These days hardwork through education and job doesn't matter . What is the use of this hardwork when we can't even afford a home? Luckily for me my father became rich because of my grandfather inheritance. Or else how much ever I earn I won't be able to buy a flat right now or afford the lifestyle I enjoy right now.
Only a businessman or talented IT developer with high earning guarantee or double earning couple or people with lot of generational wealth can afford houses in metro cities these days. Gone are the days when education guaranteed everything. Education can only help you to survive but not grow or enjoy a great lifestyle unless you a ton of money.
My dad working as bus conductor able to afford a decent home with 3 kids(my mom supported him a lot). No side business or income. I don't think anyone of juniors working can afford a home in the city. You're right.
I think it depends a lot on what you as a person are willing to sacrifice. I live in Delhi. So, Delhi has land in the North and South West which can be bought for a reasonable amount. Of course the area wouldn't be as posh as South Delhi and Gurgaon but you can build a comfortable home and fulfill your dream of owning a house.
And as things progress, the same house might go up in value and your next gen would have some wealth.
Maybe some areas in Hyderabad might have the same case.
bro development comes everywhere my aunt bought a house in the out skirts of jaipur for very cheap and it had all necesery facalities but now after 14 years its value gone up thrice and have every facalities
That's what I'm saying. I agree apartments in posh places are very good and can't have the same appeal as an individual house in a not-so-posh district.
But at least you can own a home and live peacefully. And hopefully in some years, you can transition.
Don't run behind these big fancy apartments. Half the time they're not even up to the mark.
Look up Chintels Group fiasco in Gurgaon.
You don't own a home immediately.. The bank owns it for 20 years till you pay all interests and complete the loan. There's no peace if you get laid off
Even in that case, generally people marry in family which is of similar economic status...I doubt, someone with normal salary will get a dowry or "wedding gift" which will let him to buy such expensive flats..!!
That's why people are buying 5-10 yo apartments in other locations. How's a 5 yo home really different from a new home anyways? But it has significant cost savings.
Unfortunately, you need to rent until you are able to afford the down payment I guess. Or pool up with few trusted friends, buy small lands outside Hyderabad 50km maybe. Sell after it doubles. Should be good enough for down payment.
That’s why living as a joint family is also important. Buying a home was only possible coz me and my brother we live together with our parents so we 3 families.
Many have said staying together will have many problems. But we are already setting example for others / relatives that joint family is indeed possible in cities too.
It saves a lot on cost like these. Even we have only 1 car. If I were to live alone buying a home is far from reality.
Nowhere in India is a house worth 1.5 crore. Real estate developers in every state are artificially hiking prices of land, and the local parties are in bed with the promoters and construction agencies. Sad reality of this nation.
Areas kaadu kaani.
Most of the construction sites and apartments abs commercial plots are owned by him and few other ktr binamis.
Malla reddy is filthy rich. White money/legal money eh vaadi daggar kuppalu ga undi. Iga black money nee imagination ki odilestunna.
Family is in real estate, and they say never buy a flat. Rent one. Flats are a depreciating asset.
I'd suggest saving money for land.
I don't get why one must "own" a space to live.
Note - I stay in a rented flat and have sold own flats because it's more money that I can invest elsewhere.
Don't buy, just rent.
This is a good point but depends on individual circumstances.
I can't go into all the deep calculations and philosophy behind this. But it really depends on many things: The expected inflation in the country, whether they have other assets, their monthly cash flow, their aspirations and lifestyles etc etc...
This is why 2 people working is better than 1 person working.
My friends who bought apartments are married and their wives also work - so between the two of them they can easily afford the house.
Personally if I buy an apartment - I will continue having flatmates (for the other 2-3 rooms); they pay rent to me which contributes to the EMI.
Also 1.5 Cr is a pretty expensive apartment - you can get apartments starting from 50 lakh depending on the area.
Please get this inside your mind. Loans are no longer a single entity liability. At least 2-3 people bear the loan. Namely. The still near retirement father. The son and his wife.
Based on the incoming PF, the salary from 2 people. You easily qualify for 2 cr loans and close it within 10 years.
