Ahmedabad is the cheapest market to buy a country house, Mumbai the most expensive: report

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Ahmedabad has become the cheapest market to buy a home in the country, but in this case Mumbai is the most expensive. Knight Frank India, which has been consulted on the property, said in a report.

Ahmedabad has become the cheapest market to buy a home in the country, but in this case Mumbai is the most expensive. Knight Frank India, a consulting firm, said in a report. The company has published ‘Affordability Index’ 2020. According to it, Ahmedabad is the cheapest market for houses in the country. The housing ratio for housing in 2020 was 24 percent, up from 4 percent in 2010 a decade ago. At the same time, the economic ratios of Pune and Chennai were second and third with 26 per cent respectively. Knight and Frank India said it was difficult to get from banks and housing finance companies as the ratio was more than 50 per cent and home purchases were “out of pocket”.

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The monthly installment (EMI) of the income ratio is considered under the Affordable Price Index. Significant improvements have been made in making homes cheaper than in previous decades. Buying a home in 2020 has become more economical due to decades of low interest rates on home loans and housing loans, the report said. Knight and Frank said, “Mumbai is the most expensive market with an economic ratio of 1 per cent and Ahmedabad, Chennai and Pune are relatively cheap.” Homes in Mumbai also look cheaper than in the last decade. In 2010, the economic ratio was 93 percent, up from 611 percent in 2020.

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The index takes into account the value of the property, the interest rate on the home loan, and the household income. These things determine the ability to buy a home. The economic ratio in the national capital has increased from 53 percent in 2010 to 36 percent. In Bangalore, it was 26 per cent in 2020, up from 48 per cent a decade ago. The report said the ratio between Pune and Chennai rose to 26 per cent from 39 per cent and 51 per cent in 2010, respectively. In Hyderabad, the ratio was 4 per cent in 2011. In Kolkata, it improved to 30 per cent in 2020, from 45 per cent a decade ago. Shishir Baijal, Chairman and Managing Director, Knight & Frank India, said: “The cost-effectiveness ratio of the country’s eight largest cities has improved significantly in 2020 compared to the last decade.

(This news is not edited by NDTV team. It is published directly from Syndicate feed))

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Ahmedabad is the cheapest market to buy a country house, Mumbai the most expensive: report
Ahmedabad is the cheapest market to buy a country house, Mumbai the most expensive: report

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