Is ₹1.25 Crore Enough to Settle in India? An NRI's Quest for Answers
A 29-year-old NRI explores options to return to India, seeking affordable living without the high costs of metros like Bangalore, Gurgaon, Delhi, and Mumbai.
NriIndiaReal EstateAffordable LivingTier Ii CitiesReal Estate MumbaiSep 06, 2024
Having lived in NCR and Bengaluru, the Redditor voiced concerns about the high cost of living in Bengaluru, Gurgaon, Delhi, and Mumbai. “I’m okay with the Hindi belt (Noida, Lucknow, Patna, Jamshedpur, Raipur, etc.) as long as I can do a remote/local IT job. Bangalore/Gurgaon/Delhi/Mumbai are too expensive,” they wrote.
In response, Reddit users mostly recommended avoiding costly metros, suggesting Tier II cities instead. Pune, Lucknow, Goa, and Kolkata were popular options. “Pune is your best bet. Rent a place; it's still affordable, with plenty of IT jobs, and household labor is cheap,” one user said.
Some suggested a flexible, seasonal approach to settling, with recommendations like Rishikesh in winter, Goa for a few months, and Leh during the monsoon. Vadodara in Gujarat was also recommended for its affordability, with a commenter noting, “You can rent a 2 BHK for ₹10-15K. It’s close to Mumbai and Ahmedabad, with good infrastructure.”
Kolkata was highlighted for cost-effectiveness, particularly for those seeking more space. “You can get a 1-2 BHK in South Kolkata for under ₹25K a month. Food is also very cheap,” one user pointed out.
Experts added that settling in Mumbai with ₹1.25 crore could be challenging due to high costs, with rents for a 1 BHK in suburbs like Dahisar or Mulund around ₹25K. In Bengaluru, a 1 or 2 BHK in areas like Electronic City ranges from ₹20-25K. In Noida and Greater Noida, ₹1.25 crore could secure more spacious options, such as a 2 BHK or even a 3 BHK.
Kolkata, however, offers the most space and affordability, with rents for a 4 BHK in the northern parts of the city or a 3 BHK in southern areas well within budget.
ICICI Securities, a leading financial services company, has raised the target price for a multibagger real estate player, indicating a positive outlook for the sector. Meanwhile, IT hubs like Bengaluru and Hyderabad are experiencing a real estate boom, with home prices soaring up to 90%.
In conclusion, while ₹1.25 crore may not be enough to settle comfortably in India's expensive metros, there are affordable options available in Tier II cities like Pune, Lucknow, Goa, and Kolkata.
Frequently Asked Questions
What is the average rent for a 1 BHK in Mumbai?
Around ₹25K in suburbs like Dahisar or Mulund
Which city offers the most space and affordability?
Kolkata
What is the target price for the multibagger real estate player raised by ICICI Securities?
Not specified in the article
What are some affordable Tier II cities in India?
Pune, Lucknow, Goa, and Kolkata
How much can you rent a 2 BHK for in Vadodara, Gujarat?
₹10-15K
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