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<keyword id="19895040" type="General" weightage="100" keywordseo="real-estate" source="keywords">Real estate</keyword> was India's asset of choice for investment in the first half of 2024, noted a recent FICCI-ANAROCK report. About 59% of the 7,615 respondents across 14 Indian cities expressed their desire to invest in real estate. Out of these, 67% of respondents wanted to buy a house to live in it, while the remaining 33% viewed it as an investment. Out of this 33%, the majority (57%) wanted to earn rental yields from the same, while another 20% planned to sell their property after its price has appreciated significantly. The remaining 23% viewed real estate as an asset for securing their future. Even for millennials, buying a house featured at the top of their priorities. 66% of millennials and 41% of generation X respondents highlighted that they intended to utilize their investment gains to buy a house in the future. What was also notable was the significant decline in demand for ready-to-move in units and a corresponding rise in demand for under-construction units. During the first half of 2024, for every 20 individuals who preferred a ready-to-move-in house, 25 respondents chose a new launch or under-construction property. This ratio was at 32:21 in the first half of 2021. Some of the reasons why over 53% of homebuyers are dissatisfied with the current available options when it comes to <keyword id="20254620" type="General" weightage="20" keywordseo="affordable-housing" source="keywords">affordable housing</keyword> are location accessibility (92%), poor quality construction design (84%), and small unit sizes (68%). Even the supply in the affordable housing category across the top 7 Indian cities has considerably shrunk over the last 3 years, from 26% in 2021 to just 17% as of September 2024. However, this differed based on the city. While over 50% of respondents chose 3BHK apartments in cities like Chennai, Hyderabad, Delhi-NCR, and Bengaluru, over 40% preferred a 2BHK in other metros like Kolkata. Mumbai Metropolitan Region (MMR) and Pune. However, that does not mean that there is little demand for luxury homes. 28% of respondents preferred buying a house between the range of Rs 90 lakh and Rs 1.5 crore. This was a mere 18% prior to the pandemic. However, the most common budget range for houses remained between Rs 45-90 lakh, with 35% of respondents choosing the same. As far as under-construction properties are concerned, a staggering 98% of respondents prefer timely project completion, 93% choose improved construction quality, and 72% prefer a well-lit, ventilated home. The report further noted that Indians are increasingly inclined towards larger, more luxurious living spaces. 3BHKs and apartments remained the most preferred choice of residence and property type, with 51% and 58% of respondents opting for them, respectively. Residential plots were also seen gaining traction, particularly in southern India, with 30% of respondents in Chennai, 29% in Bengaluru, and 27% in Hyderabad preferring them. <keyword id="21483825" type="General" weightage="20" keywordseo="home-loan-interest-rates" source="keywords">Home loan interest rates</keyword> also significantly influenced home buying decisions. If the rates are below 8.5%, it would have minimal impact on buying decisions for around 71% of respondents. However, interest rates exceeding 9% would significantly impact 87% of buyers. With the RBI currently deciding to hold off on slashing interest rates in October for the 10th consecutive time, home loan rates are likely to stay elevated in the future. Experts estimate that the RBI will start cutting interest rates early next year.

Real estate continues to dominate India's investment portfolios, shows FICCI report