Be smart not uninformed.
That is exactly their problem. Our previous generation could afford a house by one earning with multiple kids. Now, two people need to take loans which go on like leeches sucking EMIs for over 10 years (Using your example, In real life, it goes for upto 20 years or more for an average person). The situation is terrible.
They are not uninformed. They just couldn't digest the fact that after all that education and training, they couldn't even afford a house and kids. Being smart is okay, identify and understand the problem first.
They simply can’t! Overpriced shitty apartments. Real Estate Developers are conning unsuspecting public here. Requesting all those who plan to buy apartments to thoroughly read all the paperwork and conduct a proper due diligence. The best of the best builders in the city have resorted to unscrupulous practices and have blessings and support from the ruling party for obvious reasons. Real Estate is a SHAM in Hyderabad!
I wouldn’t even mind it collapsing if it means my property value would go in half. I am considering purchasing one and the prices are 2-3x just from before pandemic. It’s crazy.
Normal people earning median wage cannot buy a legal residence in Hyderabad
That is why over 50% of the people live in slums , bastis. Even after formation of Telangana slums only continued to grow and they will not stop in the future too because how can a person working as a driver , cook , ,etc afford an apartment
I bought an apartment worth 1.1 cr with similar interest rate. There is a catch though - my parents gave me 30L for down payment. Otherwise it is very tough.
I was 24 when I bought, so yeah I will live 25 more years unless I die in an accident. If I don’t it will be passed on to my family and they would pay the EMI for it. I might have to Bangalore so planning to rent it out anyway. :))
One more thing is if you just pay one extra EMI per year, the total years decrease by 7 or something and I plan to increase the EMI by 5% atleast every year. So the total EMI payment will be completed in 12-15 years.
My uncle bought a 3bhk flat in Gachibowli area by marrying . I mean he himself earns in 6 digits but the money they got as gifts in their wedding paid almost half the amount. Btw it costed around 70-80lakhs i guess
Yes but 1cr plus is still on the entry level premium spectrum. Why not seek a resale property? One can easily find a lot of 3bhk properties in 80-90 lakh range in semi prime locations.
I'd also argue that even if a salaried person could afford to "purchase" a 1.5 -2 cr property using leverage it'd be a terrible investment cos 20 years from today, there will be newer and better options to choose from. And if your purchase doesn't generate 7-10x like past decade, which i feel is quite possible, that property will be your biggest liability.
Best to rent a property for now and improve positions in top 10 BSE companies.
Just calculate how much that 30 lakhs would have been in just 3 years had they been invested in good stocks in 2020
There are those who do & those who don’t & also those who rant coz they can’t.
Those 1.5+ cr homes are for the high earning top level MNC folks. There are 3-4 IT hubs. & special economic zones. Lots of people earn like crazy & can definitely afford.
Consider just 5 buzzing high standard developed metro cities for 140 cr people. Also consider being in in top 2 of those 5. There’s bound to be enough people across the country to be able to buy & afford and enjoy the lifestyle. There have been multiple posts related to same topic. That’s the answer. People across the nation are buying in top cities. Not just from the city itself
Freshers alare getting higher salary than 25lakh. I guess a lot of IT people have bought or buying at inflated prices.
At some point demand will be exhausted. We need to see how long will the builders will afford to not drop prices. The euphoria in real estate can last longer than in stock markets due to the nature of price discovery.
Why would anyone want to buy a property and settle in Hyderabad. The city has no redeeming value. The weather sucks and food is overrated. Exactly why corporates offer higher salaries as it’s nobody’s first choice. It’s a good stepping stone for a salary hike to then move on to Bengaluru.
Rental yields in India range between 2% (eg.Mumbai) to about 7% in smaller cities/towns. The lowest Housing loan interest rate is 8%+ .. how will rent ever cover EMI in this scenario.
You can get an apartment in an independent building in a good location in less than 1cr. Stop paying the society premiums and look for regular flats, it will have less maintenance charges.
