Is Buying or Renting a Home Better in India?

With the increased amount of fluctuations in the real estate prices, most of the property buyers are having a tough time deciding on whether to buy a home or rent a home in India. Property buying becomes even more complicated when the rental rates and the capital of the country increases making the buyers shell out a large sum of money. Most of the home buyers are either lucky while renting or buying or just end up in an error. A home buyer can decide through various measures while investing or renting a property.

Important aspects which a home buyer should consider while renting or buying a home:

Do a complete research on cities which are beneficial in buying or renting a property. If the property price in various cities is less, it is always advisable that they buy the property and if the rent is cheap with a higher property price, it is advised that they rent the property.

A property buyer should decide on investing in a property based on his financial situation.

Buying vs. renting according to cities:
 

Mumbai:

Talking about the real estate sector in Mumbai, the property prices in the city are climbing in an upward position and hence the properties on rent are quite cheaper when compared to buying a property. Most of the sub-cities in Mumbai are of a rental zone from the past years as there is an increase in the demand for rental properties due to high rise in property prices. This in turn makes it difficult for the property buyer. Also the rental rates in the city are stable which makes it easier for people to rent. Most of the areas in Mumbai like the Andheri-Dahisar, Thane, Mumbai harbour, South-west Mumbai and others have adopted the renting method leading to an increased renting process almost all over the city.

Pune:

The realty market of Pune has remained stable in the past few months. This is a neutral city for property investment. This stability of property prices is the effect of high prices for both renting and buying properties in the city. Henceforth, a property investor from Pune can decide whether to buy or rent based on his/her financial situation.

Ahmedabad:

The real estate market of Ahmedabad is witnessing quite a fluctuation. The property prices are quite high and it is advisable to rent a property. Most of the sub-cities in Ahmedabad have come under the rental zone from last year. The property prices in the city have greatly increased in the past few years, which make it difficult for the property owners to invest in the property. Also like other cities, Ahmedabad has stable rental rates which make it easier to rent.

Delhi NCR:

Talking about all the major states, Delhi is one among them where the realty prices have been touching the sky. This eventually makes the city suitable for renting. This will also result in property prices and areas like East Delhi, North Delhi, South Delhi, West Delhi and Dwarka have become the rental zone. Other sub cities of Faridabad, Ghaziabad and Gurgaon are neutral and people can either rent or buy property based on their financial situations.

Bangalore:

Compared to other cities, the real estate market in Bangalore is faring well, as the property prices are quite less. This in turn makes it easier for the property investor. Apparently the rental rates are higher when compared to the property prices and thus this city is a property buying destination. The Bangalore Central area is in a neutral range, wherein one can decide to buy or rent based on their financial situation. Many areas like Bangalore East, Bangalore North, Bangalore South and Bangalore West are advisable for property investment as they are far more economical to buy than to rent.

Hyderabad:

The property rates in this city are higher in few areas and more in other areas. This makes it convenient for the property buyers to invest in it. Thus this city continues to be a buying destination. Areas like Secunderabad and others have cheap properties.

Chennai:

The city has changed to a neutral range from a buying range. Like other cities the property prices here are quite high and one can rent a home easily. Apparently the property investors in Chennai are requested to invest as per their financial situation.

Source: Commonfloor Articles