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Buying or renting property, which is a better proposition?

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Published: Friday, April 27, 2012, 11:19 [IST]
 
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Buying or renting property, which is a better proposition?

Makaan.com Buy vs. Rent Index has recommended that it is better to rent a property in cities like Mumbai, Delhi and Ahmedabad, whereas Bangalore and Hyderabad are recommended for buying. Cities of Pune & Chennai are in the neutral territory.

Makaan.com Buy Vs Rent Index (MBRI), is a tool that aims to help property seekers make informed choice between buying and renting of property in top Indian cities / sub-cities home. The company has done an analysis for the period January to March 2012.

Buy Vs Rent analysis for Mumbai
“The index for the city of Mumbai moved marginally down to 29 from 30 in the last quarter. This shift to a lower MBRI could be attributed to the slight softening of property prices and / or stable to slightly hard rental rates in the city. All the sub-cities in Mumbai remain in the rental zone. The sub-cities of Andheri-Dahisar, Mira Road and Beyond and Mumbai South West have shown a lower MBRI compared to last quarter. These areas have shown a drop in the index of -3, -2 and -2 points respectively. Lowering of MBRI indicate that rentals have appreciated more than the capital value in these areas,” Makaan.com has stated.

Buy Vs Rent analysis for Bangalore

“The index for the city of Bangalore is at 19 making the city suitable for buying over renting. Within the city, only Bangalore Central remains in the neutral range meaning one can decide to buy or rent based on your financial situation. Areas like Bangalore East, Bangalore North, Bangalore South and Bangalore West are recommended for buying indicating that it is far more economical to buy a property in these areas than to stay on rental,” Makaan.com has stated.

Buy Vs Rent analysis for Delhi NCR

“The index for the city of Delhi NCR has moved down marginally to 31 from 32 in the last quarter, which keeps the overall city on the Rental scale. This shift to a lower MBRI could be attributed to the slight softening of property prices in the recent past compared with the rental rates in the city. Within the main city of Delhi, all areas including Dwarka are recommended for rent. The NCR region remains affordable compared to main Delhi city. Faridabad and Noida are buyer friendly regions and recommended for buying. It is far more cost effective to buy a property in Faridabad and Noida than to stay on rental. If one is eyeing property in Gurgaon or Ghaziabad it is wise to make a decision depending up on one’s financial condition and requirement,” Makaan.com has stated.

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