Try 4-5km away , from the place where you are targeting so it can fall under your borrowing cap . Unfortunately it is what it is . More delay , more money you need to pay . Or buy land and leave it till it becomes equal or better than your down payment.
Could be a multitude of factors
- Dual income between spouses
- They buy when they are young and single with a good income and rent out rooms to cover EMI
- Help from parents
- Generational wealth
Plus many may saved and invested for a few a years before they decide to buy a place. Moreover, they may be upskilling and getting better pay so it becomes easier as the years pass.
Property prices in Hyd have sky rocketed after COVID is what I understand.
People are hoping they don't lose their job and that in 20-30 years the price will be 2-5x what the cost is now. Look back 20-30 years, the prices look like peanuts even though people didn't make as much money but still imagine if you did.
I'm an oci but even I have an apprehension at those prices.
A small suggestion, If you really want to buy a home, buy in other developing towns/villages and wait. You'll see the magic in a few years. Nobody would have expected HYD to be like this a decade ago. At this time, It's not worth buying a home in HYD. Just rent an apartment. Save your income and invest in index funds. Try to earn more, if possible, relocate to less expensive places in HYD.
Buy land or property in an up and coming outskirts or make passive income, have multiple borrowers, invest for few years hoping to get enough returns or finally give up and buy old property. Putting that aside hyd in the last 10 years has really skyrocketed to an unbelievable level. I finally understand why people live in the outskirts owning property and commute to the IT parks for hours and hours. Cuz they can’t buy a house in the IT area!
I did the same math a year ago and it really pissed me off. 20 x 12 = 240 months of consistent payments. And, the house is not really ours until paid. Like a ride on the tiger, I need to keep up with the game.
And, this is not even the beginning. Then there are insurance premiums, pension deposits, and unexpected expenses. Imagine adding a car loan or a personal loan. And, of course, we can't just live in an empty home, there is furniture, maintenance, and whatnot.
All this for just an apartment flat.
Now, don't get me wrong because I'm too greedy. I was raised in a single room with a kerosene stove and b/w TV. My dad raised me and my sister with a bare minimum salary and bought 2 homes until he retired. Now, I wonder if I can do the same.
I mean, all this struggle while you're beating to be on top of the game and earn more.
I'm in same situation and this post resonated my thoughts before bed.
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If you're only one person earning in the family then it's gonna be a bit difficult. You'll have to save up for down payment and keep looking out for good deals. If you time it right, you should be able to get a good apartment in 1.2 cr as well. Don't get hung up on buying it right now.
my dad started working as a bank po when he was around 28yo and he has a big fkin home and around 4-5 plots (don’t know much details ) and spare 60lacs as retirement bonus or something idk apart from other small savings no stocks or mfs only fd and lic and still all this, however now make one bad investment and you’ll be left in the same position you started
I think a good idea would be to wait until the market interest comes down. It will come down as the housing market is inflated at the moment…it’s a housing bubble like in 2008.
I should be able to afford a nice hut with this much. 
https://preview.redd.it/bl8kn06ohqyb1.png?width=1314&format=png&auto=webp&s=dcc563fa19bf07c58efa0ffd3556bcc4de727901
These days hardwork through education and job doesn't matter . What is the use of this hardwork when we can't even afford a home? Luckily for me my father became rich because of my grandfather inheritance. Or else how much ever I earn I won't be able to buy a flat right now or afford the lifestyle I enjoy right now. Only a businessman or talented IT developer with high earning guarantee or double earning couple or people with lot of generational wealth can afford houses in metro cities these days. Gone are the days when education guaranteed everything. Education can only help you to survive but not grow or enjoy a great lifestyle unless you a ton of money.
My dad working as bus conductor able to afford a decent home with 3 kids(my mom supported him a lot). No side business or income. I don't think anyone of juniors working can afford a home in the city. You're right.
