Ahmedabad continues to be the most affordable housing market at 22 per cent, followed by Pune at 26 per cent and Chennai at 27 per cent, among the top eight cities in India, global property consultant Knight Frank India’s Affordability Index for the third quarter (Q3) of 2022 showed.
Driven by the constant demand for housing properties, Bengaluru has emerged as the fourth most expensive real estate market in the country, stated in report.
Along with this, Mumbai and Hyderabad were known to have one of the most expensive residential markets in the country.
The index revealed that Bengaluru’s affordable housing market has become more expensive mainly because of the 50 bp hike in the repo rate by the Reserve Bank of India the previous month.
The repo rate hike ultimately caused the rise in median loan rates. These loan rates are a direct indication of the affordability of interested buyers and also impact consumer behaviour.