Earning Rs 1 Crore, Yet "Priced Out of Gurgaon?" IIM Graduate's Post Sparks Debate

A Reddit user earning an annual salary of Rs 1.2 crore lamented that homes in Gurgaon remain unaffordable, sparking a discussion about the city's highly competitive and expensive real estate market. The user, a 40-year-old corporate professional with approximately Rs 7 crore in savings, said in his post that even with his significant income, he found it difficult to afford a property in Gurgaon.

In a post, the professional revealed that he holds a senior position at a publicly listed company, earns a CTC of Rs 1.2 crore annually, and is an IIM Bangalore alumnus. He is the sole earner in a family of three and has no children or significant financial obligations. His lifetime savings amount to a little over Rs 7 crore, and he earns approximately Rs 6 lakh per month.

Despite this, the anonymous poster detailed his struggle to buy a home near his workplace in Gurgaon. He noted that builder floors in DLF Phase 2, with a size of around 2,300 sq ft, start at Rs 5 crore. Meanwhile, larger 4BHK units in upscale areas like MGF Vilas cost upwards of Rs 14 crore, which is well beyond his capacity for either the down payment or the monthly EMIs. Even older apartments are priced between Rs 3.5 and Rs 4.5 crore, and once renovation, brokerage, and registration costs are factored in, the total easily approaches 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. 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," he wrote.

See the post here:

1 Crore CTC, Still Priced out of Gurgaon?
byu/Spare_Obligation8021 ingurgaon

"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?" he added. 

The post resonated with others, with many comments suggesting that property in prime Gurgaon locations is often purchased using inherited wealth or is driven by high-net-worth individuals (HNIs) and investors rather than average salaries.

One user wrote, "I don't know how much sense it makes but aim for 10 Cr corpus and retire man. Move to a cheaper and calmer city and enjoy the rest of your life and give a decent environment to your family. Get involved in sports or to a cause, build a community around you, never disclose how much you have and be humble. Just in case you get bored, find a job just to be engaged."

Another commented, "This is very close to my problem . We earn decently but still priced out of gurgaon . The main issue is - there are very few "liveable" areas in gurgaon . DLF 1-5 , golf course extension to an extent . Nobody earning 1 crore + and whose office is in gurgaon wants to live in Dwarka Expressway cos all the infra , the schools , the places to visit are close by here . Personally , i think you can easily shell out 5 cr for a property and find a good builder floor in that much if you want to stay in these areas. I don't see the point in buying in far off places for liveability."

"The fundamental problem that everyone needs to understand who has this question is that property in Gurgaon is purchased by inherited property and not the salary. You are at a huge disadvantage if you don't have anything inherited, which can be used to buy Gurgaon. To understand that we are competing with people from Delhi, where a single builder floor in South or North Delhi in a good colony costs eight crores, it's very easy for them to sell there and buy here. That's why prices are competitive," added a third.