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Ahmedabad, Pune, Chennai most affordable housing markets in India: Knight Frank Affordability Index

The affordability index tracks the EMI (Equated Monthly Instalment) to income ratio for an average household

Most real estate markets in the country have seen a decline in affordability due to the recent rise in home loan rates. The two consecutive repo rate hikes for a cumulative 90 basis points by the Reserve Bank of India have decreased home purchase affordability on the average by 2 percent across markets and increased the EMI load by 6.97 percent, according to the Knight Frank Affordability Index.

ffd Ahmedabad had seen a steady improvement from 2010 to 2021 across the eight leading cities of India, and has consistently been the most affordable city in India since 2019. In H1 2022, the affordability index of the city stood at 22 percent.

fdfbrrb According to the Index, Pune is the second most affordable residential markets in the country. With the advent of the pandemic, the affordability index, from 28 percent in 2019, improved to 26 percent in 2020 and again to 24 percent in 2021. In H1 2022, the affordability index of the city stood at 26 percent.

(Photo: Wikimedia Commons) Chennai, too, stands as the second most affordable residential market, along with Pune. The affordability index for Chennai was 29 percent in 2019 and improved to 26 percent in 2020 and again to 25 percent in 2021. In H1 2022, the affordability index of the city currently stands at 26 percent.

feegeg Bangalore comes after Pune and Chennai in terms of affordability in the residential markets. Bangalore ranks as fourth expensive city in India. With the advent of the pandemic in early 2020, the affordability index from 38 percent in 2019 improved to 28 percent in 2020 and to 26 percent in 2021. In H1 2022, the affordability index of the city stood at 28 percent.

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The Qutub Minar is a protected monument since 1914 and its structure cannot be changed now, the ASI stated. NCR ranks third in terms of most expensive residential market in the country during H1 2022. The city’s affordability index has been fluctuating year-on-year. With the advent of the pandemic in early 2020, the affordability index from 34 percent in 2019 rolled back to 38 percent in 2020 but improved to 28 percent in 2021. In H1 2022, the affordability index of the city currently stands at 30 percent.

gsfgdfb Hyderabad is the second most expensive residential market in the country. The affordability index from 31 percent in 2020 rose to 29 percent in 2021. In H1 2022, the affordability index of the city reached 31 percent.

Representative Image Mumbai remains the most expensive residential market in the country. With the advent of the pandemic in early 2020, the affordability index further reached 61 percent and them improved to 53 percent in 2021. In H1 2022, the affordability index of the city reached 56 percent.
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