Affordable housing: Out of reach

Mumbai came last in terms of housing affordability in a survey of 63 urban markets across the world, conducted by Knight Frank LLP. It's been found that the average Indian needs to work for more than three centuries to pay for 100 sq metres of prime living space in Mumbai, the worst performance in the world and a pointer to how inefficient land markets can distort prices. So bad is the housing scenario in India that current supply meets barely one- fifth of the total demand for houses in urban areas, making it unaffordable for even those with an annual income of Rs 5 lakh in tier-one cities like Mumbai. 

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