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
Related News Articles
Transforming India's Real Estate Landscape: RERA's Success Stories and Innovations
RERA has brought transparency and accountability to India's real estate sector, transforming the home-buying experience. Discover the successful implementations and innovations that are shaping the industry's future.
ED Alleges Jaffer Sadiq's Real Estate and Film Ventures Fueled by Drug Money
The Enforcement Directorate (ED) has accused Jaffer Sadiq, a prominent figure in the film industry, of financing his real estate and movie projects using illicit funds derived from drug trafficking. Sadiq, along with his brother, was arrested on June 26 i
ITC to Acquire Aditya Birla Real Estate’s Pulp and Paper Unit for 35 Billion Rupees
Indian conglomerate ITC has announced the acquisition of Aditya Birla Real Estate's pulp and paper business for an estimated 35 billion rupees. This strategic move aims to strengthen ITC's market position in the paper and pulp industry.
Trump's Luxury Real Estate Ventures to Expand Significantly in India
From four high-rise luxury residential projects in key Indian cities, the Trump Organisation plans to increase its presence to 10 properties over the next six years, solidifying India's position as the primary international market for the brand outside th
Shardul Amarchand Advises Brookfield on $100 Million Powai Real Estate Deal
Shardul Amarchand Mangaldas provided legal counsel to Brookfield on a major real estate transaction in Powai, Mumbai, valued at approximately USD 100 million. This deal underscores the growing importance of high-value real estate investments in the bustling financial hub.
Mumbai's Real Estate Market Booms: A Surge in Home Sales and Rising Property Values
The Mumbai Metropolitan Region's residential market has experienced a significant increase in home sales, with 68,082 units registered in the October-December quarter. This surge is attributed to various factors, including a strong economic recovery and f