Deciding whether to rent or buy a home is one of the biggest financial choices most people will make. It’s not a straightforward decision, especially when considering the rapid increase in <keyword id="21530105" type="General" weightage="20" keywordseo="rental-prices" source="keywords">rental prices</keyword> in some of India’s biggest cities. Let’s dive into how the cost of renting has risen compared to buying, and whether it's still worth it to rent or if it’s time to start looking at <keyword id="20879400" type="General" weightage="20" keywordseo="homeownership" source="keywords">homeownership</keyword>. <h2>Soaring renting costs</h2>If you’re renting in cities like Bengaluru, Pune, or Kolkata, you might have noticed something frustrating — your rent seems to keep going up. According to <keyword id="20974307" type="General" weightage="20" keywordseo="ANAROCK-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="ANAROCK Research" meta.hostid="261" meta.entityid="ANAROCK Research">ANAROCK Research</keyword>, in several of India’s top cities, rental prices have jumped significantly, even more than <keyword id="21006188" type="General" weightage="20" keywordseo="property-values" source="keywords">property values</keyword> in some places. For example, in Bengaluru’s Sarjapur Road, average monthly rents shot up by 67% between the end of 2021 and the middle of 2024. If you were paying Rs 21,000 in rent at the end of 2021, that would now be around Rs 35,000 a month! And Bengaluru isn’t the only city where renters are feeling the squeeze. In Pune’s Hinjewadi, rent prices have surged by 52%, while property values went up by just 31%. Similarly, in Kolkata’s EM Bypass, rents rose by 46%, but property prices saw a much smaller bump of 15%. But there are cities where buying makes even more sense because property prices are outpacing rental costs. In Hyderabad’s Gachibowli, for instance, while rent went up by 50%, property values soared by 70%. This trend is also seen in NCR’s Sohna Road, where rents increased by 40%, but property prices grew by 54%. <h2>Is renting really worth it?</h2>Let’s say you’re living in a 2BHK flat in Bengaluru, paying Rs 50,000 a month in rent. It might seem like an okay deal at first, but when you look at the long-term cost, things get tricky. Dr Prashant Thakur, Regional Director &amp; Head of Research at ANAROCK, breaks it down: "One-year payable rent for the individual is Rs 50,000 x 12 = Rs 6,00,000. For the next 10 years, the total rental outgo, including an annual rental increase of 7%, will be around Rs 83 lakh. This rental outgo is almost 69% of the total cost of this property — and this is just an expense with no investment value accrued." <div type="Article" hostid="261" msid="113367496" title="I bought my dream home, but the difficult process and higher cost sometimes make me wish I&amp;#39;d stuck with renting" mstype="2" mssubtype="0"></div>What does that mean? If you keep renting, you’re essentially throwing money out the window without gaining any ownership of the home. While you may have the flexibility that comes with renting, your hard-earned money doesn’t build any long-term value. <h2>Is it time to make the home purchase leap?</h2>So, what if you took the plunge and bought the place instead? Let’s say you’re eyeing a Rs 1.2 crore apartment and can afford to put down a 20% down payment, with the rest coming from a 10-year home loan at 9.5% interest. Dr. Thakur explains, “If the individual opts to buy the property via a home loan, has the financial wherewithal to make a 20% down payment, and borrows the remaining amount over a 10-year tenure at 9.5% interest rate, such a purchase is definitely profitable. Instead of spending a huge amount on rent, the individual can pay monthly EMIs and ultimately own the physical asset after a ten-year period.” With this approach, the monthly EMIs may be slightly higher than what you’re paying in rent, but there’s a key difference — you’re working towards owning your home. After 10 years, the home is yours, and you don’t have to worry about rent going up year after year. <h2>Homeownership isn’t just about the numbers</h2>While the math might lean towards buying, it’s not just about finances. For some people, renting makes more sense, especially if they don’t plan to settle down in one place for a long time. Job mobility, financial stability, and lifestyle choices all factor into this decision. However, something interesting happened during the COVID-19 pandemic. Many people, including millennials who had previously been all about renting, started reconsidering. The pandemic brought a sense of uncertainty, and suddenly, the security of owning a home became much more attractive. Dr. Thakur points out, "Amid a rising aversion to high-risk investments, an increasing number of tenants see rent as an expense, and EMIs as SIPs towards a non-volatile asset." <div type="Article" hostid="261" msid="113395713" title="Welcome to interest-rate cut week: Here&amp;#39;s how the Fed&amp;#39;s next move will impact everything from home prices to new cars loans" mstype="2" mssubtype="0"></div>Plus, home loan interest rates are currently lower, averaging between 8.75% and 9.5%, making homeownership more affordable than it has been in the past few years. And let’s not forget the tax benefits: Homebuyers can avail of deduction on principal repayment, interest charges, and a further deduction of Rs 50,000 for first-home buyers. The answer, as with most things, isn’t black and white. Renting offers flexibility, especially if your job might take you to a new city in a year or two. But with rents rising sharply in cities like Bengaluru, Pune, and Chennai, buying might be a smarter option in the long run. If you’re financially ready to make a down payment and secure a home loan, investing in a home could save you from steep rental hikes and give you the stability of owning a property.

