Home ownership is a part of our nation’s socio-economic policy and remains one of the key priorities for the Government. The ground reality is that homes remain unaffordable for a large section of the urban middle class in large metro cities like Delhi, Mumbai, Chennai and Bengaluru. Developers on the other hand, claim that houses remain largely unaffordable in big cities due to high land prices coupled with high cost of input materials and labour costs. Data released by the Reserve Bank of India (RBI) recently, painted a grim picture, showing that affordability has worsened over the past four years, with Mumbai remaining the least affordable city when it comes to owning a house. Further, the RBI’s asset price monitoring survey showed that the house price to income (HPTI) ratio an index of affordability rose from 56.1 in March 2015 to 61.5 in March 2019 across the country. In this context, the present paper attempts to portray the Central and State Government measures to boost demand for affordable housing among urban middle-class families. It also highlights the key elements which make houses unaffordable in big cities and the current trend of home buying.
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