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Most expensive housing market in Mumbai
Mumbai is the only city that witnessed the affordability index improving at the rate of 4 percent from 53 percent in 2021 to 57 percent in Q3 2022.
Mumbai is the most expensive residential market in the country followed by Hyderabad and Delhi-NCR. Ahmedabad continued to remain the most affordable housing market amongst the top eight cities, with a ratio of 22 percent followed by Pune at 26 percent and Chennai at 27 percent, said Knight Frank India’s Affordability Index for Q3 2022.
The cumulative 50 bps rate hikes by the Reserve Bank of India (RBI) have decreased home purchase affordability on an average by 2 percent across markets and increased EMI load by 7.4 percent, it said.