having accumulated savings exceeding Rs 7 crore, home ownership near his Gurgaon workplace feels unattainable.
He explained that builder floors measuring around 2,300 square feet in DLF Phase 2 have starting prices of Rs 5 crore. More expansive 4BHK residences in premium areas like MGF Vilas are tagged above Rs 14 crore, placing them completely out of reach, whether through a down payment or equated monthly instalments (EMIs). Even older apartments, he noted, range from Rs 3.5 crore to Rs 4.5 crore, with final costs approaching Rs 5 crore after adding renovation, brokerage, and government charges.
A Dilemma of Risk and Compromised Value
In his post, the professional outlined a grim choice. To purchase a new Rs 5 crore property, he could either deplete almost his entire net worth or commit to a massive loan. “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 wrote, expressing anxiety about job security in the corporate world.
He also criticised the perceived lack of value at these price points. He described getting a “measly floor with a lot of show and pomp” but without essential amenities like parks or clubs, and raised concerns about construction quality from smaller builders. “Forget about land or own a house,” he lamented, questioning who exactly can afford such properties if someone at his income level cannot.
Reddit Reactions: FOMO and Tier-2 City Alternatives
The post quickly went viral, drawing hundreds of comments. Many users identified the core issue as Fear Of Missing Out (FOMO). One commenter advised, “The problem is you are a victim of FOMO my friend. This market attracts exactly your kind of people to sell at exorbitant prices... DO NOT spend everything you have on a flat.”
Others suggested looking beyond metropolitan hubs. A user championed tier-2 cities, sharing, “Go to any tier 2 city it’s amazing there, we just finished our house last year in Ranchi... made all of it in 50 lakh only.” This perspective highlighted a growing conversation about quality of life and affordability in India's smaller cities versus the intense pressure and cost of living in prime urban centres like Gurgaon.
The discussion underscores a critical issue in Indian real estate, where even individuals at the pinnacle of corporate success feel excluded from the housing market in major cities, prompting a reevaluation of life and financial priorities.
