“5 Crore is the New 1 Crore”: IIT Bombay Alumnus Highlights Real Estate Challenges
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In a candid narrative shared on X, IIT Bombay alumnus Kalpit Veerwal sheds light on the challenges of purchasing property in today’s real estate market.
Veerwal’s account resonated with many as he described how the value of money has shifted, with five crore now equating to what one crore once represented.
5 Cr is the new 1 Cr.
— Kalpit Veerwal (@kalpitveerwal) April 3, 2024
Can't even get a decent plot of land in 1 Cr anymore (in metros not even a decent flat).
His post sparked a lively discussion on the platform, prompting users to share their own perspectives and experiences on the matter.
For many individuals, owning a house or property remains a cherished dream.
A user commented, ” Then the new quotes will be, making first 5cr is the hardest. The quote often quoted for 1cr needs to be replaced. “
Another said, ” Time to move out of metros maybe and buy a farm then turn it into a metro over 10 years? “
Read some more comments below
The more you have the more you need. The less you have the less you need. Seeing ppl struggling, salty and miserable at 1cr tc. Also seeing people living their heart out at 20 l tc.
“$10M is the new $1M” – @MJDeMarco
The term “millionaire” is not that impressive anymore”
However, Veerwal’s account underscores the harsh reality faced by prospective buyers, particularly in metropolitan cities. He expressed frustration at the skyrocketing prices, noting that what was once considered a substantial amount – one crore – now barely covers the cost of a decent plot of land, let alone a desirable flat.
Veerwal’s observation struck a chord with thousands of social media users, garnering over 80,000 views and sparking a robust conversation on X.
The discussion delved into the evolving dynamics of the real estate market, affordability issues, and the challenges encountered by aspiring homeowners in today’s economic landscape.
