Press release from Business Wire India
Thursday, April 04, 2013 01:24 PM IST (07:54 AM GMT)
Editors: General: Consumer interest, Entertainment, People; Business: Banking & financial services, Business services, Information technology, Real estate; Technology
Affordable Residential Areas to Buy or Rent in 7 Major Cities
An ArthaYantra Buy vs. Rent Research
Hyderabad, Andhra Pradesh, India, Thursday, April 04, 2013 — (Business Wire India) — ArthaYantra.com, India’s first integrated personal financial service company, has concluded an exclusive research on the real estate market in Seven Cities: Mumbai, Delhi NCR, Chennai, Kolkata, Bangalore, Hyderabad and Pune. The research aims to provide merit based answer to the important question of buying vs. renting to salaried professionals (Annual salary range 8-25 lakhs). The research analyses the cost associated with owning and renting a house across different prime localities in the above cities.
In order to create an objective measurement metric, ArthaYantra developed a proprietary composite score “ArthaYantra Buy vs. Rent Score” (ABRS)T to address the buy vs. rent discourse. ABRSTM not only aids in making the Rent vs Buy decision but also explains affordability and need to buy or rent in a city.
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?
— Can the professional actually afford this additional amount?
— When should a professional buy a property?
— When should a professional rent a property?
ABRST answers these questions by considering three important factors: rental value, property price and gross income.
Nitin B. Vyakaranam, CEO AthaYantra, adds “Most of consumers today make home buying decision based on emotions, subjectivity and qualitative arguments. In our efforts to bring objectivity to consumers’ mind, we have added ABRST calculator to our personal finance platform Arthos which is freely available on our website. One can find out how owning or renting a house is going to impact his/her overall personal financial life and get advice on whether a person should buy or rent.”
City Specific Findings
— Mumbai city overall has recorded a rise of 97% in its NHB Residex value compared to 2007
— Lower Parel has recorded the highest rise in the index value by 243%
— Virar and Kalyan are the best places to buy/rent a house.
— Delhi has recorded a rise of 72% in its NHB Residex value compared to 2007
— Vasant Kunj has recorded the highest rise in the index value by 132%
— Faridabad (Sector 86) and Indirapuram are the best places to buy/rent a house.
— Chennai as a city has recorded a rise of 209% in its NHB Residex value compared to 2007
— Kolathur has recorded the highest rise in index value by 538%
— Tambaram and Medavakkam are the best places to buy/rent a house.
— Kolkata as a city has recorded a rise of 96% in its NHB Residex value compared 2007
— Alipore has recorded the highest rise in the index value by 132%
— Jadavpur, EM Bypass, Behala and South Dumdum have underperformed
— Howrah, Lake Town and Behala are the best places to buy/rent a house.
— Bengaluru’s city index hasn’t recorded any rise or decline in its NHB Residex value
— The real estate market in Hosur Road and Whitefield have outperformed the city’s average
— Indiranagar being the costliest locality offers a space of 6.67 sq ft per INR 1 lakh
— Mysore Road is the best place to buy/rent a house.
— Hyderabad as a city has recorded a decline of 15% in its NHB Residex value compared to 2007
— Banjara Hills and Rajendra Nagar have recorded a decline in the index value by 36% and 32% respectively
— Miyapur and L.B Nagar are the best places to buy/rent a house.
— Pune as a city has recorded a rise of 100% in its NHB Residex value when compared to 2007
— The East Zone of Pune has recorded the highest rise in the index value by 195%
— Hinjewadi and Wakad are the best places to buy/rent a house.
There are areas in each city which are still affordable to salaried professionals. However, sometimes these areas are far from city centers (Delhi, Mumbai). An individual has to make a tough choice between affordability and lifestyle. The long-term impact on one’s personal finance should be kept in mind while making this important decision.
To download full report go to: http://www.arthayantra.com/research-reports.html
About ArthaYantra : ArthaYantra is a young and innovative company started by a group of alumni of the Indian School of Business (ISB) Hyderabad. It provides integrated personal finance services using its unique proprietary framework, Personal Financial Lifecycle Management (PFLM)TM, which helps clients achieve their financial goals. ArthaYantra’s vision is to provide independent, high quality, customized financial planning solutions and their efficient execution to individuals. They employ proprietary financial models and enable investments through well balanced passive investment strategies. ArthaYantra’s clientele includes individuals from India, US, Europe and Middle East. Visit www.arthayantra.com
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Hari Prasad, MSL Group, +91 9618883774
CONSUMER, ENTERTAINMENT, PEOPLE, BANKING, BUSINESS SERVICES, IT, REAL ESTATE, TECHNOLOGY
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