Kolkata The Most Affordable Housing Market In 2020
Despite a fall in household income in 2020, Kolkata is the most affordable market this year for buying a property, compared to six other major cities across the country, according the JLL Home Purchase Affordability Index (JLL HPAI).
Mumbai continued to be the only market below the affordability threshold. Affordability has improved across all seven major cities despite a fall in average household income. JLL said this was due to reduction in both the housing prices as well as interest rates on home loans.
The HPAI is the ratio of the average household income to the eligible household income. A value of 100 means that a household has exactly enough income to be eligible for a home loan. Below 100 implies that an average household does not have enough income to qualify for a home loan, while more than 100 means that an average household has more than enough income to qualify for the home loan. Kolkata scores the highest with 203, followed by Hyderabad at 195, Pune 188, Chennai 178, Bengaluru 175, Delhi-NCR 136m and Mumbai at 95 during this calendar year.The index covers the top seven markets in India – Mumbai, Delhi NCR, Bengaluru, Chennai, Pune, Hyderabad, and Kolkata. Prices remained largely stable across all the seven markets when compared to the previous quarter.