New Delhi: A Reserve Bank of India (RBI) survey has said that housing has become less affordable amid slowdown in sales over the last four years.
The report suggested that Mumbai remains the least affordable city. The cheapest real estate is available in Bhubaneswar. This was revealed after the survey conducted in 13 cities across India.
The study measures affordability by comparing the price to the monthly income of average home loan borrowers.
Media reports said, the real estate consultancy Liases Foras, has placed the unsold housing stock in 30 cities at the end of the financial year 2019 at 12.76 lakh, up 8 percent from 11.9 lakh in the financial year 2018.
Worth mentioning here is that home buyers in Mumbai now pay 43.3 per cent of their income as EMI (equated monthly installment) as against 42.6 per cent of their income in March 2015. In Chennai, it has been hiked to 38.4 percent from 36.7 per cent, while in Delhi borrowers who used to pay 35.1 percent of their salaries now have to set aside 36.9 per cent.