'Booked a ₹1 crore flat in Bengaluru, now chasing refund': Redditor warns of realty trap

For six years, a Bengaluru tech professional avoided the property trap. He preferred renting, not for lack of money, but for the flexibility it offered in a volatile job market. But by 2024, rising rents and peer pressure began chipping away at that logic.

“Rent nearly doubled in some areas,” he wrote in a Reddit post. “Suddenly, FOMO kicked in hard. Friends and colleagues were booking homes in gated communities, posting about their new homes, society amenities, and how they ‘escaped rent.’ I started doubting myself.”

That doubt turned into action. He began house hunting—visiting projects, browsing listings, speaking to sales agents. What he found was staggering. Tier 1 builders were quoting ₹1.8–₹2.2 crore for a 2BHK. Tier 2 players hovered around ₹1.5 crore. Even Tier 3 and 4 developers wanted ₹1.3 crore or more.

Eventually, he booked a 2BHK in East Bengaluru for ₹1.2 crore. The sales pitch was classic: “80% units are already sold. If you don’t book now, someone else will. Prices are going up next week.”

But post-booking, red flags emerged. His lawyer flagged title issues. The builder had a reputation for delays and rotating project funds. Weeks later, a friend was offered the same unit—for ₹10 lakh less.

The user cancelled his booking and began what turned into more than 100 follow-ups to recover his payment.

The bigger picture: Bengaluru’s overheated housing market
The Reddit user’s story comes amid a steep rise in both property prices and rentals across the city.

Average property prices in Bengaluru currently range between ₹4,650 and ₹18,530 per sq ft, depending on the locality. Key markets include:

• Whitefield, Sarjapur, Electronic City: ₹7,000–₹15,000/sq ft
• Hebbal, Yelahanka, Devanahalli: ₹10,000–₹10,500/sq ft
• Indiranagar, Koramangala: ₹13,000–₹15,000+/sq ft
• Dollars Colony, Jayanagar: ₹13,500–₹14,500/sq ft

Premium flats in top localities can command even more—up to ₹18,500/sq ft or higher.

The rental market tells a similar story. In 2023–24, rents in prime areas surged 20–30%, especially near IT corridors.

• 2BHKs in Whitefield and Sarjapur fetch ₹30,000–₹40,000/month
• Indiranagar and Koramangala touch ₹65,000+
• Outskirts hover around ₹20,000–₹28,000

Gated communities, lifestyle amenities, and proximity to tech parks drive these premiums, often with deposits running up to ₹3–4 lakh.

Despite some stabilization in city-centre areas due to rising inventory, analysts expect property prices to grow 5–7% annually and rents in emerging zones to rise another 10–20% in 2025.

The Reddit user’s warning is clear: Don’t let urgency cloud your judgment.

“If 80% of flats are really sold, why are builders still advertising? Why the cold calls and quiet discounts?” he asked. “Most flats have possession dates between 2028 and 2030. You’ll be paying EMIs long before you move in.”