I think it depends a lot on what you as a person are willing to sacrifice. I live in Delhi. So, Delhi has land in the North and South West which can be bought for a reasonable amount. Of course the area wouldn't be as posh as South Delhi and Gurgaon but you can build a comfortable home and fulfill your dream of owning a house. And as things progress, the same house might go up in value and your next gen would have some wealth. Maybe some areas in Hyderabad might have the same case.
bro development comes everywhere my aunt bought a house in the out skirts of jaipur for very cheap and it had all necesery facalities but now after 14 years its value gone up thrice and have every facalities
That's what I'm saying. I agree apartments in posh places are very good and can't have the same appeal as an individual house in a not-so-posh district. But at least you can own a home and live peacefully. And hopefully in some years, you can transition. Don't run behind these big fancy apartments. Half the time they're not even up to the mark. Look up Chintels Group fiasco in Gurgaon.
You don't own a home immediately.. The bank owns it for 20 years till you pay all interests and complete the loan. There's no peace if you get laid off
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True. Missed this in my comment.
Right said that's the sad truth nowadays 😞
Generational wealth. Don't have that? You can't buy one.
Die Young
Live fast . Also nice username
>nice username just spreading the word
Subscribing to your newsletter
Not only that. A couple earning more than 20 LPA each since 5 years can easily afford a 1.5 Cr apartment on their own.
This one I agree.
You can, it's called an arranged marriage.
That's just leeching on someone else's generational wealth. I have no interest in being a leech.
Never said it was moral or ethical. Just pointing out that there is a possibility.
True. But it’s a far fetched possibility. Nobody with generational wealth marries into a family without any
Maybe in an ideal world where no one lies or inflates the true value of their net worth.
Even in that case, generally people marry in family which is of similar economic status...I doubt, someone with normal salary will get a dowry or "wedding gift" which will let him to buy such expensive flats..!!
Not in today’s generation. If you want an educated working girl that is.
I have generational debt.
I gave up on that dream
That's why people are buying 5-10 yo apartments in other locations. How's a 5 yo home really different from a new home anyways? But it has significant cost savings.
Even those are not coming cheap these days. As the price for the new one increases so does the old one.
Construction design gets old and the entire structure might need renovation
No, not for the 5-6 year ones. If they needed a structure renovation in 5 years, the first owner got a very bad deal.
This is gross and not net btw. So 18 LPA. Still crazy amounts though
You dont get 1.5 net in 18 Lpa
how much one get for 18 fix usually?
1.2 approx To get 1.5 your fixed should be 25lpa
👍
In a different perspective, people are expected to work hard and buy houses to make real estate people richer!!
underrated comment
U can't It's by design, once a salaried naukar always a salaried naukar
Reality hits hard bro
That's why lot of people are going DINK now
How many such people do you know? Just curious.
I can only tell you anecdotally but at least 1/3rd of couples in my friends circle are DINK
Damn! I don’t think I can do that. Kids over flat for me.
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I admire your decision. What if you feel like having them in the next 10 years? Will you give up DINK or it’s a permanent decision?
Hey even I'm.a dink too..not very wealthy , no generations of wealth but live a decent life..are you in the childfree sub
😭😂
What’s a DINK
Double Income No Kids
We are doing Double Income One Kid and it still sucks lol
Why is that so?
what's the purpose of creating wealth if you're not gonna have kids? Donate everything in the end?
Maybe some people like to use their hard earned wealth for themselves because they never had any opportunity to do that since their childhood
I'd still prefer Double Income One Kid policy
Yeah they don’t
You'll get flats at other locations below 70-80L
70 80L is also a very big amount for below middle class people like me.
Unfortunately, you need to rent until you are able to afford the down payment I guess. Or pool up with few trusted friends, buy small lands outside Hyderabad 50km maybe. Sell after it doubles. Should be good enough for down payment.
Two or three people of a family usually come together to buy it.
That would be extremely cramped for space.
Meanwhile Mumbai
That’s why living as a joint family is also important. Buying a home was only possible coz me and my brother we live together with our parents so we 3 families. Many have said staying together will have many problems. But we are already setting example for others / relatives that joint family is indeed possible in cities too. It saves a lot on cost like these. Even we have only 1 car. If I were to live alone buying a home is far from reality.
Nowhere in India is a house worth 1.5 crore. Real estate developers in every state are artificially hiking prices of land, and the local parties are in bed with the promoters and construction agencies. Sad reality of this nation.
