These are the most affordable housing property markets in the country
New Delhi: Ahmedabad has emerged as the most affordable residential property market in the country. It obtained an affordability ratio of 24 percent in property consultant’s Knight Frank's Affordability Index.
Chennai and Pune clocked affordability ratio of 26 percent each.
The fall in property prices in 2020, coupled with historic low home loan interests have helped in improving residential property affordability in 2020.
“The affordability ratio has improved over this decade (2011-2020) due to an increase in income level, lower interest rate and subsequently lower property prices,” said Shishir Baijal, CMD, Knight Frank India.
Knight Frank's Affordability Index tracks EMI to income ratio for an average Indian household. The index takes into account movement in asset prices, home loan interest rates and household income. These factors determine home buyer’s ability to purchase a house.