New Delhi, Sept. 22 -- For decades, investment in real estate was considered a surefire way to wealth. But does that still hold true today? With rising costs, low yields, and better alternatives, the case for a second property as an investment needs a hard look.

First, the math! While many believe that real estate gives easy double-digit returns, the reality shown by the all-India house price index is that residential price increases have varied from 2-8% per annum (depending upon the city) in the last decade. Rental yields in most cities average 2-4%.

To evaluate returns, one must remember to add various costs like registration, interior design, maintenance, and repairs and renovation. Taking all this into account, property typically r...