Investing in Real Estate - BLR

So I was talking to this guy who is probably in his 40s, he bought 2, 1 BHKs in Electronics City Phase 1 (In a decent society) for 27-30L Each, cost of full furnishing was around 80k each. And he's able to get a rent of 21-22k per flat with an EMI on loan (90%) of 18-19k with a 10 year period. And apparently he got these 1-2 years back.

Looks like a great deal to me, in terms of diversification of portfolio. Am I missing something here?