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Home affordability at decadal best in 2021: Knight Frank

In NCR, it improved from 38 per cent in 2020 to 28 per cent in 2021 while Mumbai emerged as the biggest gainer on affordability since 2010.

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Mumbai: Indian markets are at their decadal best in terms of housing affordability, according to international property consultant Knight Frank, it was reported here on Wednesday.

Ahmedabad emerged as the most affordable housing market in the country with an affordability ratio of 20 per cent followed by Pune and Chennai at 24 per cent and 25 per cent respectively in 2021.

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Mumbai was the only one that recorded a higher than threshold affordability ratio at 53 per cent, however, it has improved the most since 2011, the consultant said.

The affordability ratio in Bengaluru improved from 57 per cent in 2012 to 26 per cent in 2021.

In NCR, it improved from 38 per cent in 2020 to 28 per cent in 2021 while Mumbai emerged as the biggest gainer on affordability since 2010.

All markets, except Mumbai, were recorded to be well below the threshold of affordability set at a 50 per cent ratio.

“Despite the pandemic period since early 2020, which has created disruptions in household incomes, housing affordability has further improved. The decline in house prices and multi-decade low home loan interest rates have helped improve housing affordability in 2021,” the consultant said.

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