New Delhi, April 16 -- About a decade ago, many people believed that their income and savings could never outpace the growth in real estate and, therefore, it made sense to buy a house before the gap between their savings and home prices increased further. However, over the years, with stagnant prices, lower home loan rates, higher income growth and government incentives and subsidies, buying a house isn't that unaffordable anymore.

Improving affordability

According to a recently launched Home Purchase Affordability Index (HPAI) by JLL India, a real estate consultancy firm, "Affordability improved across India's key markets from 2014 to 2018 led by favourable home loan rates." JLL HPAI analyzed affordability across India's key seven cit...