As per the Affordability Index released by the real estate consultant Knight Frank India. Hyderabad has now become the second most expensive city to live in India. It follows Mumbai, who was maintained its top spot as the most expensive city in India. The data for the first six months of 2023 was released by the firm on Wednesday last week and shows Ahmedabad as the most affordable city to live in. The findings were based on a ratio of the equated monthly instalments to the income of an average household.
The index tracks if the Equated Monthly Instalment (EMI) to income ratio has increased or decreased for an average household and then delivers the results. The Affordability Index tries to calculate the proportion of income that a household requires to fund the monthly EMI of a housing unit in a particular city.
According to the Affordability Index, the list of the least affordable to most affordable cities is as follows:
Mumbai — 55 per cent ratio
Hyderabad — 31 per cent ratio
Delhi-NCR — 30 per cent ratio
Chennai — 28 per cent ratio
Bengaluru — 28 per cent ratio
Kolkata — 26 per cent ratio
Pune — 26 per cent ratio
Ahmedabad — 23 per cent ratio
As per Shishir Baijal, chairman and managing director of Knight Frank India, demand for homes has reached a multi-year high and for offices has held steady despite the general economic climate.
“The mid and premium segments in the residential market have been consistently outperforming and point to a significant shift in the market’s underlying fabric. However, the 250 bps increase in policy rates has reduced affordability across markets by 2.5% on average. And, while the market has remained strong thus far, further interest rate increases could put pressure on homebuyer ability and sentiments,” Shishir Baijal said.
Please also, have look : 8-year-old Hyderabad girl murdered by father over horoscope predictions
