A house is probably the biggest spend for most Indians. And with urban population increasing manifold, buying a house in a large city, which is where most jobs are likely to be, has become difficult—the first and foremost obstacle being the cost of the property.
Unlike the share market where you can see the price of a particular share on real-time basis, or a mutual fund where the value of a unit is declared each day, determining a property’s value is difficult. A property price depends on various factors such as location (proximity to facilities like schools, hospitals and markets, distance from public transport, quality of roads and so on), neighbourhood, quality of construction, amenities and age of building, among others. Though there are some real estate indices like the National Housing Bank’s (NHB’s) Residex, Housing Price Index (HPI) and Residential Property Price Index (RPPI), developed by the Reserve Bank of India (RBI), their utility is limited.
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However, remember that while investing in a house to earn returns is not advisable, buying for self-use is another matter. In fact, some may argue that renting is better.
Recently, there have been reports of real estate prices falling or being stagnant in most urban centres. So if you are planning to make use of the opportunity and buy a property for self-use, our compilation of property prices of prominent localities in major cities and surrounding areas across the country may help you compare and make an informed decision.