His tweet sparked a heated debate on the microblogging site.
In today's time, people's purchasing power has declined significantly due to inflation and high living costs. The situation is particularly concerning in metro cities, where exorbitant residential property costs and sky-high prices of goods and services make a huge dent in people's pockets. Amid this, an X user wondered what ₹1 crore can get you in today's economy. The user named Akshat Shrivastava quipped that Rs 1 crore is not sufficient enough to buy a decent house in Mumbai, Delhi, or Gurugram.
Mr Shrivastava also said that the amount is not enough for parents to send their kids abroad for a good MBA program, nor international schools in cities like New Delhi.
''You can't buy a house in Mumbai, Delhi, or Gurugram (at least not a liveable one for a family) You could look at something on the outskirts (maybe). And commute for hours. 2. You can't send your kids abroad to study at most MBA programs abroad, barring a few countries; or if it is a public university. You (maybe) can't send your kids to international schools (not kidding, in Delhi, British School the donation for class 1 kid is 95 Lakhs,'' he wrote on X.
''Welcome to the new world. Where excess money printing & debt has destroyed your buying power,'' he added.
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His tweet sparked a heated debate on the microblogging site. While some users weighed in with their own opinions and shared similar experiences, others disagreed with him.
One user wrote, ''Forget a house, MBA program or school admission,@Akshat_World, the amount of 1 crore cannot even get you a Maybach or a Da Vinci painting or a month-long sojourn in any Alps ski resort. Such has been the erosion of money."
Another said, ''₹1 crore can give you a good life in tier 2 cities and not everyone wants their kids to go abroad for higher studies. Your mindset matters.''
A third commented, "If you have 1 crore, you could easily rent any good place off its interest. You can easily avail education loan if you want to pursue MBA programs abroad. Why send your kids to international schools in the first place? Even if you have 100cr you will feel poor at certain places(Dubai, Singapore, etc.)No point in doing what others are doing; do what seems best for you."
A fourth added, ''It's not a new world; it's always been like this for the middle class. Even in 90s, middle class struggled to afford decent housing in Mumbai, send their children to study in US, or enroll them in British schools. In real terms, we haven't progressed much since independence.''
Earlier, another X user pointed out that finding a decent property has become significantly challenging in today's time. Kalpit Veerwal, an IIT Bombay alumnus, narrated his ordeal while trying to purchase a plot of land. He remarked ₹ 5 crore now equates to the value that ₹ 1 crore held in the past.
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