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In Bengaluru’s fast-paced property market, fear and urgency are becoming major selling tools. A Reddit user recently shared a cautionary tale that’s now resonating with many. He moved to the city six years ago for better job opportunities and chose to rent despite being financially stable. He valued flexibility over committing to a long-term loan, especially given the risks of job instability and poor rental yields.
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Between 2020 and 2022, real estate prices were still manageable around Rs 70 lakh to Rs 1 crore for a 2 BHK. But with rents rising and peers showcasing new homes online, he fell into the FOMO trap and started searching for a flat. Prices had surged dramatically like Rs 1.8-2.2 crore for tier 1 builders and even tier 3 builders were quoting Rs 1.3 crore.
Feeling the pressure, he booked a 2BHK in East Bengaluru for Rs 1.2 crore, only to face issues after paying the booking amount. His lawyer raised red flags about the project, and the builder had a history of delays. To make matters worse, a friend was offered the same flat later for Rs 10 lakh less. It took over 100 follow-ups to cancel the booking and get a refund.
He urged buyers to avoid rushed decisions driven by fear and hype.
