Comparing the cost of buying vs renting properties in Ahmedabad
The city of Ahmedabad, located in the western state of Gujarat, has been consistently ranked as one of the best cities to live in India. With its rich history, vibrant culture, and booming economy, Ahmedabad has attracted people from all over the country to make it their home. However, a major dilemma faced by many individuals looking to settle in Ahmedabad is whether to buy or rent a residential property in the city.
To help those looking for a place to call home in Ahmedabad, let’s compare the cost of buying versus renting residential properties in the city.
Buying a property in Ahmedabad:
The cost of buying a residential property in Ahmedabad largely depends on the location, size, and type of property. In popular areas such as Vastrapur, Bodakdev, Shilaj and Satellite, the average cost of a 2BHK apartment can range from 40-60 lakhs, while a 3BHK apartment can cost anywhere between 60-90 lakhs. In the more affordable areas of Chandkheda, Gota, and Vatva, the cost of a 2BHK apartment can range from 20-35 lakhs, and a 3BHK apartment can cost between 35-50 lakhs.
In addition to the initial cost of buying a property, buyers also have to factor in additional expenses such as registration fees, stamp duty, and property taxes. These expenses can add up to an additional 6-8% of the property’s cost.
Renting a property in Ahmedabad:
On the other hand, renting a residential property in Ahmedabad offers a more affordable option for those looking for a place to live. The rent for a 2BHK apartment in popular areas can range from 10,000-20,000 per month, while a 3BHK apartment can cost anywhere between 15,000-30,000 per month. In the more affordable areas, the rent for a 2BHK apartment can range from 7,000-12,000 per month, and a 3BHK apartment can cost between 10,000-18,000 per month.
Although the monthly rent may seem lower than the cost of buying a property, renters also have to consider additional expenses such as security deposits and maintenance charges, which can add up to 2-3 months’ worth of rent.
Advantages of buying a property:
One of the main advantages of buying a property in Ahmedabad is the long-term investment potential. As the city continues to grow and develop, the demand for properties is expected to increase, leading to a rise in property prices. Buying a property also provides the owner with a sense of stability and security, as they have a permanent place to call home.
Advantages of renting a property:
On the other hand, renting a property offers more flexibility for those who may not want to commit to a long-term investment. It also allows individuals to live in a more expensive area at a more affordable cost, as they do not have to bear the initial cost of buying a property.
All in all, whether to buy or rent a residential property in Ahmedabad depends entirely on an individual’s personal preference and financial capabilities. It is advisable to carefully evaluate your options and seek professional advice before making a decision. Ultimately, the most important factor is finding a place to call home, and Ahmedabad offers plenty of options for both buyers and renters.
Related Posts
