Congress leader Rahul Gandhi Thursday highlighted the severe housing affordability crisis in Mumbai, where even the top 5 per cent of earners in India would need to save 30 per cent of their income for 109 years to buy a home.
“When will the common man be able to afford a home in Mumbai?” Gandhi, also the Leader of Opposition in Lok Sabha, asked and emphasised the need for affordable housing policies.
The Congress party has long advocated for measures to address the housing shortage and make homes more accessible to all.
Citing a report saying that housing market in Mumbai has reached a boiling point, with even the top 5 per cent of earners in India facing a daunting challenge, Gandhi took to his WhatsApp channel to point out: “This stark reality highlights the severe affordability crisis in the city, where even the wealthy struggle to purchase a home. The situation is likely to be even more dire for the middle and lower classes, who face significant financial constraints.”
A recent study indicates that the top 5 per cent of earners in India would need to save for 109 years to afford an average-sized home in Mumbai.
The study, which combines data from the National Housing Board with urban income estimates, revealed that the top 5 per cent of earners in Maharashtra, with an average monthly household income of Rs 10.7 lakh, would need to save for 109 years to afford a Rs 3.54 crore home.
Gandhi’s remarks come amid growing concerns about the affordability of housing in major cities, where prices have skyrocketed in recent years. The issue affects not only the poor and middle class but also the upper-middle class, who struggle to save enough for a down payment.