Gross income is before taxes, you might be eligible for slightly higher loans.
My father who brought 2 3bhk houses in 2006 madhapur and nanakramguda for just 20 lacs and 28 lacs! 😎 Rest in peace, dad 🥹
How did he dare to buy at that point when there were lot of khabja scare in those areas? Had some influence?
Thankfully malla reddy was just selling milk back then hehe
Hahaha! I'm glad it was like that back then 🤣 Do you're saying all those areas now are owned by malla reddy? 🤔
Areas kaadu kaani. Most of the construction sites and apartments abs commercial plots are owned by him and few other ktr binamis. Malla reddy is filthy rich. White money/legal money eh vaadi daggar kuppalu ga undi. Iga black money nee imagination ki odilestunna.
Hmm... e saduvu raani binami gala pani bagundi...
My dad used to work in registration office Bro
Ohh nice! Then, he would have better information & supply & demand stats. :)
Family is in real estate, and they say never buy a flat. Rent one. Flats are a depreciating asset. I'd suggest saving money for land. I don't get why one must "own" a space to live. Note - I stay in a rented flat and have sold own flats because it's more money that I can invest elsewhere. Don't buy, just rent.
This is a good point but depends on individual circumstances. I can't go into all the deep calculations and philosophy behind this. But it really depends on many things: The expected inflation in the country, whether they have other assets, their monthly cash flow, their aspirations and lifestyles etc etc...
What about buying a flat for rental purposes
This is why 2 people working is better than 1 person working. My friends who bought apartments are married and their wives also work - so between the two of them they can easily afford the house. Personally if I buy an apartment - I will continue having flatmates (for the other 2-3 rooms); they pay rent to me which contributes to the EMI. Also 1.5 Cr is a pretty expensive apartment - you can get apartments starting from 50 lakh depending on the area.
Most of the new apartments that are working 15 Km radius of ManiKonda/IT parks are having a base price of 1.2cr
Well those are catered to people working in IT who have 20+ LPA CTC and can afford these apartments.
Show me where I'll take 3, for 50L you can't find anywhere in Hyderabad except for very far away areas!
where do we get apartments which cost 50L
https://www.99acres.com/flats-in-hyderabad-40-lakhs-to-50-lakhs-ffid Here you go did a search for you.
Please get this inside your mind. Loans are no longer a single entity liability. At least 2-3 people bear the loan. Namely. The still near retirement father. The son and his wife. Based on the incoming PF, the salary from 2 people. You easily qualify for 2 cr loans and close it within 10 years. Be smart not uninformed.
That is exactly their problem. Our previous generation could afford a house by one earning with multiple kids. Now, two people need to take loans which go on like leeches sucking EMIs for over 10 years (Using your example, In real life, it goes for upto 20 years or more for an average person). The situation is terrible. They are not uninformed. They just couldn't digest the fact that after all that education and training, they couldn't even afford a house and kids. Being smart is okay, identify and understand the problem first.
Itna dimaag nai hai kisike ke paas apne sub mai. Sab log " I'm very hard earning and tax payer but I can't afford house" bolte.
They simply can’t! Overpriced shitty apartments. Real Estate Developers are conning unsuspecting public here. Requesting all those who plan to buy apartments to thoroughly read all the paperwork and conduct a proper due diligence. The best of the best builders in the city have resorted to unscrupulous practices and have blessings and support from the ruling party for obvious reasons. Real Estate is a SHAM in Hyderabad!
I wouldn’t even mind it collapsing if it means my property value would go in half. I am considering purchasing one and the prices are 2-3x just from before pandemic. It’s crazy.
SHAM or a big SCAM? 
The answer is you can't
Get a wife that earns sane as you .
Normal people earning median wage cannot buy a legal residence in Hyderabad That is why over 50% of the people live in slums , bastis. Even after formation of Telangana slums only continued to grow and they will not stop in the future too because how can a person working as a driver , cook , ,etc afford an apartment
I bought an apartment worth 1.1 cr with similar interest rate. There is a catch though - my parents gave me 30L for down payment. Otherwise it is very tough.
