As the festive season approaches, with Dhanteras 2025 on October 18, many homebuyers in the Mumbai real estate market look to make auspicious purchases. One recurring dilemma for aspiring homebuyers has always been a persistent issue. Should they opt for an older property with lower EMIs or go for a new build with higher monthly costs?
This debate has been reignited on online forums, with netizens arguing in a Reddit thread, where a user weighed the benefits of buying into a 25-year-old building (with lower EMIs) versus a 5-year-old home that commands steeper payments.
A Redditor posted a query stating that my current budget is around ₹60 to ₹80 lakhs for a house in the Mumbai suburbs. “I’m getting an offer for a 2 BHK flat (650 sq ft carpet area) in an old building (over 25 years old) near the station, but in a slightly congested area. The flat costs around 68 lakhs, and all papers and title are clear,” the Redditor posted.
“Another offer is for a 2BHK flat (650 sq. ft. carpet area) in a 5-year-old building, located in a newly developed prime area with an upcoming metro station within a 1.5 km radius, at a cost of around ₹93 lakhs, with all papers and title clear.”
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So, should I buy in a 5+ year old building, taking the risk/burden of paying a bigger EMI from my salary or buy in a 25+ year old building with comparatively smaller EMI, but again, the risk of whether the old one will go into redevelopment or not and structurally it will degrade in future, reads the post.
According to comments on the Reddit post, those favouring the older property argue that keeping EMIs low gives much-needed breathing room in a volatile economy. “Less distance to travel, improved health and longer life,” one Redditor said in a different city’s thread, echoing the sentiment that being in a central location, often tied to older construction, can offset some compromises.
Critics, however, caution that older properties often come with hidden costs, including plumbing issues, leaking roofs, and structural repairs that require attention every few years. As one user bluntly put it, “Old flats are kinda money pits. leakages, electrical, piping, cracks, will keep on coming every 2 years,” a user posted on Reddit.
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On the other hand, newer buildings offer the allure of modern amenities, lower maintenance (at least initially), and potentially better resale value. But these advantages come at the cost of higher EMIs and often tighter budgets. Many caution that homebuyers might underestimate the impact of interest and principal payments on their monthly finances in the early years of a home loan.
What should homebuyers do?
Experts suggest that the right choice depends on one’s financial cushion, risk appetite, and long-term goals. However, if the homeowner’s income is stable and they plan to stay put for a decade or more, stretching the budget slightly for a new property might pay off in lower hassle and better appreciation. But if uncertainty looms, the safer route could be to prioritise manageable payments, even if it means compromising on age or features of the building.
According to real estate consultants, selling apartments in old buildings during the upgrade process isn’t always difficult; it depends on several factors, such as a clear legal title, proper approvals, and the location’s potential.
“One has to time their exit from the property, whether it’s an old or a new apartment. In my opinion, homebuyers should plan with a 15-year horizon when purchasing a home,” said Anand Parikh, a real estate consultant from Mumbai’s western suburbs.
“They should carefully strategise and assess whether an exit will be feasible after buying their desired property. If the exit is well-planned with a 15-year horizon in mind, there should be no issues. If you don’t plan your exit, you could end up being stuck. So, beyond just the age of the building or the amenities it offers, homebuyers must think well in advance about their exit strategy before making a purchase,” Parikh said.
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Meanwhile, sectoral estimates suggest that over 25,000 old buildings in the Mumbai Metropolitan Region (MMR) are currently eligible for redevelopment. However, it is very rare for resale transactions to be reported in those buildings, as homebuyers prefer to purchase an apartment in a new building.