Home Lease vs buying in Mumbai: Everything a first time buyer should know about in 2024.

By Shravan Gupta.

 

Mumbai: Mumbai is a vibrant and thriving city with immense buildings. In 2024, the city is undergoing a real estate boom. Be it a rental home, sale or commercial property. There are many takers for such apartments due to more availability of the apartments.

The demand for housing is at an all time high. There are many who are looking to buy or lease a home.

This has uplifted the mood of experts like Shravan Gupta, MGF Group, who believe real estate is on the path of revival.

 

It is a common dilemma for every homeowner whether to buy or live in rental homes. Both come with their share of advantages and disadvantages. It becomes more relevant in Mumbai where rental is high. It is an individual choice whether to buy a home or live on rent and depends on several factors. Hence, it is right to assess one’s needs before making the choice of buying or renting a home. Both rental homes and own homes come with their perks. These have been elevated with the development of a new airport boosting the value of the surrounding area.

 

As stated earlier, a rental home comes with perks like:

 

Location choice: Finding the rental home near to your work area is easy. There is the choice of living in a premium location with very little travelling time. This improves your health and maintaind work-life balance in the long run.

Similarly, the WFH Culture has come as a boon for the rental homes. Today, people prefer to live in big homes with a separate work area. This has drawn many young people to live in a large rental home rather than in a own home.

 

Relocation choice: A rental house can be changed constantly according to work. This option is not available when you buy a house as you have to live in the same home.

However, the choice becomes reduced when buying a house. It will be far from the work area and also the budget may play spoilsport. But the ultimate choice remains with the consumer whose choice may differ with time.

 

Benefits of buying a home.

 

It is an advantageous proposition to buy a home in Mumbai. With the constant boost in the infrastructures like Road, Highways and Airport. The travelling time has been reduced. And availability of the land has drawn builders like Shravan Gupta, MGF Group to make new homes in newer areas. These are usually within budget and the right time to buy a home is now. Some more prominent reasons for the boom in the housing segment in 2024 are attributed to the factors like:

 

High resale value- In a city like Mumbai, it is a dream to own a house. If you invest in a house here, the resale value will always be high. The apartments in Mumbai are sold at a much higher rate hence an optimum form of investment. Experts believe it is the right time to buy a property in Mumbai solely from an investment angle. The trend of buying and reselling the house is on the rise here. 

WFH Culture: The WFH Culture is the biggest game-changer. Now, one can live anywhere and work from home. This has boosted the hosue sales in 2024.  This  could be one of the reasons for the rise in house sales. Shravan Gupta, MGF Group feel this trend will continue till the end of 2025

 

The ultimate choice is with the consumer and according to the need. However, experts feel it is best to buy a home in a city like Mumbai where the real estate price will constantly rise. And be a part of the booming economy and enrich your life.