A Bengaluru resident has issued a cautionary message to potential homebuyers, warning against falling prey to the fear of missing out (FOMO) in the city’s overheated real estate market. Sharing his personal experience on Reddit, he described how intense sales pressure almost led him to purchase an overpriced 2BHK apartment.

Having lived in Bengaluru for six years, the user initially chose to rent and maintain financial flexibility. He cited poor rental yields, high loan interest burdens, and the risk of long-term debt in a volatile private-sector job market as reasons to delay buying. However, rising rental prices between 2020 and 2022, combined with peer pressure, made him reconsider.

Detailing his experience, he said he began house hunting and was shocked by the inflated prices—tier 1 builders were quoting ₹1.8–2.2 crore for a 2BHK, while tier 2 builders priced them around ₹1.5 crore, and even lower-tier builders demanded over ₹1.3 crore. Succumbing to FOMO, he booked a 2BHK in East Bengaluru for ₹1.2 crore, swayed by sales pitches claiming that “80% of units are sold” and “prices will rise next week.”

However, he soon discovered that the same flat was offered to a friend for ₹10 lakh less. Frustrated, he canceled his booking but faced over 100 follow-ups just to recover his booking amount.

In his Reddit post, the user urged others not to fall for marketing hype. He questioned the credibility of developers’ claims, pointing out the contradiction between supposed high demand and aggressive advertising, discounting, and cold-calling.

He also warned about long possession timelines, often stretching to 2028–2030, meaning buyers would be saddled with EMIs for years before moving in. Highlighting global economic uncertainties—such as recession risks and job instability—he stressed the importance of maintaining liquidity and not rushing into real estate purchases.

“You’re not late—you’re right on time to wait,” he advised, predicting that Bengaluru real estate prices are unlikely to crash but will probably remain flat over the next 2–3 years. He concluded by reminding buyers to stay patient, prioritize financial health, and resist making major financial decisions based on fear or peer pressure.

Knowledge Source : https://economictimes.indiatimes.com/news/new-updates/bangalore-real-estate-is-already-inflated-prices-to-stay-flat-for-next-23-years-redditor-warns-against-the-hype-and-falling-for-fomo/articleshow/120637657.cms