Having previously advocated for renting instead of buying, Zerodha Co-founder Nikhil Kamath has revealed that he has finally bought a house.
In the latest episode of his podcast, “WTF is with Nikhil Kamath”, Kamath revisits the rent-buy debate with notable guests: Irfan Razack, Chairman and CEO of Prestige Group, Nirupa Shankar, CEO of Brigade Group, and Karan Virwani. , CEO of WeWork India.
Nikhil Kamath, widely known for preferring renting a house over buying one, highlighted a major drawback of renting.
“The thing about renting is that, of all the advantages of renting, there is one disadvantage: you don’t know when you will be able to move house. I had to move out of this house, although I would have liked to stay there longer,” he explained.
When Nirupa Shankar asked if buying a house increased his financial strength, Kamath expressed his displeasure over the illiquid nature of real estate.
“I feel like something like gold can give me that. I hate the illiquid nature of real estate. Places like this have fewer buyers, and if 10 people decide to sell, the price goes crazy and very arbitrary. In comparison, stocks” market has more participants. “If a million people decide to sell a stock, there will be a significant difference,” he said.
Pay stamp duty on the price of the property
Kamath also spoke of his discontent over the payment of stamp duty that the government imposes on the price of property. “In the stock market I can buy and sell without paying between 5% and 6% stamp duty,” he said.
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