Ahmedabad Remains the Most Affordable Housing Market in India: Knight Frank Report
Pune and Kolkata rank next in Knight Frank India's index, which says Mumbai is 'unaffordable'.
Affordable HousingAhmedabadPuneKolkataMumbaiKnight Frank IndiaReal Estate MumbaiAug 07, 2024
The Gujarat city was followed by Pune and Kolkata at 24% each. A higher reading on the index for a city means it is less affordable for an average household to buy a house on loan. A ratio over 50% is considered unaffordable, as it is the limit beyond which banks rarely underwrite a mortgage.
Mumbai, with a ratio of 51%, was the only major city considered
Frequently Asked Questions
What is the India's Affordability Index?
The India's Affordability Index is a benchmark for measuring affordability of homes in India. It tracks the equated monthly instalment (EMI) to income ratio for an average household.
Which city is the most affordable for housing in India?
Ahmedabad is the most affordable major Indian city for housing, according to Knight Frank India's report.
What is the EMI to income ratio for an average household in Ahmedabad?
A person needs to pay 21% of their income for repaying a home loan in Ahmedabad.
Why has the affordability of homes in India improved in the last decade and a half?
The affordability of homes in India has improved mainly due to a fall in the repo rate and a rise in income levels.
What is the outlook for homebuyer demand in 2024?
According to Knight Frank India, income and affordability levels are expected to continue to support homebuyer demand in 2024, given the Reserve Bank of India's healthy 7.2% gross domestic product growth estimate for FY25 and a stable interest rate scenario.
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