Ahmedabad was the most affordable housing market in the country with an affordability ratio of 24% followed by Pune and Chennai at 26% each in 2020, according to a recent survey by Knight Frank India, an international property consultancy.
Shishir Baijal, chairman and managing director, Knight Frank India said, “The affordability ratio across top eight cities has improved tremendously over this decade due to an increase in income level, lower interest rate and subsequently lower property prices. Government interventions around improved credit flow, lower interest rate and cut in stamp duty rate in some markets has brought confidence among homebuyers in 2020.”
Decline in house prices and multi-decade low home loan interest rates have helped improve housing affordability in 2020. While Mumbai is the most expensive market, with affordability ratio of (61%), other cities like Ahmedabad, Chennai and Pune are relatively more affordable. Even for Mumbai, the affordability ratio has improved from a high of 93% in 2010 to 61% in 2020.
Source : https://realty.economictimes.indiatimes.com/news/residential/ahmedabad-pune-chennai-most-affordable-housing-markets-of-2020-survey/80048304