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One of the youngest self-made billionaires in India, Zerodha’s unassuming co-founder and boss, Nikhil Kamath, hails from Bengaluru, which rivals Mayanagari Mumbai in real-estate. Per numbeo’s cost of living figure, the average rent of a one-bedroom apartment in the heart of Mumbai costs a minimum of 46k, while in Bengaluru it is just over 30k. Now add the cost of living, including groceries, electricity, and transport, and you arrive at a mind numbing figure that really doesn’t make sense if you are a middle class 9-9 hustler. According to this blog, the cost of living in Mumbai is about 20% higher than that of the Indian Silicon Valley. With your meager earnings, would you buy a home or rent one, assuming you don’t have generational wealth and pushtaini makaan with acres of farm? While conventional wisdom states buying a home, millennial multi-millionaires beg to differ. At least Nikhil Kamath.
In his recent sit-down with Sonia Shenoy of CNBC TV18, Nikhil Kamath shared that he preferred having rented accommodations over owning a home. Not that he doesn’t own one. The entrepreneur remarked that the only home he has is the one where his parents reside. He revealed that his current accommodation is a rented one, where he plans to stay in the future as well. “…but the way I look at it is if I am able to earn 10 percent, 12 percent on money deployed, and I am able to rent homes in India at 3 percent, and if my budget for a home was, let’s say, Rs 10 and I can earn Rs 12 on that, if I can rent three or four apartments in that Rs 12, it will never make sense for me to buy a home because the rental yield I am dishing out is significantly lower than the capital deployed, the returns they give me,” Kamath remarked.
Nikhil quips that buying a house “doesn’t make sense” and is “ridiculous and retarded” given the interest rates.
See Also: Billionaire Nikhil Kamath No Longer Buys Hermes-Louis Vuitton; And The Reason Might Surprise You
See Also: Zerodha’s Nikhil Kamath’s Advice On Renting Or Buying A House Has Divided The Internet
