Even if you earn Rs 50,000 a month, you cannot own a home in Delhi NCR. DNA analysed the middle-income range of officially affordable categories and found housing prices are beyond affordable for most of the working population.
On the basis of RBI’s affordability, EMI, and income ratio, you would rarely get a house within Rs 20,00,000 in the NCR area of Ghaziabad, Noida or Gurgaon.
If a person is making Rs 50,000 a month, let us assume he or she can afford an EMI of Rs 20,000 a month for at least an 800 square feet flat. Now, keeping in mind the thumb rule of Rs 1,000 EMI per lakh, he or she can afford a house priced at Rs 20 lakh. If we compare this affordability ratio to prices in the micro-market of Delhi NCR, there’s barely any project available in the range.
FULL ARTICLE: www.dnaindia.com