'Housing affordability may improve next year'

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Key Points

Mumbai: The affordability for home purchases is expected to improve for the better in 2024, based on the expectation of a 60-80 basis point repo rate cut during the year..

This is expected to keep buyers' affordability within a very comfortable range and sustain the momentum in the market over the next year as well, says a JLL India study on the home purchase affordability levels...

While India was not fully insulated from global shocks in 2023, improving domestic inflation levels and India's economic growth outpacing the rest of the world provided headroom to the central bank to maintain status quo through a large part of the year...

The affordability levels for home purchase in India saw a decline in 2022 for the first time in a decade having hit peak affordability levels in the previous year..

Also, employment market prospects, income & job stability and current & future savings targets are equally critical when making home purchase decisions," said Siva Krishnan, MD and head of residential services, India, JLL...

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