A recent viral post on X has brought attention to the stark contrast in what $3 million (approximately ₹25 crore) can buy in the real estate markets of India versus the United States. Management consultant Gurjot Ahluwalia shared a side-by-side comparison between the two markets, sparking online discussions on how Indian real estate might be overpriced.
Which $3M apartment would you prefer?
• Gurgaon or New York?
• 4BHK Flat or 6BHK Penthouse?
• Golf Course Road or Manhattan?
• Cyber City or Times Square?
• Magnolias Park or 3.4 sqkm Central Park?IMO REAL Estate is a SCAM in India! pic.twitter.com/jNlPCm7fjK
— Gurjot Ahluwalia (@gurjota) October 27, 2024
Comparing Luxury Real Estate: India vs. USA
For a budget of $3 million, the options differ significantly between the Indian and US markets, underscoring the value gap. Many online users responded to Ahluwalia’s post, noting how much further this amount stretches in the United States.
What ₹25 Crore Can Buy in Gurgaon
In India, ₹25 crore buys a spacious luxury apartment in Gurgaon. A listing on 99 Acres shows that for ₹26.8 crore, buyers can acquire a 4BHK or 5BHK unit covering over 5,000 square feet in a premium residential society. Furthermore, these apartments come with desirable amenities, including a swimming pool, gym, spa, and landscaped green areas. Although impressive, this Gurgaon apartment is still less luxurious than a similar property in New York.
What $3 Million Can Buy in New York
Meanwhile, in New York, a $2.85 million (around ₹23.9 crore) budget secures a lavish penthouse overlooking the iconic Manhattan skyline. A Zillow listing describes the property as a six-room terraced loft penthouse. Additionally, this home features a 52-foot-long great room with 14-foot ceilings and stunning views of the East River and the city. The penthouse also offers a master bedroom with scenic views, a guest suite with a walk-in closet, a media room with a bar, a professional-grade laundry room, and access to a rooftop terrace with panoramic views of Manhattan’s skyline. Covering 4,500 square feet, this property’s amenities highlight the greater value for the price in the US market.
Public Reaction: “Real Estate in India is a Scam”
This property comparison quickly sparked debates on X, with many expressing frustration over high property costs in India. Ahluwalia hinted that Indian real estate prices might be excessive. Additionally, Lok Sabha member Karti Chidambaram joined the discussion, stating, “We are the most overpriced real estate market with the poorest infrastructure.”
We are the most over priced real estate market with the poorest infrastructure https://t.co/QJSFXYT3zE
— Karti P Chidambaram (@KartiPC) October 27, 2024
Online Debate on Real Estate Costs in India
Many social media users commented that India’s real estate prices are inflated by “black money.” One user remarked, “In India, real estate pricing is a scam created by black money holders.” Another agreed, saying, “With $1 million, you can buy a mansion in the US and live like royalty… real estate is daylight robbery in India.” Others noted that in Dubai, this budget could buy multiple high-end villas.
Predictions of a “Real Estate Bubble” in India
Some users even suggested that India’s “real estate bubble” may eventually burst, revealing the true value of properties in the market. This ongoing discussion reflects a broader concern over real estate affordability and value in India.
