India, June 30 -- Mumbai's affordability may be at its best in 15 years, but homeownership remains out of reach for most buyers. Even high-income earners face steep challenges, according to a National Housing Bank (NHB) analysis, it would take the top 5% of urban households in the financial capital over 109 years of savings to purchase an average home in the city, highlighting the severe affordability crisis.

A recent Knight Frank India report highlights that Mumbai has reached its best affordability level in 15 years. However, this has not translated into real accessibility. It noted that the average Mumbai household spends 48% of its income on monthly home loan repayments, a slight improvement from 50% last year, but still significantl...