in my opinion the first house in life should not be decided merely on calculations and staistics. There is more sentiments attached,which cannot be valued in terms of money. The investor not only gets a house for his retirement age but earns respect in the family. finally do not forget this is a material world.
You assume the rent to 13.5k per month (should be a 2 bhk) and do all the calculations. But when you talk about owning a house, you talk about 25lakhs as the cost. A person who is paying 13.5k wont be buying a house worth 25L. A 2bhk in Mumbai would be anywhere upwards of 35L. Need re-calculations!!!!
RE:there is a major discrepancy in the illustration.
by Upadrasta PardhaSaradhi on May 01, 2007 10:23 AM Permalink
this is not about any calculations. The suthor is just trying to explain some logics and everybody should apply their minds to understand the rental values in their own city and the cost of buying a new house and then recalculate according to their needs.
Here the author is just trying to give a direction. Its upto individuals to recalaculate based on the city they live.
Even in Mumbai, the rental values and House cost depedns on the location you r trying to live.
RE:there is a major discrepancy in the illustration.
by praveen hakki on May 01, 2007 12:05 PM Permalink
You can re-calculate by making necessary inputs in to the INTERACTIVE RENT / BUY by following the link on my post above. This provides a clear RENT / BUY decision purely from economical point of view.
RE:there is a major discrepancy in the illustration.
by Ganesh R on May 01, 2007 10:24 AM Permalink
It all depends where the locality is. If you say Bangalore its true, however in Chennai you can get right from 4000 to 15000 for a 2 BHK. It all depends on where you work, never tell your house owner that you are working for an IT firm because the rent could even quadraple especially for people working in IT industry.
all world capitalist countries are totaly dependent above the escaltion of property rate, it is totaly trajectory of govt apathy and manipulation of builder, finance institution to exploit the gullible public, the home is the basic neccesity of people , but govt working with business nexus creating the major hurdle in the housing sector,, if govt come out with few set of guideline for public, it will notonlycreate a good environment to live but a great support for weaker and poor people,,,more tax above 20 lakhs property,, more registery fee for second home, cheap home laon for first time,, all pyment by cheque, discouragement for business profit and manipulation,,all law should be very clear and transferent,, there should be clear and simple law to implement
RE:great cheating by govt and builder lobby
by ashok maddi on May 02, 2007 10:33 PM Permalink
I completely agree with Bhupinder...Govt should take steps to help everyone own a single house and make strict n tough laws(like heavy tax, registration fee) for a second house...this way owning a house will be possible by everyone...
RE:If asked me, I will say that I will buy a house.
by Ganesh R on May 01, 2007 10:25 AM Permalink
Very true. Completely Agreed. Buying a house does not solve everything. Its an asset if you let out for rent, its a liability if you decide to stay in.
i wanted to purchase a 2 room flate in chandigarh, the inflated rate is 50 lakhs ,if we take bank loans its monthly installment will be65000 thousand permonth, this amount i can not able to save in newzealand,,that is ever for 20 years i am work , what a joke, if i rent out to some one on one is ready to pay above5000 thousands, what a economics of capitalist bloody monopolised by few politician cum dealer nexus,, mojority of people have not salary above than 10000 , what a big joke with indian people,, go to hell the finance system and govt apathy
