Housing units are more affordable now: HPAI, JLL India
Over the years, with stagnant prices, lower home loan rates, higher income growth and government incentives and subsidies, buying a house has become more affordable now, stated the recently launched Home Purchase Affordability Index (HPAI) by JLL India, a real estate consultancy firm. It concluded that affordability has improved across India's key markets from 2014 to 2018, led by favorable home loan rates. The report has analyzed affordability across key cities: Mumbai, Delhi NCR, Bengaluru, Chennai, Pune, Hyderabad and Kolkata, between 2011 and 2018 and factored in home loan interest rates, average household income and the price of a 1,000 sq.ft apartment. In 2013, Hyderabad was the only affordable city, but the situation flipped by 2018, with all the cities, except Mumbai, becoming affordable, according to the index. Though Mumbai remains unaffordable, it witnessed a sharp improvement in affordability during the period. Affordability indices of other real estate consultancy firms also indicate the same trend. According to Knight Frank's proprietary Affordability Index, Mumbai is India's most expensive housing market but has seen the affordability of homes significantly increase in the last few years.
📅Published on:
17 April 2019
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