Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Visual Stories
  • Reviews
  • Phone Reviews
  • Fitness Bands Reviews
  • Speakers Reviews
  • Find Cricket Statistics
Hindi
More
In the news
Heatwave
Char Dham Yatra
Gyanvapi Mosque
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Visual Stories
Reviews
Phone Reviews
Fitness Bands Reviews
Speakers Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / India News / Housing, Transport and Furniture: Should you rent or buy?
India

Housing, Transport and Furniture: Should you rent or buy?

Housing, Transport and Furniture: Should you rent or buy?
Written by Shiladitya Ray
Oct 23, 2016, 07:43 pm 3 min read
Housing, Transport and Furniture: Should you rent or buy?

In the India of today, choosing whether to buy an apartment or a car is not a black and white decision. Due to the various factors, buying might be the better choice in a certain scenario, while renting might be a better decision in another. We explore buying vs renting in the areas of housing, transport and furniture.

Real estate
A study of real estate prices in major Indian cities

A 2016 study by ArthaYantra Buy or Rent, taking into account the real estate prices in eight major Indian cities, shows the affordability of 1,000 sq ft residential property. The study revealed that in cities like Mumbai and Delhi, a 1,000 sq ft property is out of reach for the average buyer. Property in Hyderabad was most affordable, followed by Ahmedabad and Kolkata.

Do you know?
Real estate prices in Ahmedabad

Over the last four years, real estate prices in Ahmedabad have dropped by 20%, while rents have gone down by 4%, making Ahmedabad a lucrative city for investment in real estate.

Real estate prices
Details of the real estate price study

The ArthaYantra Buy or Rent study showed that a 1,000 sq ft apartment in Mumbai and the National Capital Region (NCR), costs, on an average, around Rs.1.9 crores and Rs.1.19 crores respectively. A 1,000 sq ft apartment costs, on an average, Rs.64 lakhs in Pune, Rs.60 lakhs in Bangalore, Rs.55 lakhs in Kolkata, Rs.39 lakhs in Ahmedabad and Rs.34 lakhs in Hyderabad.

Do you know?
NCR property prices in perspective

In the National Capital Region, if a buyer with an income of Rs.8 lakhs per annum (who saves 25% of his income), chooses to buy a 1,000 sq ft place, it would take him more than 10 years to accumulate the 20% down payment.

Implications
The implications of real estate prices in major Indian cities

For an Indian earning Rs.15 lakhs per annum, buying property, while still feasible in Hyderabad or Ahmedabad, is nigh impossible in Mumbai or Delhi. While people can choose to buy apartments and spend years paying off the loan, rents come way cheaper. The average rent in Mumbai, for example, for a 1000 sq ft apartment is Rs.33,000, which makes renting places a better option.

Furniture
The pros and cons of renting furniture

Renting furniture has its pros and cons. Renting is advantageous for people living in a place for a short period of time, as they not only save money and time, but also avoid the hassle of choosing and buying new furniture. On the flip side, costs of renting during a rental term is pretty steep and stores often charge very high interest rates.

Do you know?
Interest payments for furniture

While renting furniture makes the monthly payments seem low, a recent article in Consumer Reports magazine showed that some furniture renters pay an effective annual interest of up to 311% for some items of furniture.

Cars
Buying a car versus renting one

In today's India, taking an Ola or an Uber cab is more economical than buying your own car. Apart from the initial cost of buying a car, a 30km trip approximately costs a driver around Rs.153 (assuming petrol fares to be Rs.61 and mileage to be 12km/l). The same trip in an Uber costs Rs.231 - Rs.115 per head if two people share.

Do you know?
Annual savings if one uses cabs

Considering that, on an average, a person saves Rs.25 for every 30km trip on a cab (in comparison to a private car), a person, going to, and coming back from work six days a week will save Rs.15,650 per year just on fuel.

Share this timeline
Facebook
Whatsapp
Twitter
Linkedin
Shiladitya Ray
Shiladitya Ray
Mail
Budding social scientist with a keen interest in social studies of science and the sociology of knowledge. Cinephile. Liverpudlian. Metalhead.
Latest
Mumbai
Latest
Maserati Cielo convertible to break cover on May 25
Maserati Cielo convertible to break cover on May 25 Auto
5 films that deal with postpartum depression
5 films that deal with postpartum depression Entertainment
French Open, Rafael Nadal vs Novak Djokovic: Rivalry in numbers
French Open, Rafael Nadal vs Novak Djokovic: Rivalry in numbers Sports
Statistical comparison of 'Big Titles' between Djokovic, Federer, and Nadal
Statistical comparison of 'Big Titles' between Djokovic, Federer, and Nadal Sports
Vivo S15 Pro announced with MediaTek Dimensity 8100 SoC
Vivo S15 Pro announced with MediaTek Dimensity 8100 SoC Technology
Mumbai
Kissing, fondling minor boy not unnatural offence: Bombay High Court
Kissing, fondling minor boy not unnatural offence: Bombay High Court India
Harman Baweja making biopic on India's first female forensic scientist
Harman Baweja making biopic on India's first female forensic scientist Entertainment
NIA launches crackdown on Dawood Ibrahim gang, hawala operators
NIA launches crackdown on Dawood Ibrahim gang, hawala operators India
5 offbeat tourist destinations near Mumbai
5 offbeat tourist destinations near Mumbai Lifestyle
IMD says heatwave is over, predicts rainfall across India soon
IMD says heatwave is over, predicts rainfall across India soon India
More News
Next News Article
Next News Article

Love India news?

Subscribe to stay updated.

India Thumbnail
India News Business News World News Politics News Sports News Technology News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Mukesh Ambani Indian Premier League (IPL) Karnataka Samsung Xiaomi West Bengal
Bihar Virat Kohli Rohit Sharma Haryana Narendra Modi Arvind Kejriwal Tamil Nadu Gujarat Yogi Adityanath YouTube
Instagram Hollywood News Uttar Pradesh Kerala Netflix Bollywood News Mamata Banerjee Maruti Suzuki Rahul Gandhi Elon Musk
Shah Rukh Khan Chelsea FC OPPO Akhilesh Yadav Indian Cricket Team Apple Manchester United Salman Khan Cryptocurrency OnePlus
Amitabh Bachchan ICC Women's World Cup Vivo India vs Sri Lanka
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive IPL 2022 Schedule IPL 2022 Points Table Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2022