Buying property has long been a dream for many, but the reality of acquiring land or a house at reasonable prices can be daunting. Recently, Kalpit Veerwal, an alumnus of IIT Bombay, took to social media to highlight the escalating costs in the real estate market.
In a tweet on April 3, Veerwal remarked, “Five crore is the new one crore. Can’t even get a decent plot of land in one crore anymore (in metros, it’s not even a decent flat).” This statement sparked a debate among users on social media platform X, with opinions divided on the affordability of property.
— kalpitveerwal (@kalpitveerwal)
Since his tweet, Veerwal’s post has garnered over 70,000 views, close to 1,000 likes, and numerous comments. Responding to the debate, one user emphasized that affordability depends on individual needs, stating, “No, it really depends on what you ‘want”. One can get a house in 1.5 crore vs five crore in the same locality.”
Another user reflected on the relative nature of wealth, noting, “The more you have, the more you need. The less you have, the less you need. Seeing people struggling, salty and miserable at one crore. I also see people living their hearts out at 20 lac.”
The discussion also shed light on regional disparities in property prices. A user from a small town in West Bengal mentioned, “Here, you can’t make a decent house if you don’t have one crore. The land price is too high. It was five lakh in 2020. Now it’s 40 lakh.”
Another user shared insights into construction costs, revealing, “My dad and I sank 1.5 crores, just alone in setting the foundations for my new RCC building, but it was a marshy area,” highlighting the challenges of building in certain areas.
The varying perspectives on the value of money over time were also brought up. One user questioned the assumption that the value of one crore would remain stagnant, stating, “Why would you assume that the value of one crore would stay stagnant? Of course, it would decrease with time. That’s how money works.”
The debate ignited by Kalpit Veerwal’s tweet underscores the challenges many face in the current real estate market, where affordability and property values continue to be pressing concerns for aspiring homeowners and investors alike.