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Should you Rent / Buy flats in Mumbai in 2022?

With the pandemic affecting the world for over a year, most city dwellers, especially in the suburban and urban settlements were in a dilemma over the decision to buy or rent flats in Mumbai.

The primary concern for most of the dwellers in the home buying decision has been the commute, location of the home, availability of ready finance, utilities, one’s budget for accommodation, and lack of space in an environment of WFH. Although buying a home is an intention most aspired, the slowdown in the real estate sector results in property prices not meeting the expectations of the potential buyers. A hunt for 3 BHK, 4 BHK & 5 BHK flats in South Mumbai would be considered an ideal time.

In an attempt to answer the big question of whether to buy or rent a property in real estate, we give you some points to make the decision. For most, it is an individual’s decision based on the affordability and availability of finances, but a macro-level decision would be to purchase a property considering the prediction of a rise in prices.

• Buying flats in Mumbai always ensures asset creation (ownership) for the buyer along with a significant return over the long term which is not possible from a rented property.
• The lowest having mostly remained around 3 percent; residential real estate has a return of an average of 11.6 percent over the past 10-year period, according to RBIs House Price Index.
• For the last 4-5 years, the prices have been stable, and ever since the pandemic, the low-interest rates, reduction of stamp duty, and builder discounts have made home-buying even more affordable.
• If there is the availability of finances, it is recommended to book 3 BHK, 4 BHK & 5 BHK flats in South Mumbai and pay a higher down payment to avoid the hassles of the home loan for an extended period.

A look at the rentals of 3 BHK, 4 BHK & 5 BHK flats in South Mumbai, on average, renters spend about 30 percent of their total income on housing, and property owners typically raise rents each year. But over the recent years especially, home rentals have been creeping up, and renting is probably going to get even more expensive in 2022.

Although predictions vary, most experts agree that 2022 will see continued “normalization” or market balance. The desired home would be centrally located with amenities within the residential project. This ensures the family can spend time outside the home, and within the complex. An ideal home in the city would be close to the workplace to reduce the commute and located in a good neighbourhood. Homes such as Vraj Tiara offer premium 3 BHK, 4 BHK & 5 BHK flats in South Mumbai with panoramic sea views from the balconies of their homes. The plethora of amenities includes terrace amenities like mini golf, kids play area, cafeteria, and a dedicated 24th floor to health and fitness with 8 level ramp car parking space.

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