The ever-changing city of Hyderabad has sparked the age-old argument of owning vs. renting. We may look at the local data and dynamics to see which is best for the wallets of Pearl City inhabitants.
Is it better to rent or buy a home?
The real estate market in Hyderabad has been flourishing, leading to enormous price hikes in several very coveted districts. These include Gachibowli, Madhapur, and Jubilee Hills, among many others. In only five years, property prices in certain places surged by 30%, reaching 6,000 rupees per square foot, according to one study. The growth of the information technology industry has led to an increase in demand for rental housing, which in turn has driven up rental rates. Two years ago, the going rate for a well-located two-bedroom flat was 25,000 Indian rupees per month.
Buying vs Renting a House in Hyderabad
Considering the current interest rates on house loans in India, renting vs. buying a house has become crucial in Hyderabad. Major bank statistics reveal that a yearly interest rate of 7.5% is prevalent for home loans. It is wise to purchase a house with low interest rates. However, when rates are high, renting becomes the most economical option for many families.
The features of the Hyderabad real estate market are a key factor impacting the choice. Due to supply and demand, housing availability, and rental yield, reasonable and flexible rents are expected in diverse places. Knowing these things can help you make a better choice.
Buying or renting a home is a big life decision regardless of Hyderabad’s economic prospects. Consider short-term investment possibilities like a rental before committing to a long-term investment like a house. You will then have more freedom to follow your financial goals and deal with market volatility.
Read Also: Tips for New Homebuyers: An Ultimate Guide
