A Reserve Bank of India (RBI) survey showed that housing affordability has worsened in four years with Mumbai being the least affordable
The RBI has been conducting a quarterly Residential Asset Price Monitoring Survey (RAPMS) since July 2010 on housing loans disbursed by select banks and housing finance companies (HFCs) across 13 cities.
"Housing affordability worsened over the past 4 years as the house price-to-income (HPTI) ratio increased from 56.1 in March 2015 to 61.5 in March 2019," the RBI said.
Mumbai remains the least affordable city in India, while Bhubaneswar remains the most affordable city. It further said the movement of median loan-to-income (LTI) ratio also confirms worsening housing affordability as it moved from 3 in March 2015 to 3.4 in March 2019.
However, sector analysts said the sector has been suffering, with limited room to increase prices. In fact, they claim that prices in some of the key markets across India have actually dipped.
CNBC-TV18 spoke with Rohit Gera, managing director of Gera Developments; Samir Jasuja, founder and CEO of PropEquity; Gulam Zia, executive director of Knight Frank India and Arindam Saha, associate director at CARE Ratings to look at India's top 7 cities and figure out what has happened to prices and why does RBI feel differently.