Are apartment prices in Mumbai and Bengaluru comparable to those in London and New York? Social media sparks debate

A viral social media post by Neha Sharma reignited discussions on housing affordability in India, comparing property costs in Bengaluru and Mumbai with global cities like London and New York. Sharma shared her experience of struggling to buy a flat in Bengaluru with a dual income but successfully purchasing a 3-bedroom house in the UK on a single salary. Her post resonated widely, particularly among young professionals facing soaring property prices, smaller apartment sizes, and high EMIs in India’s tech-driven housing markets. The debate intensified after another user claimed a 2BHK apartment in Mumbai costs around ₹3 crore—nearly 15 times the average annual salary—while a comparable home in New York costs ₹4.75 crore, roughly five times the local annual income. Despite lower absolute prices in Indian cities, the comparison underscored how housing affordability remains severely stretched relative to incomes. According to Kiran Kumar, vice president of Hanu Reddy Realty, Bengaluru’s 2BHK apartment prices vary significantly by location. In prime areas like Koramangala, prices reach ₹18,000 per sq ft, translating to nearly ₹2 crore for a 1,100 sq ft unit, while Indiranagar rates hit ₹20,000 per sq ft, pushing prices to ₹2-3 crore. Areas near MG Road command even higher rates, with premium developments exceeding ₹25,000 per sq ft and luxury projects crossing ₹6-8 crore. North Bengaluru offers more affordable options, with Hebbal apartments priced at ₹12,000-15,000 per sq ft (around ₹2 crore for a 2BHK) and Yelahanka closer to ₹1.5 crore. Devanahalli, near the airport, sees prices around ₹1 crore due to higher supply and distance from the city center. Kumar noted that proximity to central Bengaluru drives up costs in high-demand pockets like HSR Layout, Malleshwaram, and Sadashivnagar, where prices range from ₹2-2.5 crore and above. The discussion reflects broader concerns over India’s housing market, where rising prices and stagnant incomes have made homeownership increasingly difficult for middle-class families. While absolute property values in cities like Mumbai and Bengaluru remain lower than in global hubs, the stark price-to-income ratios highlight affordability challenges unique to India’s urban real estate landscape.