Moving Abroad17mo
by FuzzyBobaOpenText
TwirlyNugget
NRIs are fucking up the housing market
I’m just so frustrated right now, I don’t even know where to begin. I’ve been working in IT for the last six years, slogging through 12-hour days, saving every rupee I can, and dreaming of finally owning a home in Pune. But every time I get close to thinking it might happen, the prices just shoot up again. And why? Because NRIs are buying up everything like it’s a Monopoly game.
My cousin moved to Canada three years ago, and I was honestly happy for him at first. He got a great job, better pay, and the whole family was so proud. But now? He sends money back every month, and he’s already bought two flats in Pune. Two! Meanwhile, I’m still stuck renting a tiny 1BHK with peeling paint and a landlord who raises the rent every year like clockwork.
It’s not just jealousy - I mean, good for him that he’s doing well - but what about people like me? People who stayed here, who are trying to build a life in the same city they grew up in? Every new project that launches is snapped up by NRIs because they can pay upfront or outbid everyone else. And the developers? They don’t care. Why would they? They’re making money hand over fist.
It feels like we’re being punished for staying. First, they call it “brain drain” when people leave for better opportunities abroad. Now it’s “rent drain” because we’re stuck paying through the nose while those same people invest in properties they don’t even live in! How is this fair?
I don’t know what the solution is - maybe some kind of policy to prioritize resident Indians or limit how many properties NRIs can buy - but something has to change. Otherwise, people like me will never have a chance. We’ll just keep working and saving while watching our dreams get priced further and further out of reach.
I’m tired. Tired of working so hard and feeling like it’s never enough. Tired of being told to “just wait” or “keep saving.” How long am I supposed to wait? How much more am I supposed to save?
4mo ago
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GoofyCupcake
Microsoft4mo
It's a win win for everyone. NRIs, developers, government.
Except people like us.
ZoomyMuffin
Stealth4mo
Also, to the OP and anyone who wants to hear it:
Why the fuck do you want to own a place? Don't you see the game is rigged? Completely against you? Builders, investors, Govt, Mafia know the bias and the satisfaction that society has placed in owning a house. They have used it against us, built shitty construction, used goons, delayed possession, skimped on taxes and marked up 30-80% premium on final sale prices for flats. Do you know what ₹2Cr Houses in Pune outskirts mean? That's ₹2Cr away from your children's education, your vacation, your medical costs, your retirement kitty, your standard of living.
All those who say "having your own house is a must" is either dumb at Math or just a marketing cog for the builders.
DancingPickle
SAP4mo
lol. Just wait till you have children, they’re old enough to understand, and then hear them curse you every day for the rest of your life coz you decided not to own a house.
FuzzyWalrus
I bought in Punawale the very same property which I saw in 2023 for 83.70L which started at the price of 65L I felt so bad that why I did not buy at that time as I was only having 50k in-hand that time , but one thing is for sure if you to buy check every aspect builder , construction quality, his background and project delivered make everything double check and then invest.... LASTLY this is INDIA here no one will care for common man like us we need to take some action her e there
GroovyBoba
You can't do anything. It's the same story now globally.
ZoomyMuffin
Stealth4mo
The only remedy to this is Property Tax. People fail to see how it's a boon to the society. This will stop people from buying flats for "investment" and keep them empty and will be forced to rent out at whatever rent they get. Currently NRIs buy houses but are not incentivised to rent as they have to pay higher taxes for income in India. Charge them high property taxes!
Housing (either renting/owning) should be inexpensive. Even if property prices rise through the roof but renting is kept cheap, that would lead to more investment in building more houses and keeping high supply.
ZippyMochi
Stealth4mo
Pune is big af, just get some place in outskirts near metro lines. If you keep trying to buy inside city, you will remain disappointed.
SnoozyPretzel
HCL3mo
Try to buy 3 to 5 years old buildings.may it will get at a cheaper price
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