IIM alumnus earns over Rs 1 crore annually, still can’t afford home in Gurgaon; Redditor calls him ‘victim of FOMO’

As the sole earner in a family of three, with no children or major financial liabilities, the techie earns around Rs 6 lakh a month (Representational image/Unsplash)

A Reddit post by a high-earning corporate professional has sparked a conversation around Gurgaon’s soaring real estate prices, after he wrote that even an annual salary of Rs 1.2 crore was not enough to comfortably buy a home in the city.

A 40-year-old senior executive at a publicly listed company and an IIM Bangalore alumnus, the techie has a Rs 1.2 crore CTC and has savings of over Rs 7 crore. As the sole earner in a family of three, with no children or major financial liabilities, the techie earns around Rs 6 lakh a month.

The techie said that home ownership near his workplace in Gurgaon felt out of reach. In his post, he wrote that builder floors of about 2,300 sq ft in DLF Phase 2 start at Rs 5 crore. Larger 4BHK homes in premium localities such as MGF Vilas are priced above Rs 14 crore, making them impossible for him to afford either through a down payment or EMIs.

Even older apartments, he wrote, cost between Rs 3.5 crore and Rs 4.5 crore, and once renovation, brokerage, and registration charges are added, the final amount nears Rs 5 crore.

“Even for a NEW 4 BHK, which costs 5 crore, I have 2 options—spend close to almost all my net worth (5 crore plus government charges, brokerage, etc., means another 40 lakh gone) or 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.

He further criticised the value offered at such prices, adding, “And even after all this I get a measly floor with a lot of show and pomp (false ceiling—who needs that) but no amenities (no parks, clubs etc, forget about clean air and water). The quality given by most small builders building these floors means taking a risk as there are several structural issues within the first couple of years. Forget about land or own a house.”

Highlighting the financial strain, he said, “Even with a 3 crore down payment, one is talking about 2–3 lakh of EMIS for years. Even after reaching the heights of corporate success, i cannot afford to buy in Gurgaon, then exactly who is able to do this? Am i looking at this incorrectly?”

The post has gone viral, igniting a debate over the cost of living in Gurgaon. “Go to any tier 2 city it’s amazing there, we just finished our house last year in ranchi and we made all of it in 50 lakh only yes my father bought the land in 2010 but ranchi is an amazing city it’s mainly very vegetative, has good hospitals and clinic where I live, has good food scene again i like it, and extremely good place to retire,” a Reddit user wrote.

“The problem is you are a victim of FOMO my friend. This market attracts exactly your kind of people to sell at exorbitant prices while the buyer still compromises and feels miserable. My advice – DO NOT spend everything you have on a flat,” another user commented. FOMO stands for “fear of missing out”.