Chennai: JLL has announced the launch of its annual Home Purchase Affordability Index which shows that between 2013 and 2021, affordability has increased consistently across key Indian cities. During the current year, household incomes witnessed an increase of 7 to 9 per cent (from the low base of 2020) in the markets under consideration, the report stated.
At the same time, home prices remained stagnant in all the of India’s prime residential markets except for Hyderabad. Moreover, mortgage rates continue to trend at their lowest in 15 years, thereby leading to reduced EMIs for homebuyers, thereby having a significant bearing on affordability.
The second Covid-19 wave dented the market following a good recovery curve. However, the impact was muted when compared to the same period last year, it added.