Buy or Rent in Chennai based on your current liquidity position
Rapid urbanization, sound economy and improved infrastructure, make cities a favorite dwelling option. With the recovering market and new projects in store, the inhabitants here end up in utter confusion on whether to stay on rent or to use the rental amount as EMI to buy a home. At times he feels staying on rent is far economical but at times he is drawn by the sentiments of owning a home. The high property prices, increasing home loan rate, and innumerable projects puts him in deep contemplation. In the absence of a robust and reliable tool, these decisions were traditionally taken with gut feel or with the guidance of a close relative / friend, leaving a great scope for error. To help out such property seekers Makaan.com launched Makaan.com Buy Vs Rent Index (MBRI), a tool that aims to help property seekers make informed choice between buying and renting of property in top Indian cities / sub-cities home.
Makaan.com’s analysis for Chennai are given below.
Chennai gained one MBRI point during the last quarter but still remains in the neutral zone on Makaan.com Buy Vs Rent Index. Chennai North dropped 4 MBRI points to 21 till the end of last quarter. This shift shows a relatively higher softening of property rates compared with rentals in the area. Chennai South on the other hand moved 5 MBRI points to 23 shifting it from Buying destination to a neutral destination.