Highlights
Bangalore’s real estate market is characterised by rapid growth, where fear often overshadows facts. The surge in technology-driven development, escalating rents, and eye-catching property launches are compelling young professionals and first-time buyers to rush into decisions fueled by anxiety rather than careful consideration. Social media showcases breathtaking views and captions boasting about properties being “booked before the price hike,” while agents create a sense of urgency by sharing stories about rapidly disappearing listings.
However, a viral post from a Bangalore user is changing the narrative by revealing the emotional and financial strain of succumbing to the hype, advocating for a more measured approach before making a commitment.
Taking a Step Back from Bangalore’s Real Estate Frenzy
In a candid account, a Bangalore resident urged others to refrain from letting fear dictate their financial decisions following their experience of booking an under-construction apartment and facing a long and painful process to cancel the agreement and retrieve their deposit.
The user conveyed a perspective that many might overlook: “You might feel as if you’ve missed the real estate opportunity. However, the reality is that you are right on time to avoid this inflated market and wait for a potential correction.” This opinion was shared on a popular platform.
Having spent six years in Bangalore, the poster consciously opted to rent rather than buy, prioritising financial flexibility over a decade-long loan commitment. They expressed doubts about the low rental yield, considerable interest rates, and the mental burden of a 20-year mortgage, indicating it did not seem worthwhile. Between 2020 and 2022, they observed the market and were cautious. But when rents soared and acquaintances showcased their new residences online, the fear of missing out (FOMO) began to set in.
Eventually, the user succumbed to the pressure, stating, “That’s when I made the decision.” This led to a flurry of property visits and surprising price quotes. “Top builders were asking for ₹1.8-₹2.2 crore for a 2BHK. Even lesser-known builders sought ₹1.3 crore or more!”
Consequences of an Impulsive Decision
Ultimately, they committed to a ₹1.2 crore flat in East Bangalore after a persuasive sales pitch touting that “80% of the units have already been sold.” However, soon after the booking, concerns began to surface: legal complications, a builder with an unreliable reputation, and alarmingly, the same flat was offered to a friend weeks later at ₹10 lakhs lower.
“This initiated a painful process with over 100 follow-ups just to secure my booking refund,” they recounted.
The user’s warning was straightforward: “Bangalore’s real estate prices are already inflated. Don’t fall for the buzz.” They called attention to aggressive marketing strategies, delayed handover dates, and undisclosed discounts — all indicators that demand isn’t as robust as it appears.
“In uncertain times like these, having cash is crucial,” they noted, highlighting economic instability and fluctuations in the job market. Their advice was simple: “Exercise caution. Be patient. Above all, don’t let FOMO drive your decisions.”
Community Reactions to the Post
The message struck a chord among many. One commenter, who now operates a real estate firm, noted, “Second-rate builders in Bangalore have become overly confident… rents have surged by over 50% post-COVID.” Another remarked, “It’s a cycle. Living in the property you purchased should be seen as a necessity, not merely an investment.”
A third commenter highlighted the pitfalls of the “builder-sales FOMO strategy,” cautioning that the disparity in experience between seasoned sellers and nervous first-time buyers frequently leads to regret. They pointed out that waiting for downturns in the real estate market is not as straightforward as it seems, given the ongoing influx of unaccounted wealth and infrastructure delays supporting prices.
One final comment reinforced the original post’s message, stating, “I too had secured a flat for ₹1.8 crore. The stress from the vetting, legal challenges, and rising costs took a toll on my mental health. Cancelling it was a considerable relief.”
