Housing affordability in India has worsened since 2015

According to the quarterly data recently released by the Reserve Bank of India (RBI), housing affordability in India has worsened over the last four years. Titled Residential Asset Price Monitoring Survey, the study indicates that there was an increase in the house price-to-income ratio in India in the last four years from 56.1 in the March’15 to 61.5 in March’19. Another interesting thing to note was that despite Mumbai being the costliest Indian city for home buyers, its affordability improved from 76.9 in the December quarter to 74.4 in the March quarter. In contrast, Bhubaneswar turned out to be the most affordable city for home buyers with a price-to-income ratio of 54.3 in the March quarter compared to 47.2 in March 2015.