- Rising housing costs in Bengaluru are making affordable homes difficult to find
- Property prices for a 2BHK flat rose from Rs 1.4 crore to Rs 2 crore in three years
- Rent for similar flats has increased sharply, now exceeding Rs 70,000 per month
Rising housing costs in Bengaluru are making it difficult for many residents to find affordable homes, with both property prices and rents increasing sharply in recent years. A resident recently shared their frustration in a Reddit post, describing the search for a 2BHK home in the city as a nightmare. The post, titled that they asked where BLR real estate is going, reflects growing concerns over the city's housing market.
According to the resident, he monitored the price of a flat over the past three years, which, despite numerous defects, has risen from Rs 1.4 crore to Rs 2 crore. The apartment is located near a large drain and has several problems, but its proximity to the Outer Ring Road (ORR) and nearby IT companies has kept it in demand.
Renting is no longer an affordable option. The resident said they were prepared to rent, but have seen a sharp increase in rents over the past three years, and now people are paying over Rs 70,000 for the same flat, which surprises them.
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Photo Credit: r/indianrealestate
The resident said they had planned to save enough money and buy a flat in three to four years. However, the rapid increase in property prices has made it difficult to keep up with the market.
He also said that most societies rely on tanker water and the roads are in poor condition, making it unreasonable to pay such a large sum.
The situation appears even more dire in some housing societies, where, according to residents, 2BHK flats are selling for around Rs 2.5 crore and have already been sold.
For residents, the gap between rising prices and existing problems is making home purchases increasingly unviable.
