Financial Struggles After Microsoft Layoffs: Influencer Shares Cousin's Ordeal
Over 100,000 jobs have been cut across top tech companies like Microsoft, Intel, Google, Amazon, and Tata Consultancy Services, as reported by TechCrunch. Layoffs can be tough and often come as a complete surprise.
An influencer on X, known as ‘Wealth Whisperer’, wrote about the financial struggles her relative had to undergo due to the recent Microsoft layoffs. In her tweet, she shared, “Story of my cousin Jiju – Purchased flat in Bangalore a couple of years back – cost 1.3 cr, Down payment – 50 lakhs, EMI – 78K/ month, Laid off by Microsoft recently and now living a very stressful life.”
Her relative, who had purchased a flat in Bengaluru a couple of years ago for Rs. 1.3 crore, is now struggling with his monthly financial obligations over this layoff. The flat, which was bought with a down payment of Rs. 50 lakh and a monthly EMI of Rs. 78,000, has become a significant financial burden after the job loss.
The reality of real estate purchase in Bengaluru is that the housing market is steadily growing. As reported by Trade Brains, apartment prices now range from Rs. 8,000 to Rs. 10,000 per square foot in most areas. In more upscale neighborhoods like Malleswaram, Sadashivanagar, and Jayanagar, prices are even higher, ranging from Rs. 11,000 to Rs. 13,000 per square foot. This rise in prices is due to strong demand from IT professionals, returning NRIs, and investors looking for long-term value. Ultra-luxury properties, once mostly found in cities like Mumbai and Delhi, are now becoming common in Bangalore too, with some deals over Rs. 50 crore, especially in areas like Sadashivanagar, Koramangala, and Indiranagar.
Netizens also shared their opinions on this issue. A user wrote, “The harsh reality of leveraged property purchases during uncertain times! Monthly EMI becomes a nightmare when income disappears. This story highlights why emergency funds matter more than dream homes. FinancialPlanning RealEstate.” Another stated, “How people can take home on private job how they believe on corporate job gov job is different condition.” “Is it really worth buying costly apartments these days or should we just rent??,” asked a netizen. “Could sell it. It would go for +15+20% Ig and figure out some plan by keeping the profit for other needs,” opined another. “Suggest him to sell his flat and shift and invest in Tier || city,” claimed another.
“If he is still young enough (less than 35-40) he will overcome- its a matter of time as Microsoft experience will definitely get him another good job-having own home always gives security. If he is old (45+) with teenage kids- it will be tough & lots of planning will be required,” added another.