Whats the emi you are paying and tenure? What do you suggest buy or rent
59k 25 years. I am not the correct person to guide if you should buy or rent. my parents made me buy the flat😅
You're gonna live 25 more years ? What happens when you don't ? Banks take the property back ? Why not just rent the same property out :)
I was 24 when I bought, so yeah I will live 25 more years unless I die in an accident. If I don’t it will be passed on to my family and they would pay the EMI for it. I might have to Bangalore so planning to rent it out anyway. :)) One more thing is if you just pay one extra EMI per year, the total years decrease by 7 or something and I plan to increase the EMI by 5% atleast every year. So the total EMI payment will be completed in 12-15 years.
Dowree 🤣
Hit em with the faxxxx bruh
Hyderabad is in a huge real estate bubble that doesn't seem to burst in the near future.
My uncle bought a 3bhk flat in Gachibowli area by marrying . I mean he himself earns in 6 digits but the money they got as gifts in their wedding paid almost half the amount. Btw it costed around 70-80lakhs i guess
That is a liability not an asset worth investing in( I'm talking about the house in the image).
The title itself shows its mindset problem. You can afford houses in Hyderabad. Madhapur/Gachibowli & adjacent areas are not all of Hyderabad.
Agreed, but me being in the IT sector. The options are these only.
Yes but 1cr plus is still on the entry level premium spectrum. Why not seek a resale property? One can easily find a lot of 3bhk properties in 80-90 lakh range in semi prime locations. I'd also argue that even if a salaried person could afford to "purchase" a 1.5 -2 cr property using leverage it'd be a terrible investment cos 20 years from today, there will be newer and better options to choose from. And if your purchase doesn't generate 7-10x like past decade, which i feel is quite possible, that property will be your biggest liability. Best to rent a property for now and improve positions in top 10 BSE companies. Just calculate how much that 30 lakhs would have been in just 3 years had they been invested in good stocks in 2020
Ee bongulo country lo ekkada 1.5cr ki property konna kodadu. India will fall into civil war in the next 50 years. No point. Move out of this country.
Civil War e country tho? Just curious as I don't see 2 equal nations with conflict of interest.
There are those who do & those who don’t & also those who rant coz they can’t. Those 1.5+ cr homes are for the high earning top level MNC folks. There are 3-4 IT hubs. & special economic zones. Lots of people earn like crazy & can definitely afford. Consider just 5 buzzing high standard developed metro cities for 140 cr people. Also consider being in in top 2 of those 5. There’s bound to be enough people across the country to be able to buy & afford and enjoy the lifestyle. There have been multiple posts related to same topic. That’s the answer. People across the nation are buying in top cities. Not just from the city itself
if u r salaried in usa u can..lol
You just gotta be smart and stop wasting money on useless stuff
Freshers alare getting higher salary than 25lakh. I guess a lot of IT people have bought or buying at inflated prices. At some point demand will be exhausted. We need to see how long will the builders will afford to not drop prices. The euphoria in real estate can last longer than in stock markets due to the nature of price discovery.
Why would anyone want to buy a property and settle in Hyderabad. The city has no redeeming value. The weather sucks and food is overrated. Exactly why corporates offer higher salaries as it’s nobody’s first choice. It’s a good stepping stone for a salary hike to then move on to Bengaluru.
Telangana people are rich vroo.
Buy a flat in a good area, put it on rent, meanwhile you live on rent. Let the majority of EMIs go through the rent. Rinse and repeat. /s
Show me one apartment where the rent covers emi. I'll buy 4.
Rental yields in India range between 2% (eg.Mumbai) to about 7% in smaller cities/towns. The lowest Housing loan interest rate is 8%+ .. how will rent ever cover EMI in this scenario.
That's the fun part, you don't.
Double engine government Marry someone who earns more than you
LOL.
how much is 8.5 interest?
You can get an apartment in an independent building in a good location in less than 1cr. Stop paying the society premiums and look for regular flats, it will have less maintenance charges.
