40 Year Old Professional with Rs. 1 Crore CTC Claims He Can’t Afford House in Gurugram, Shares Post

To buy a dream home, we try hard to make our income higher. With a high and stable income, we can also apply for a comfortable home loan. But recently, a post has gone viral on social media where a man claims that he has Rs. 1 crore CTC per annum but still can’t afford a house in Gurugram. Let’s dive into his post.

Even though he makes over Rs. 1 crore a year, a 40 year old executive claims he still cannot afford a house in Gurugram. With no significant financial obligations, the guy, who is a high-ranking official at a public firm and an MBA graduate of IIM Bangalore, disclosed that he is the only income earner in a household of three. He makes about Rs. 6 lakh every month and has savings of over Rs. 7 crore. Despite his income, he claims that purchasing a house seems out of reach.

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“I work for a public limited organization at a fairly senior level,” the man stated on Reddit. “I have an annual CTC of Rs. 1.2 crore. I graduated from IIM Bangalore with an MBA. The sole wage earner in my family of three (my wife, my mother and myself). No kids, no significant responsibilities and no intention of having any. Despite this, I’m still at a loss as to whether to buy a home in Gurugram”. He said that he had no inheritance and that his family did not own any real estate. Buying a respectable residence near his workplace would cost him more than Rs. 5 crores for a 2,300 square foot building floor, he explained.

Even with his pay, he will be unable to afford a bigger 4 BHK, which will cost over Rs. 14 crore. Older flats in Belvedere or Oakwood are a little less expensive, costing between Rs. 3.5 and 4.5 crore, but they will require an additional Rs. 25-30 lakh for maintenance and the total cost of purchasing any of these residences will remain at about Rs. 5 crore or more even after accounting for brokerage, registration costs and government levies, he explained in the post.

1 Crore CTC, Still Priced out of Gurgaon?
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He also stated that even a brand new 4 BHK worth Rs. 5 crore has its difficulties. He has the option of either borrowing money or spending almost all of his savings, along with an additional Rs. 40 lakh for brokerage and government expenses. “You will have to keep working for 20 more years in order to pay off a loan,” he says. Additionally, he noted that there is no assurance that he will be able to hold onto his work for such a long period given his age and position in the industry.

He also expressed concerns about the low quality of the real estate, the few amenities available and environmental problems such as low air and water quality. Many are reacting to his post.