Residential real estate is indeed the most affordable in today’s times. The phenomenon can be understood by simple comparison. IN FY2000 property prices on average were 5.9 times the annual income of a buyer. However, in FY2020 the property price was on average 3.3 times the annual income of the buyers.
Rising Affordability in Top Metro Cities
If one goes by JLL India report the home purchase affordability is on the rise in the top metro cities like Mumbai, Delhi NCR (National Capital Region), Bengaluru, Chennai, Pune, Hyderabad and Kolkata of which Kolkata has the best affordability while Mumbai languishes at the bottom of the pile as far as affordability is concerned.
Opportunity It Provides To The Buyers
As real estate becomes more and more affordable, one’s chances of purchasing bigger and better property in his current income brighten. Home loan rates have also fallen by 1.2-1.3 percentage points in comparison to last year. However, home loan interest rates are just one part of affordability. Attractive deals offered by the developers form the top factor while the availability of cheaper loans comes second.
Right Time To Purchase A Home
There can be no denying the fact that residential real estate has indeed become more affordable and it, therefore, should not come as a surprise that more and more people have started purchasing homes.
What is worth noting here is the fact that of those buying properties many are first-time buyers while a percentage also belongs to those who are eyeing bigger and better homes. As work from home become more and more popular people have awakened to the need for separate working space in the house as well.
All these factors as well as the fact that residential real estate is most affordable in present times gives you just the right opportunity to fulfil your dream of owning a home.
Click here to avail home loans at the best possible rates from the most prominent lenders of the country and buy your dream house.
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Buying and selling flats in apartments is a very lucrative method to invest in. A lossless business is a real estate.
Residential real estate is indeed the most affordable in today’s times, Everyone should make a smart investment into residential real estate.