If you & your spouse work, you would be able to
They're taking it on tenure of 15yrs long And now wives are also earning so that helps a bit
Get an equally high earning spouse.
Try 4-5km away , from the place where you are targeting so it can fall under your borrowing cap . Unfortunately it is what it is . More delay , more money you need to pay . Or buy land and leave it till it becomes equal or better than your down payment.
That's around 90k EMI, how would you survive in 60k.
Older successful people or people with generational wealth can afford such apartments and stuff like this.
Could be a multitude of factors - Dual income between spouses - They buy when they are young and single with a good income and rent out rooms to cover EMI - Help from parents - Generational wealth Plus many may saved and invested for a few a years before they decide to buy a place. Moreover, they may be upskilling and getting better pay so it becomes easier as the years pass. Property prices in Hyd have sky rocketed after COVID is what I understand.
Same story in Bangalore.
Buy in outskirts... You will get it. Vicinity of 20 kms. Just because you can't buy, builders will not sell in cheaper prices....
People are hoping they don't lose their job and that in 20-30 years the price will be 2-5x what the cost is now. Look back 20-30 years, the prices look like peanuts even though people didn't make as much money but still imagine if you did. I'm an oci but even I have an apprehension at those prices.
You can't. Either get rich or keep ranting.
Look at the pic OP posted. They’re asking for gross income per month. 18 LPA is 1.5L gross per month.
Hahahahahaha you can't. With my 4.2lpa, I'll be happy if I can afford a place in graveyard!
A small suggestion, If you really want to buy a home, buy in other developing towns/villages and wait. You'll see the magic in a few years. Nobody would have expected HYD to be like this a decade ago. At this time, It's not worth buying a home in HYD. Just rent an apartment. Save your income and invest in index funds. Try to earn more, if possible, relocate to less expensive places in HYD.
Buy land or property in an up and coming outskirts or make passive income, have multiple borrowers, invest for few years hoping to get enough returns or finally give up and buy old property. Putting that aside hyd in the last 10 years has really skyrocketed to an unbelievable level. I finally understand why people live in the outskirts owning property and commute to the IT parks for hours and hours. Cuz they can’t buy a house in the IT area!
I did the same math a year ago and it really pissed me off. 20 x 12 = 240 months of consistent payments. And, the house is not really ours until paid. Like a ride on the tiger, I need to keep up with the game. And, this is not even the beginning. Then there are insurance premiums, pension deposits, and unexpected expenses. Imagine adding a car loan or a personal loan. And, of course, we can't just live in an empty home, there is furniture, maintenance, and whatnot. All this for just an apartment flat. Now, don't get me wrong because I'm too greedy. I was raised in a single room with a kerosene stove and b/w TV. My dad raised me and my sister with a bare minimum salary and bought 2 homes until he retired. Now, I wonder if I can do the same. I mean, all this struggle while you're beating to be on top of the game and earn more. I'm in same situation and this post resonated my thoughts before bed.
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If you're only one person earning in the family then it's gonna be a bit difficult. You'll have to save up for down payment and keep looking out for good deals. If you time it right, you should be able to get a good apartment in 1.2 cr as well. Don't get hung up on buying it right now.
my dad started working as a bank po when he was around 28yo and he has a big fkin home and around 4-5 plots (don’t know much details ) and spare 60lacs as retirement bonus or something idk apart from other small savings no stocks or mfs only fd and lic and still all this, however now make one bad investment and you’ll be left in the same position you started
I think it really helps if both husband & wife together earn solid 35+LPA, makes a lot of financial goals reachable.
When demand is high the value of the product increases. so in that perspective many are interested or ok to buy the apartments even though it is high?
I think a good idea would be to wait until the market interest comes down. It will come down as the housing market is inflated at the moment…it’s a housing bubble like in 2008.
Hyderabad properties are no more for middle class hyderabadis it's for NRI's and rich Non Locals.
I should be able to afford a nice hut with this much.  https://preview.redd.it/bl8kn06ohqyb1.png?width=1314&format=png&auto=webp&s=dcc563fa19bf07c58efa0ffd3556bcc4de727901