According to the 9 month assessment by Knightfrank, Ahmedabad continued to remain the most affordable housing market amongst the top eight cities, with a ratio of 22 per cent followed by Pune at 26 per cent and Chennai at 27 per cent.
The real estate market has seen a decline in affordability due to the recent rise in median loan rates as a result of the 50 basis points (bps) hike in repo rates by the Reserve Bank of India (RBI).
A cumulative increase of 0.95 per cent in median home loan rate has impacted the purchase affordability and purchase decisions of homebuyers, according to the Affordability Index by Knight Frank.
The Affordability Index tracks the EMI (equated-monthly instalment) to income ratio for an average household.
First Published: Oct 11 2022 | 7:46 PM IST