Hyderabad, has emerged as the most affordable city among the metros for buying or renting properties as per a report released by ArthaYantra Corporation. The fifth edition of the Annual Buy vs Rent Score (ABRS) covered 12 Indian cities — Hyderabad, Mumbai Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, Pune, Indore, Kochi, Jaipur and Lucknow. A host of parameters were used including salaries, savings, tax and prices to arrive at a recommendation.
While Hyderabad continued to be the most affordable metro, it ranked second after Indore among all the cities in terms of home prices or rents. The rents have seen an increase of 21.75 per cent over the last four years in the city of pearls while residential property prices have dropped by 3.35 per cent over the same period.
According to the report, anyone with an annual income of over Rs. 8 lakh can consider buying a residential property in the city.
Nitin Vyakaranam, CEO of ArthaYantra said: “We expect to see a correction in the price of real estate over the next 6 to 12 months. Customers would hold on to their buying decisions for this period. As a result, we expect to see upwards pricing pressure on rental properties as customers would look to rent out for a bit more time and wait it out.”
Mumbai continued to be the most expensive city for buying or renting a house followed by Delhi. Going by the findings of the report, the average price of a house in the main cities across India increased by 3.6 per cent compared to last year while rental values have grown at a faster rate of 4.9 per cent for the same period.