₹1.6 Crore for a 3BHK? Bengaluru Buyer’s Price Shock Goes Viral, Internet Reacts

A Reddit post questioning the ₹1.6 crore price for a 1,400 sq. ft. 3BHK in Bengaluru's Avalahalli has ignited a debate on a potential real estate bubble. The user and commenters suggest the market is driven by FOMO and hype, criticizing high prices for 'average' developments and the city's soaring rental costs.

A popular Reddit post sparked a heated debate over a "insane market bubble". A user expressed amazement after an acquaintance bought a 1,400 sq. ft. 3BHK in Bengaluru's Avalahalli for ₹1.6 crore. The critic questioned whether the market is driven by true value or simply FOMO, claiming that consumers pay higher amounts for "average" development in gated communities.

“Insane market bubble in East BLR - how are people buying?!” a Reddit user wrote, adding one of their acquaintances purchased a “900 sq. ft. carpet area/1400 sq. ft. SBA 3BHK” for ₹1.6 crore in Avalahalli.

The critic didn't hold back, saying, "To me, this appears completely deluded." They went on to criticise the developer of the gated community, alleging that it is not a "premier builder" and that the company's craftsmanship is "average at best."

Check Out Viral Post

In the next words, the individual asked, "What is driving these insane prices? Are people so concerned about losing out? Is this just FOMO?"

How Did Social Media React?

The post by a Bengaluru resident raised various issues, notably about the city's rising housing costs. One user stated, "Rent is growing pricey in Bangalore because renters are prepared to pay so much. Stop paying excessive rents, and rents will fall, like they did during the Covid-19 epidemic. Also, asking $50,000 for a 1,000-square-foot flat/house is excessive."

Another individual wrote, "It's high time! Corporations should allow us to work from home, and landlords should tackle the challenge in these COVID times."

A third person said, "This is a major problem in Bangalore. Unnecessary hype.