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Mumbai and Hyd most expensive cities in India: Knight Frank
The latest Affordability Index report by Knight Frank India unveils the nation’s most affordable and expensive cities for home buyers, indicating shifts in housing affordability.
Hyderabad: The latest Affordability Index report by Knight Frank India unveils the nation’s most affordable and expensive cities for home buyers, indicating shifts in housing affordability.
Ahmedabad emerges as the most affordable housing market, boasting an EMI-to-income ratio of 21 percent. This signifies that an average household in Ahmedabad allocates 21 percent of its income towards the EMI for a home loan. Following closely are Pune and Kolkata, both maintaining an EMI-to-income ratio of 24 percent, showcasing a relatively affordable housing landscape. On the flip side, Mumbai retains its position as the most expensive residential market in India, albeit with a marginal improvement in affordability, dropping from 53 percent in 2022 to 51 percent in 2023. Hyderabad remains the second most expensive market, holding steady with an affordability index of 30 percent across 2022 and 2023. Despite this, home prices surged by 11 percent in Hyderabad during 2023.
The National Capital Region (NCR) saw a positive shift in affordability, improving from 29 percent in 2022 to 27 percent in 2023. Bengaluru follows as the fourth most expensive market with a 26 percent affordability index in 2023, reflecting a slight 1 percent improvement since 2022 and a 6 percent enhancement from pre-pandemic levels in 2019. The report highlights an overall improvement in home affordability across cities, especially compared to the pre-pandemic year of 2019. Projections also suggest that anticipated moderation in inflation and potential interest rate decreases might further enhance home affordability in 2024.
Furthermore, after a brief dip in 2022, the Equated Monthly Installment-to-income ratio for households has shown improvement in 2023, signifying a positive trend in housing affordability.
