Chennai amongst most affordable cities for residential investments: Magicbricks
Based on the globally recognized affordability benchmark of a P/I ratio of 5 or lower, Chennai (5.1) emerged as the most affordable destinations for residential investments in 2024, according to Housing Affordability Housing Affordability in Major Indian Cities by Magicbricks.
This suggests that property prices in Chennai are more in line with local incomes, making housing more affordable and reflecting more balanced real estate markets.
Further, according to PropWorth, Magicbricks' property valuation tool, the most affordable areas for residential investments in Chennai are Avadi (average price INR 4700 psf), Kelambakkam (average price INR 4,950 psf) and Pallavaram (average price INR 5,450 psf) while the most in-demand localities are Old Mahabalipuram Road (average price INR 5900 psf), Central Chennai (average price INR 15300 psf) and Velachery (average price INR 7,400 psf). The average price of residential real estate in Chennai is INR 8758 psf, shared the portal.
The report further shared that in Chennai, the EMI/Income ratio, which is a crucial metric for banks to underwrite home loans, is 41% which implies more favorable conditions that make housing relatively more affordable, with residents in these cities dedicating a smaller proportion of their income to EMIs, compared to the national average of 61%.
Between April and June 2024, the residential demand in Chennai increased by 11.9% QoQ, supply increased 2.5% QoQ and prices increased 2.9% QoQ. The average price of under-construction properties increased 3.01% to reach INR 8703 psf from INR 8449 psf in Jan-March 2024.
@@
Psf –per square feet,
INR – Indian Rupee
No comments:
Post a Comment