- According to the report, in the last four years, the cost of buying houses in the country declined
- Bhubaneswar is the cheapest city in terms of buying a house
Jul 12, 2019, 10:28 PM IST
Mumbai Reserve Bank of India issued a report on Thursday. Accordingly, buying a house in the country has become more expensive in the last four years. Speaking of the four metro cities, buying a house in Mumbai is the most expensive. Delhi on the other and Delhi on the third.
Survey done in 13 cities across the country
According to RBI – the cost of buying house in the country has declined in the last four years. The proportion of households and residents' income ratio (HPTI) has become unbalanced in 13 cities across the country. This was 56.1% in March 2015, which became 61.5% in March 2019.
In Mumbai, the proportion of households' income and the proportion of the income of the residents, in March 2015, it was 74.4% in March 2019 compared to 64.1% in March 2015. According to this, the prices of houses have been about one third as compared to the income.
This ratio is 58.6% in Chennai, whereas in Delhi this figure is 58.5%. However this is not a big difference. The same ratio in Kolkata is 56.5%.
13 cities were included under the RBI's Quarterly Residential Property Price Survey. These include Mumbai, Chennai, Delhi, Bangalore, Hyderabad, Kolkata, Pune, Jaipur, Chandigarh, Ahmedabad, Lucknow, Bhopal and Bhubaneswar.
According to the report Bhubaneswar is the cheapest city in all these cities. In the last two years, the ratio of EMI and income (ETI) is uniformly the same. However, buying a home in the future will be even more expensive.