'₹80K A Month Is Almost Poverty In Mumbai': Journalist's Harsh Reality Check For 24-Year-Old Homebuyer

Mumbai's skyrocketing cost of living and real estate landscape prompted real estate and infrastructure journalist Vishal Bhargava to caution that a monthly income of Rs 80,000 is "almost poverty" in the city, when responding to a 24-year-old's inquiry about buying his first home. Bhargava shared a video on Instagram after receiving questions from a 24-year-old who earns Rs 80,000 and works in Mumbai's Bandra Kurla Complex (BKC).

The young professional inquired whether he should buy property immediately due to rising prices and where to look for affordable options as purchasing a home in Andheri was beyond his budget.

Bhargava stated that while Rs 80,000 per month is a decent salary for most, it is nearly below the poverty line in Mumbai. He urged the 24-year-old not to rush into buying a property, emphasizing that property prices don't always increase in all areas. In his Instagram post, Bhargava concluded, "Don’t rush to buy. Permanent Price appreciation story is a myth."

When asked if the young professional should consider moving to a different area for a more affordable home, Bhargava advised waiting rather than settling for a less preferred location. "Andheri has its own vibe," he said, suggesting that the individual could either earn more and buy a home in Andheri later or wait to purchase in the area.

Bhargava recommended focusing on career growth and savings before making a major property purchase. "Wait. Buy in Andheri but not now. Work hard, save, focus on career. Buy late but buy right," he advised. Bhargava warned that purchasing a home early in one's career could lead to financial and psychological burdens, as home loans could make young professionals more risk-averse and limit their professional growth.

He said he would personally delay buying a home until he had secured a better financial situation and achieved his career goals.