How do I actually compare buying versus renting in an Indian city?

Do not compare rent to EMI, that is the trap. Compare the full cost of each over the years you will realistically stay. On the owning side, add up the investment return you give up on the down payment, the loan interest (not the principal, that becomes your asset), maintenance, property tax, and the buying and selling costs like stamp duty and registration. On the renting side, it is the rent plus the growth on the money you did not lock up. A useful shortcut many use is the price-to-rent ratio: purchase price divided by annual rent. Where prices are very high relative to rent, renting and investing the difference often wins. Freefincal and similar sites have rent-versus-buy calculators that do this properly. Treat any assumed return or tax benefit as an estimate, since markets and rules both change, and confirm the tax side with a CA.