It may be famously called the city of lights or the city that never sleeps in India. It may be home to the famous film industry, also popularly referred to as Bollywood. It may have a vibe of passion and a daze of bustling ambition about it.
There may be a bit of everything in there- including sun and sand- and it may also be the city that contributes the most toward the taxes of the country.
But guess what? The revered RBI isn’t exactly crushing on Mumbai and maybe once you read what it has found out, you may not too.
According to a recent survey conducted by the revered Reserve Bank of India, it has been found out that none other than Mumbai is India’s least-affordable city.
But, of course. Why wouldn’t it be? The survey, it is established, has been conducted from the onset of July 2010 basis the housing loans that are disbursed by select banks and financial companies across 13 different cities in India.
And what’s interesting is that the apart from the sky-rocketing towers and the famous beaches and the sunset points of Mumbai, the city of Bhubaneshwar stares it smilingly.
You probably guessed it right. The city of Bhubaneswar has been found out to be the most affordable city in all of India. But it’s important to take a stock of the various cities where the RBI had conducted its survey. Here’s what were on the list: Delhi, Mumbai, Chennai, Bangalore, Hyderabad, Kolkatta, Pune, Jaipur, Chandigarh, Ahmedabad, Lucknow, Bhubaneswar, and Bhopal.
That being told, the following is the principal finding by the said survey:
“Housing affordability worsened over the past 4 years as the house price to income (HPTI) ratio increased from 56.1 in March 2015 to 61.5 in March 2019. Mumbai remains the least affordable city in India, while Bhubaneswar remains the most affordable city.”
And even as one already knew it, it’s worthwhile to add again that not only is it difficult to afford one’s house or flat in Mumbai, it often becomes a tug of war for many an individual to quite simply own a place balancing personal and professional responsibilities in doing so. To have one’s own place, something that one could call his own, in many cases transforms into being some kind of a lifelong mission.