Living In India? See How Many Years It Would Take To Buy A Property In India
According to a report by personal finance portal Arthyantra, property prices in Mumbai have gone up by as much as 50 per cent over the last three years. That means it will take a mid-income professional (with a salary of Rupees. 8 lakh) 13 years to accumulate enough money for paying the down payment for buying a property in Mumbai, the report says.
Mumbai is the Costliest city in the country to buy a property. Now, a report has quantified how tough it is to buy a home in the country’s financial capital.
According to a report by personal finance portal Arthyantra, property prices in Mumbai have gone up by as much as 50 per cent over the last three years. That means it will take a mid-income professional (with a salary of Rs. 8 lakh) 13 years to accumulate enough money for paying the down payment for buying a property in Mumbai, the report says.
Down payment is the margin money for a loan and for home loans it varies from 15-20 per cent of the property price. To calculate the time required to accumulate the down payment, Arthayantra assumed a savings rate of 25 per cent of income and salary hike of 10 percent per year.
According to the report, Mumbai remains the city with the highest residential real estate prices followed by Delhi. It estimates average property price of 1000 SQ feet in Mumbai to be about Rs. 1.6 crore, while in Delhi to be Rs. 1.1 crore.
According to Arthayantra, those who earn less than Rs. 25 lakhs per annum should not buy a property in Mumbai.
The report termed “Buy vs Rent” also analysed real estate markets across eight major Indian cities on parameters like price of residential properties, rental value and years required to accumulate the Corpus for down payment.
Here are the findings (based on annual income of Rs. 8 lakh):
- It would take 10 years to accumulate enough money to fund the down payment on a property in Delhi and the National Capital Region. Like in Mumbai, those with incomes of less than Rs 25 lakh should rent a property.
- It would take a person 6.5 years to save for down payment in Chennai. Those with income of Rs. 20 lakh or above should buy a property in the city.
- Time for accumulating down payment is just 5.8 years in Bengaluru. Those with income of more than 15 lakh per annum can buy a property in the city.
- It would take 5.6 years to save for down payment in Pune.
- In Kolkata, those earning Rupees. 12 lakh per annum can buy a home. It would take just 4.8 years to save for down payment here.
As per the report, average property price for 1000 SQ feet in Kolkata is Rupees. 49.9 lakh, in Pune Rupees 59.4 lakh and in Chennai Rupees. 69.5 lakh.
This article courtesy of NDTV Profit.
Owning Real Estate in the United States
It comes down to what an investor can receive in the United States in value. In monetary terms, the land in popular states such as California, Washington, and New York can average a value of $40,000 per acre. This is just for owning the land. Across the United States, average home sales can range from $260,000 to $290,000 USD . The median size of homes sold in the United States was just over 2,400 square feet.
There are many tax benefits for those who are permanent residents when purchasing real estate in the United States. Due to the complexity of taxes, which can be significant, this article will not go into detail but will state that a permanent resident of the US will save quite a bit of money.
Adding in the value of the land, over twice as much additional living space and a larger reduction in prices of US homes compared to condos in INDIA, it is easy to see the benefits for new immigrants looking for real estate in the United States.
This is just an overview of the real estate markets in both countries and prices can fluctuate with time and specific location. It is easy to see why Indians investors are so excited by US real estate. Be sure to check out the final part of “How Much is your EB-5 Investment Visa Worth?” and see what other benefits come with being an EB-5 investor.
To find out how to get started with your EB-5 investment visa, contact EB-5 VISA CONSULTANTS through email, firstname.lastname@example.org or visit our website www.eb5visaconsultants.com for more information.
The information in this article is meant for general information purposes only and should not be taken as legal advice. Please consult an immigration attorney for your specific immigration needs.
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