Should you rent or buy a home? Here’s how much rental pricing has gone up compared to ownership cost in major Indian cities

In a surprising turn of events, <keyword id="20137391" type="General" weightage="100" keywordseo="Nikhil-Kamath" source="keywords">Nikhil Kamath</keyword>, co-founder of India's biggest discount brokerage firm <keyword id="19913826" type="General" weightage="20" keywordseo="Zerodha" source="keywords" meta.keywordsubtype="org" meta.entityname="Zerodha" meta.hostid="261" meta.entityid="Zerodha">Zerodha</keyword>, left the internet divided by purchasing a house, despite recently having advocated voraciously for renting property in his popular podcast "WTF." Comedian Sonali Thakkar Desai took to X (formerly Twitter) to highlight this U-turn, noting that "Nikhil Kamath has bought a house after advocating for so long about how “renting is the best; only fools would buy property." So let this be a lesson to literally everyone who listened to him or any other finance bro and based their real estate decisions on rubbish reels." She further added that "Mutual funds and Nikhil Kamath's opinions are subject to market risk". Kamath, who has a net worth of $3.1 billion, acknowledged that a lack of control over one's living situation is one of the biggest drawbacks of renting, noting a personal incident where he had to unwillingly and unexpectedly move out of a house. However, he maintained his skeptical attitude toward real estate as an investment, calling it illiquid and arbitrarily priced in the high-end housing market. Kamath also highlighted that due to the sky-scraping costs associated with buying property, like stamp duties of 5-6% on property transactions, it is not economically feasible to frequently buy and sell real estate, as opposed to other asset classes like gold, stocks, and more. On his podcast, Kamath also highlighted that renting does not always translate into a profitable business. "I think nobody makes money from buying and renting a place. You do not have occupancy throughout the year for something like AirBnB. Accounting for inflation and interest rates, the return on this investment is negligible," he said. Kamath's decision has reignited the never-ending debate between renting and buying property. While some social media users pointed out that for the wealthy, the choice between renting and buying is largely inconsequential, others emphasized the immense emotional and stability benefits that came along with homeownership. Kartik Rangappa, who heads Zerodha's Varsity, recently tweeted that it is okay to keep the math and Excel sheets behind buying a house aside if it gives you a sense of security and peace of mind. "Owning a house versus renting is an endless debate often backed by elaborate excel sheet math. Keep the math aside and buy a home if it make you feel secure and gives you peace of mind. Peace of mind &gt;&gt; Excel sheet math," he tweeted on October 16, 2024. There is no denying the fact that owning a house is an expensive affair and a long-term financial commitment as well. Recent report from FICCI and ANAROCK suggest that the average budget range for a 2BHK in Gurgaon is anywhere between Rs 90 lakh and Rs 1.3 crore. Getting a 2BHK in Noida, another prominent satellite town of Delhi, can cost up to Rs 85 lakh to Rs 1.20 crore. As it is, with the central bank not looking to cut rates anytime soon, home loan interest rates are set to remain elevated, meaning higher EMI outflows from your pockets if you are looking to buy a home in the present environment.

