Kolkata is the most cheap residential market among the top seven cities, with an estimated value of 193, followed by Pune (183) and Hyderabad (174), Bengaluru (168), Chennai (162), Delhi (125) and Mumbai (92)
In New Delhi: According to recent data from property consultancy JLL India, the affordability level to purchase real estate is expected to have decreased this year across seven major cities as a result of rising mortgage and property costs.
Except for Mumbai, all seven of the cities’ affordability indices are within an acceptable range. The most cheap residential markets are anticipated to continue to be in Kolkata, Pune, and Hyderabad. The consultancy unveiled its “Home Purchase Affordability Index” (HPAI), which indicates whether a family making the average yearly income (at the level of the entire city) is qualified for a mortgage on a home in the city, at the going market rate. This index was created using a mix of factors, including the cost of residential unit, the average household income, and the interest rates on home loans.
The average household income to eligible household income ratio is known as the HPAI. The minimal income a household must have in order to be approved for a mortgage on a 1,000 square foot apartment at the going rate on the market is known as eligible household income.
A household has exactly the right amount of income to be approved for the loan if the value is 100. A number of less than 100 indicates that an average family’s income is insufficient to meet the requirements for a mortgage.
A score of greater than 100 indicates that a typical family would have more than enough income to get approved for a mortgage.
