The prices of homes in India are increasingly going beyond the reach not only of the common man but even of the wealthy. According to a recent survey, even affluent individuals aspiring to purchase a home in Mumbai may have to wait for a century. In urban areas of Maharashtra, wealthy families will need around 109 years of savings to afford a home in Mumbai. To put this into perspective, only the top 5% earners, making over ₹89,000 per month, will need to save for 109 years to buy a home in the city. In contrast, in the major cities of Haryana and Odisha, even the top 5% will need to save for 50 years to purchase a home.
Among all cities surveyed, Chandigarh emerged as the most affordable. According to a report by the Times of India, a comparative study was conducted to analyze how much savings are required to buy a house in each state's largest city. The study included cities like Mumbai, Gurgaon, Bengaluru, Delhi, and Chandigarh. As per the analysis, individuals in the top 5% income bracket, earning an average annual income of ₹10.7 lakh, would need 109 years of savings to afford a 110 square meter (1,184 sq. ft) home in Mumbai. As of March 2025, the average per sq. ft. rate in Mumbai stood at ₹29,911. Therefore, a 1,184 sq. ft. home would cost approximately ₹3.54 crore. Assuming wealthy families save around ₹3.2 lakh annually, it would take them 109 years to gather the required amount.
Across India's top seven cities, including Mumbai and Delhi, property prices have risen by 23% on average. Between April and September 2024, the average home price reached ₹1.23 crore. In Gurgaon, similar income groups would need to save for 64 years to buy a home. The situation is slightly better in Bengaluru and Delhi, where homeownership could be possible after 36 and 35 years of savings, respectively. Chandigarh, among state capitals, stood out as the most affordable city, where high-income families could purchase a home after just 15 years of saving.