Billionaire broker Nikhil Kamath buys home, leaves internet debating on renting vs. owning a house

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<ul class="summary-list"><li>Illinois residents will vote on a 3% tax for millionaires in November.</li><li>The governor says the tax could generate $4.5 billion annually and alleviate high property taxes.</li></ul>Voters in Illinois will decide in November whether to add a special tax on people who make $1 million or more. State leaders say it could alleviate the burden of high property taxes on the average resident.A state estimate conducted by Illinois Gov. JB Pritzker's administration found that the new tax would generate $4.5 billion annually if passed into law, according to WBEZ, Chicago's public radio station, which obtained the estimate through a public records request.The legislation in Illinois is similar to taxes on the wealthy passed in other states, like Massachusetts. Massachusetts approved a 4% tax on those earning more than $1 million in 2022, which <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/massachusetts-millionaires-wealth-tax-wealthy-budget-high-income-earners-irs-2024-5">generated $1.8 billion</a> in the first three quarters of this fiscal year and helps pay for every public school student in the state to have <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/massachusetts-millionaire-tax-gets-kids-free-school-lunches-2023-8">access to free lunch</a>.Voters in Illinois will be faced with a 'yes or no' question on their ballots: "Should the Illinois Constitution be amended to create an additional 3% tax on income greater than $1,000,000 for the purpose of dedicating funds raised to property tax relief?"While the vote results are non-binding, if approved, the measure would send a message to legislators to push for a constitutional amendment.Illinois has the second-highest property taxes in the United States, according to <a target="_blank" class="" href="https://taxfoundation.org/data/all/state/property-taxes-by-state-county-2024/">the Tax Foundation</a>, a tax policy nonprofit.Housing prices in Illinois have also skyrocketed in the last year, especially in Cook County, where Chicago is located.Cook County Treasurer Maria Pappas said in a <a target="_blank" class="editor-rtfLink" href="https://www.cookcountytreasurer.com/newsarticle.aspx?articleid=1877">report </a>that the county's median tax bill increased by more than 19% in the past year, with the biggest increases coming in 15 southern suburbs where taxes soared by 30% or more."Many homeowners are going to be shocked and angry when they get their bills," Pappas said. "South suburban homeowners already pay some of the highest property taxes in the county, and these increases will make paying those bills even more difficult."Former Illinois Gov. Pat Quinn has been an open supporter of the November ballot measure, which he says would help the state's poorest residents."It's hammering a lot of folks who live from paycheck to paycheck, and getting a property tax relief referendum on the ballot is the voice of the people and the voice of the taxpayers," Quinn told WBEZ. "That's the way you win reforms and relief that are long overdue."

Illinois is considering a 3% tax on millionaires to solve the state's skyrocketing property tax problem

