Buying or renting depends on one’s life-stage requirement
Realty+ in conversation with Prashant Bindal, Chief Sales Officer, Lodha Group, discusses the best cities in which one Cities where one should Buy or Rent. Looking at the current real estate scenario, should one rent or buy? Buying or renting depends on one’s life-stage requirement. However, buying a home is always on wish list especially among Indian’s, where owning a real estate property is etched in our minds traditionally. Also an owned home provides for a more stable outlook for the family than shifting places while staying on rent. Considering a plethora of options available for home buyers in the residential segment that suits any budget in metro cities like Mumbai and Thane, coupled with easy availability of home loans and government incentives and subsidies for homes in the affordable category, buying a home is always a strongly recommended option. In which cities and micro-markets buying house is a more viable option? According to the latest research report of 10 Best Indian Cities to Live and Work, Mumbai secures 5th place. Mumbai being the financial capital of the country provides for an unparalleled living experience with homes at par with international standards, a robust infrastructure base, a booming social infrastructure and above all a wide spectrum of career options. The returns on investment in a Mumbai home are also much higher that investing in any other metro. Among micro-markets, locations in periphery of Mumbai are the best options. Locations such as Ghodbunder road in Thane, Palava in Dombivli have picked up at a rapid speed due to infrastructure development around them, presence of central business districts that promote walk to work culture and the holistic lifestyle these developments provide to the residents here. Which cities are end user driven? Among metro cities Mumbai is a preferred destination for an end user. The vibrant city provides for a holistic living experience for people under varied income categories. Along with a wide expanse of properties to choose from in every location within the city, presence of central business districts in key areas and social infrastructure at par with global standards in every micro location, makes it easy for the end user to opt for Mumbai. The handsome returns expected from the investment in the long run is a key differentiator that sets Mumbai apart from any other metro in the city. Is purchasing property still a favorite investment asset among Indians? Traditional belief lays maximum significance in real estate as an investment due to security and safety associated with it. The belief continues to remain the same despite the volatile global economic conditions. The new investment tools are highly sensitive in nature and fail to provide safety and assured short term returns in the form of rent and long term returns in the form of appreciated value as real estate does. Moreover availability of easy home loans and wider expanse of properties to choose from as per budget makes real estate as a lucrative investment medium. Does the millennial ideology promote renting over buying? The millennials are 30+ in age and are more settled in their careers. Hence at this stage of life they would not prefer shifting from one place to another with their family. An owned home will be largely preferred by them instead of renting a home for a short term that attracts uncertainty and increases living cost in the form of rent.
Tags : Interviews