Mumbai and Delhi remain the most expensive cities for both buying and renting a residential property, according to the findings of the ArthaYantra Buy Vs Rent Report (2016).The fourth edition of the annual report was released by ArthaYantra Corporation, in New Delhi on Tuesday.
According to a press release, ArthaYantra Buy Vs Rent Score (ABRS) creates an objective method for families to arrive at answering their buying Vs renting question from a personal finance perspective, while keeping emotions out of it. The report covers real estate buy and rental markets in eight cities across India: Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune.
ArthaYantra’s research addresses important consumer questions such as:
• How much more money does a professional need to shell out for buying a home compared to renting it?
• At what salary level should a professional Buy a property?
• At what salary level should a professional Rent a property?
ABRS answers these questions by considering three important factors: rental value, property price and gross income.
According to Nitin B. Vyakaranam, CEO ArthaYantra, “From the findings of 4th edition of ArthaYantra Buy Vs Rent Report (2016), Mumbai and Delhi remain the most expensive cities for both buying and renting a residential property. While Chennai and Pune are mostly affordable for rentals, people with an annual income of INR 10 lakhs and above may consider buying a residential property in Hyderabad and Ahmedabad. Of all, the city of joy Kolkata is a paradox where rentals are expensive when compared to purchasing a residential property priced over INR 15 lakhs”