<ul class="summary-list"><li>Chelsey Nelson, 33, moved from Seattle to Australia in 2021.</li><li>She pays up to 45% taxes but was able to buy a $1 million house.</li></ul>This as-told-to essay is based on a conversation with <a target="_blank" href="https://www.linkedin.com/in/chelseypnelson/?originalSubdomain=au">Chelsey Nelson</a>. It has been edited for length and clarity.In 2019, I met the man who would become my husband at a hospital in <a target="_blank" class="" href="https://www.businessinsider.com/carnival-rio-de-janeiro-brazil-first-time-afro-brazilian-2023-3">Rio de Janeiro during Carnival</a>. It made for a great story but a logistical challenge. Aiden was Australian, and I lived in Seattle. We traveled to be together for the next few years when we could. After COVID shut down the world, we were apart for 10 months, each stuck in our home country.We looked at our options. For Aiden to <a target="_blank" class="" href="https://www.businessinsider.com/mistakes-moving-to-america-from-uk-2023-11">move to the US</a>, we would need to get engaged, which we weren't quite ready for. Plus, there would be a period of time when he wouldn't be able to work.On the other hand, I could <a target="_blank" class="" href="https://www.businessinsider.com/living-half-year-in-uk-half-in-australia-what-its-like">move to Australia</a> on a partner visa without being engaged or married. I'd be able to work immediately. So, in 2021, I packed my bags and moved to Brisbane, Australia, a city I'd never been to before.<h2 id="9d583d47-cbec-4f78-8c95-4bd9e83a4953">I pay much higher taxes here</h2>One of the biggest differences financially is the tax rate. We pay 37% taxes on our income up to $190,000 (Australian dollars) and 45% on anything over that. Back home in Washington state, <a target="_blank" class="" href="https://www.businessinsider.com/states-where-middle-class-income-earners-pay-most-taxes-income-2024-4">there's no state income tax</a>, and we'd only be taxed at 24%.Hearing I'd be paying up to 45% was shocking, but I feel like I can see where my tax dollars are going here in Australia. I have Medicare, so I don't have to worry about <a target="_blank" class="" href="https://www.businessinsider.com/4-surprising-medical-costs-how-to-avoid-2023-4">unexpected medical costs</a>. It's not entirely free, though — I pay $1,300 annually for additional coverage because I'm over the age of 30.There are smaller benefits, too. Recently, my city reduced all public transit rides to 50 cents. I know my tax dollars are at work whenever I take the train, bus, or ferry.<h2 id="135a71e5-1b54-4315-b4fb-10f248144922">Saving for retirement is easier for me</h2>Back in the US, I had to ask companies I worked for whether they offered a 401(k) retirement plan, let alone a company match. In Australia, all companies are required to contribute 11.5% of an employee's salary to a superannuation retirement account. So, if you're offered a $100,000 salary, you earn $111,500 when you invest in retirement savings. Even if you work part-time or don't save any additional money, your employer must set aside that money.That really sets Australians up to have something when they retire. In the US, it feels like the employee should ask for retirement savings or put aside money on their own. I already have about $35,000 in my retirement account here.<h2 id="419fd843-3d18-4840-b67f-085e3ea91fe2">Housing prices are very high, but we don't pay property tax</h2>I paid over one million for a three-bedroom, two-bathroom house that's about 15 minutes outside the city. It's nothing special — just a postwar cottage in the style that this state is known for. The price felt comparable to Seattle but higher than much of the US.One benefit is that we don't pay property taxes. We paid a one-time Stamp Tax when we bought the house, which cost $36,000. I figure if we stay here for five years, we'll break even on the amount we would have paid in property tax in the US. Plus, it's predictable — we own the home without worrying about rising property tax rates. That's something I see my mom stress about back in Washington.<h2 id="7f92c2ce-7b9c-4fd1-9e2c-bc3138a79f47">I'm still not sure about having kids</h2>I'm on the fence about having kids for financial reasons and their impact on my career. I worry that if we have a child, it will be a setback in my career. Here in Australia, Medicaid would cover the birth and medical costs. Even though Aiden and I both make six figures each, we would receive a small government stipend for childcare. Still, I feel like we couldn't afford two children with all the costs of school and sports.<h2 id="e62263c6-a24b-4d76-8f7d-f279e9b05c08">I have way more time off</h2>One of the best parts of working in Australia is the amount of time I have off. I get four weeks of vacation time and two weeks of sick time (which can also be taken to care for someone else). I get 10 paid public holidays, so I have about an additional two weeks off, and my company gives me my birthday off, too.There's also unlimited unpaid leave. I took four and a half weeks off earlier this year for my wedding, and my boss is encouraging me to take another three at Christmas.

You Searched For "housing properties" and got 7 results

Real estate continues to dominate India's investment portfolios, shows FICCI report

Ira Alok Puranik

Should you rent or buy a home? Here’s how much rental pricing has gone up compared to ownership cost in major Indian cities

Ankush Banerjee

Billionaire broker Nikhil Kamath buys home, leaves internet debating on renting vs. owning a house

Ira Alok Puranik

See Elon Musk's properties over the years, from mansions in Bel Air to his secret house in Texas

Jordan Pandy

See JD Vance's homes, from his humble childhood house in Ohio to the million-dollar properties he has ties to today

Maria Noyen,Jordan Pandy

Illinois is considering a 3% tax on millionaires to solve the state's skyrocketing property tax problem

Kenneth Niemeyer

I moved from the US to Australia. My employer contributes over 11% to my retirement, and I don't pay property taxes.

Kelly Burch

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