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The Average Salary to buy a Home in Major Cities of India

by Godrej Properties Limited

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Salary is a significant factor in assessing someone's ability to buy a house or buy property. A person's affordability usually rises with a higher salary, enabling them to consider more expensive properties. The average salary to buy a home is also significantly influenced by the local housing market, including the prices of real estate in tier-1 cities, tier-3 cities, and tier-2 cities. A higher salary is more necessary for affordability in cities with expensive real estate.

The Average Salary to Buy a House in Major Indian Cities

Below is a general idea of the average income needed to buy a house and property prices in major cities in India. However, remember that these are approximations and that actual figures may differ depending on a number of factors, including the type of property, the location, and prevailing market conditions.

Mumbai

Mumbai is well-known for its expensive real estate, with some homes fetching several crores of rupees. In most localities, the housing market is dominated by 3 BHK units (Rs. 50 Lakhs to 22 Crores), followed in order by 2 BHK units (Rs. 35 Lakhs to 10 Crores). The average income to buy a house in Mumbai should be at least 80% of the lowest available flat price, which is roughly 80% of Rs. 15 lakhs.

Delhi

Property prices in Delhi can also vary, but they are generally high. The average salary to buy a house is 20-30% of the lowest available flat price, which in Delhi is Rs. 20-25 lakhs. 2 BHK and 3 BHK units in luxury real estate demand around 6.5 Crores to 25 Crores. 

Bangalore

Salaries in Bangalore are often competitive due to the presence of the IT sector. The property prices also vary by locality. In general, the 2 BHK price range is Rs. 25 Lakhs to 3 Crores. One must have an average salary of at least 20-30% of 15 lakhs to afford a 3 BHK house. 

Chennai

Chennai's property prices are more affordable compared to cities like Mumbai and Delhi. An average salary in the range of INR 5 to 8 lakhs per annum or higher is enough to afford 2 and 3 BHK units. However, the price can be higher for premium homes.

Kolkata

Property prices in Kolkata are relatively lower than in other major cities. The average salary to buy a house should be around Rs. 9 lakhs.

The Final Word

Salary is a crucial determinant of one's ability to buy a house, with higher incomes increasing affordability. In Mumbai, known for expensive real estate, an average salary of around 80% of the lowest flat price (approximately 15 lakhs) is needed. Delhi demands 20-30% of the lowest flat price (20-25 lakhs), while Bangalore requires 20-30% of 15 lakhs for a 3 BHK. Chennai and Kolkata offer more affordable options. 

 

Frequently Asked Questions

1. What salary range is necessary for buying a House in Bangalore?

Ans: One must have an average salary of at least 20-30% of 15 lakhs since the Bangalore housing market is competitive. 

2. Which city has High Real Estate Prices?

Ans: Mumbai is well-known for its expensive real estate, with some homes fetching several crores of rupees.

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