- Date : 29/07/2022
- Read: 3 mins
The real estate market was stagnant for a long time because of Covid but due to the rise in demand the prices have started to go up.
Prices of real estate in India
Due to the rise in prices of construction items recently, home furnishing prices have risen. The Reserve Bank of India has also increased the repo rate and as a result, the rate of interest on home loans has also increased. Some cities are still providing cheap housing. In the past few months, a positive change was seen in the trend of property prices.
Also read: Millennials and Real estate: Top choices in India
Most expensive and most affordable houses in India
- Mumbai: The most expensive housing market in India. In 2010 the affordability index was 93 per cent which descended to 66 per cent in 2019. The index improved to 61 per cent in 2020 and 53 per cent in 2021. However, it rose to 56 per cent in 2022.
- Hyderabad: Hyderabad is the second most expensive real estate market in India. In 2010, the affordability index to buy a house was 47 per cent and improved to 33 per cent in 2019 and 31 per cent in 2020. It further decreased to 29 per cent in 2021 and stands at 31 per cent in 2022.
- Delhi NCR: Delhi comes third after Mumbai and Hyderabad. Fluctuations have been seen in the affordability index of the city. In 2010, the affordability index was 53 per cent and fell to 34 per cent in 2019. The index rose to 38 per cent in 2020 then improved to 28 per cent in 2021 and 30 per cent currently.
- Bangalore: Bengaluru is the fourth most expensive housing market. The housing affordability index of the city decreased from 48 per cent in 2010 to 32 per cent in 2019. Due to the pandemic, it improved to 28 per cent in 2020 and further to 26 per cent in 2021. At present, the index stands at 28 per cent.
- Kolkata: In India, Kolkata comes third in cheap housing market affordability. The housing affordability index improved from 45 per cent in 2010 to 31 per cent in 2019. Due to the pandemic the index improved to 30 per cent in 2020 and further to 25 per cent in 2021. Presently, the index stands at 37 per cent.
To know about affordable cities to buy a house, click here.
Conclusion
The affordability of buying houses in India has improved as compared to the previous decade. Even the cities showing higher prices of real estate properties have shown improvement in the housing affordability index. Due to the pandemic in 2020, the index has further improved. In some cities, the index still improved even in the mid of 2022.
Prices of real estate in India
Due to the rise in prices of construction items recently, home furnishing prices have risen. The Reserve Bank of India has also increased the repo rate and as a result, the rate of interest on home loans has also increased. Some cities are still providing cheap housing. In the past few months, a positive change was seen in the trend of property prices.
Also read: Millennials and Real estate: Top choices in India
Most expensive and most affordable houses in India
- Mumbai: The most expensive housing market in India. In 2010 the affordability index was 93 per cent which descended to 66 per cent in 2019. The index improved to 61 per cent in 2020 and 53 per cent in 2021. However, it rose to 56 per cent in 2022.
- Hyderabad: Hyderabad is the second most expensive real estate market in India. In 2010, the affordability index to buy a house was 47 per cent and improved to 33 per cent in 2019 and 31 per cent in 2020. It further decreased to 29 per cent in 2021 and stands at 31 per cent in 2022.
- Delhi NCR: Delhi comes third after Mumbai and Hyderabad. Fluctuations have been seen in the affordability index of the city. In 2010, the affordability index was 53 per cent and fell to 34 per cent in 2019. The index rose to 38 per cent in 2020 then improved to 28 per cent in 2021 and 30 per cent currently.
- Bangalore: Bengaluru is the fourth most expensive housing market. The housing affordability index of the city decreased from 48 per cent in 2010 to 32 per cent in 2019. Due to the pandemic, it improved to 28 per cent in 2020 and further to 26 per cent in 2021. At present, the index stands at 28 per cent.
- Kolkata: In India, Kolkata comes third in cheap housing market affordability. The housing affordability index improved from 45 per cent in 2010 to 31 per cent in 2019. Due to the pandemic the index improved to 30 per cent in 2020 and further to 25 per cent in 2021. Presently, the index stands at 37 per cent.
To know about affordable cities to buy a house, click here.
Conclusion
The affordability of buying houses in India has improved as compared to the previous decade. Even the cities showing higher prices of real estate properties have shown improvement in the housing affordability index. Due to the pandemic in 2020, the index has further improved. In some cities, the index still improved even in the mid of 2022.
