Pune Ranked Second in Affordable Housing, Offers Homebuyers A Better Deal
Pune Ranked Second in Affordable Housing, Offers Homebuyers A Better Deal ( Representative Image )
In a recent report by Knight Frank India, Pune has emerged as the second most affordable city in India for housing, making it an attractive destination for homebuyers. The report ranked cities based on the ratio of monthly mortgage payments to household income, with Ahmedabad taking the top spot and Mumbai ranking last.
Pune’s affordable housing market is a boon for homebuyers, with the ratio of monthly installment of home loan compared to household income standing at approximately 23%. This is significantly lower than Mumbai’s ratio of 50%, which makes housing in the financial capital increasingly unaffordable.
The report highlights Pune’s advantage in terms of affordable housing, making it an attractive option for those looking to invest in a home. “Pune’s affordable housing market is a significant draw for homebuyers,” said a real estate expert. “The city offers a great balance between affordability and quality of life, making it an ideal destination for those looking to own a home.”
The Knight Frank India report also notes that housing affordability is a crucial factor in sustaining housing demand and increasing sales in the country. With Pune’s affordable housing market, homebuyers can enjoy a better quality of life without breaking the bank.
In terms of affordable housing, Pune is followed by Kolkata, which ranks third with a ratio of 24%. Chennai ranks fourth, while Bangalore and Delhi jointly rank fifth. Hyderabad ranks sixth, with all these cities having a ratio of monthly home loan installments to household income of up to 30%.
Shishir Baijal, Chairman and Managing Director, Knight Frank India, emphasized the importance of housing affordability in the country. While talking to the media person he stated that, “Housing affordability is a very important factor in sustaining housing demand and increasing sales in the country. Although house prices are increasing in the country, houses are becoming affordable as incomes are also increasing. The level of affordable housing will continue next year.”
