‘Any legit reason why people are buying Rs 15 cr flats in Noida?’: Wisdom Hatch founder wades into soaring home prices debate

Popular YouTuber and founder of educational platform Wisdom Hatch, Akshat Srivastava, waded into the debate over soaring home prices in Noida. 

Srivastava was reacting to a recent post by a techie about the affordability of homes in the city next to the national capital. Srivastava questioned the logic of spending Rs 15 crore on a flat in Noida, pointing out that the same amount could buy a villa in Dubai, a 3BHK apartment in Singapore, or an apartment in Manhattan, New York. 

When users raised concerns about the feasibility of such purchases abroad and the need for citizenship, Srivastava clarified that citizenship was not needed to buy property in these countries.

In his post, the techie said a 4BHK under-construction apartment in Noida costs Rs 15 crore, while a 6BHK can go up to Rs 25 crore. 

“I’m forced to wonder who is buying these apartments. What work do they do?” he asked. “No matter how many jobs I switch, no matter how much I trade or invest, will I ever be able to afford a 4BHK in this society?”

The apartment in question is part of the ATS Knightsbridge project. Some people tried to justify the hefty price tag. “It’s not a normal project; it’s a luxury project, hence the prices. The 3BHK is 6,000 sqft, and the 6BHK is 10,000 sqft. It also comes with amenities like a dedicated concierge,” explained user Shwetanshu Mehta.

According to the ATS website, ATS Knightsbridge is marketed as an uber-luxurious development at the intersection of Delhi and Noida, offering numerous amenities such as a swimming pool, clubhouse, tennis courts, and an indoor gym.

In 2023, a total of 14,822 flats worth almost Rs 24,944 crore were sold in Noida. Factors such as promising development opportunities, increased investments, improved job prospects, and high-quality housing options have driven this growth, according to a report by JLL.

The average cost of an apartment in Noida surged from Rs 1.24 crore in 2022 to Rs 1.68 crore in 2023, further highlighting the city’s booming residential market. 

Source link

Leave a comment