For newly married couples, buying a house of their own in the city of dreams can be challenging, but experts say it is not impossible. Mid-day.com spoke to experts who explore ways in which young couples can build their sweet home in Mumbai
Independent couples in their late 20s or 30s are increasingly leaning towards purchasing a house of their own rather than staying in a rented home. File Photo
- A 1-BHK rental property in Mumbai costs somewhere between Rs 25,000-2.5 lakh per month
- If you plan to purchase a property in Mumbai, the price starts from around Rs 1.5 crore
- Home loans and government schemes have made buying a house in Mumbai less challenging
The statement, ‘Mumbai is a city of dreams,’ has to be one of the most cliched yet true statements. People from far-off places come to this ‘Maya Nagri’ to make it big. What’s more, they settle here and never return to where they originally came from. While some bring along their family, some start building one here. Is it easy? Never. Is it possible? That depends on the kind of decisions one makes.
Mumbai is one of the most expensive cities in not just India, but the world. Hence, lucky are those who already own a property in the city that they call home. Popular opinion is that it takes a common man’s whole life to be able to afford to buy a house in Mumbai. Yet, couples, young and old, aspire to own a house here but many opt to stay in rented apartments instead.
“Mumbai is one of the most expensive cities in India, especially in terms of housing. With skyrocketing real estate prices and high rental rates, it poses significant challenges for residents. Today, independent couples in their late 20s or 30s are increasingly opting to stay in rented homes due to the exorbitant property prices in Mumbai and the flexibility that renting offers,” says Mahima Vacchharajani, chartered accountant and finance content creator.
On the contrary, Shivani Priyam Patel, director, Assotech Group (real estate builders and developers) says, “Newly married couples in Mumbai face a significant decision-making challenge regarding whether to buy a house or continue renting. While the answer depends on various factors such as financial stability, long-term plans, and personal preferences, I believe that both options have their merits. Purchasing a house provides stability and the opportunity for long-term investment while renting offers flexibility and freedom from maintenance responsibilities.”
She adds, “Based on my observation, independent couples in their late 20s or 30s are increasingly leaning towards purchasing a house of their own rather than staying in a rented home. This shift in preference can be attributed to several factors, including the desire for long-term stability, investment opportunities, and the availability of affordable housing finance options. Additionally, owning a home provides a sense of pride and security, which appeals to many young couples as they plan for their future together.”
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