Viral Post: Bengaluru Resident Calls 2BHK House Hunt ‘A Nightmare’ as Rents Hit Rs. 70,000

Locals from Bengaluru described in a post that it was a big ordeal for them as finding a house on rent was a difficult task in terms of rent because the prices have soared to around Rs. 70 thousand. Let’s understand what they are trying to say from their Reddit post.

In a recent Reddit article, a resident expressed their annoyance at how difficult it was to find a 2BHK house in the city. The post, which is titled that they enquired about the direction of the BLR real estate industry, mirrors increasing worries about the city’s housing market.

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The homeowner said that, over the previous three years, they had kept an eye on the price of an apartment that had increased from Rs. 1.4 crore to Rs. 2 crore, despite several flaws. The apartment is close to a major drain and has a number of issues, but its proximity to the Outer Ring Road (ORR) and surrounding IT businesses has maintained its popularity.

(Photo: Reddit)

Rent is no longer a cost-effective choice. The tenant stated that they were ready to rent, but they were shocked by the significant rise in rents over the previous three years, as the same apartment is now costing people over Rs. 70,000.

The resident said they had intended to purchase an apartment in three to four years after accumulating enough funds. However, it has been challenging to stay up to date in the market due to the sharp rise in property values. They also said that the roads are in terrible condition and that the majority of communities depend on tanker water, thus it is illogical to pay such a high price.

In certain housing societies, the scenario seems even worse; residents report that 2BHK apartments have already been sold and are currently selling for about Rs. 2.5 crore. The disparity between escalating costs and current issues is making home buying less and less viable for citizens.