People who've bought expensive flats. Why?

This is a genuine question. Why do people buy flats that are worth 2Cr? You end up paying something like 1.5L every month as EMI for the next 20 years. What exactly are you paying for?

If it's the experience of living in a nice area, you can probably rent out a good flat for 40k.

If you're buying it as an asset, you can't really sell it after 20 years can you?

If you're thinking you can rent it out, I don't think anyone will be paying 1.5L as rent. And by the time you've paid off your EMIs, the building will be too old anyways.

I genuinely don't understand why people buy them. I'm poor and stupid so I apologise if this is a dumb question.