Middle-Class Buying ₹1Cr+ Flats – Smart Move or Risky Bet?

I often wonder what motivates middle-class(As I am coming from middle class) people to buy flats worth ₹1 crore or more in Ahmedabad. When you take such a big loan—let’s say around ₹60 lakh—you end up paying a high EMI for years. If you plan to live in the flat for 15+ years, the concern is that after that period, it becomes "old," and resale value may drop since newer projects will always be available. Unlike independent houses, flats are also dependent on society management for repairs and redevelopment, which is not always in the owner's control. Given these factors, how do you justify it as a good investment? Is it the security of owning a home, the fear of rising rents, or something else? I'd love to hear different perspectives from people who have made this decision.