Ahmedabad, Pune and Chennai lead in realizing their home dream, Mayanagari still out of reach: Survey


new Delhi. Ahmedabad’s Gujarat is the most affordable housing market in the country, with an Affordability Ratio of 24 per cent in 2020, to realize the dream of Dream Home. After this, Pune and Chennai are second and third with 26 percent. Knight Frank India, a consulting firm about the property, has claimed this in a report. The company has released the ‘Affordability Index’ 2020, according to which Ahmedabad is the most economical market in the country to buy a house while Mumbai is the most expensive in this case. Pune and Chennai Affordability Ratio were second and third respectively with 26 per cent. Knight and Frank India said that it is difficult to get loans from banks and housing finance companies due to the ratio being more than 50 per cent. This makes buying a house out of capacity.

Under the Affordability Index, the monthly installment (EMI) to income ratio is taken into consideration. There has been a considerable improvement in 2020 in terms of houses being cheaper. According to the report, buying houses in 2020 has been largely within reach, with the reduction in house prices and interest rates on housing loans falling to the lowest level ever. However, in terms of Mayanagari Mumbai, it is the most expensive market with an Affordability Ratio of 61 per cent. Compared to the last decade, at this time it is cheaper to get a house in Mumbai. Because in 2010, the Affordability Ratio of Mayanagari was 93%, which fell to 61% in 2020. The index takes into account the price of the property, interest rate on home loan, family income.

Talking about the national capital Delhi, the efficiency ratio has improved here too. The ratio here stood at 38 per cent as against 53 per cent in 2010. In Bengaluru, it stood at 28 per cent in 2020 as compared to 48 per cent a decade earlier. According to the report, the ratio improved to 26 per cent in Pune and Chennai from 39 per cent and 51 per cent respectively in 2010. In Hyderabad, the ratio was 31 per cent as compared to 47 per cent in 2010, in Kolkata it improved to 30 per cent in 2020. Gaya, which was 45 per cent a decade ago. CAD Shireh Baijal of Knight & Frank India says, “Affordability ratio of the eight major cities of the country has improved substantially in 2020 as compared to the previous decade. The main reason behind this is the improvement in the income of the people, low interest rate and the reduction in the price of houses on the basis of that.

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