Mumbai's elites need 109 years to buy home; in Gurgaon they require 64 years: Report
Even Maharashtra's highest-income households are finding homeownership in Mumbai increasingly out of reach. According to a recent analysis cited by the Times of India, even the top 5% of earners, those with average monthly household incomes of ₹ 10.7 lakh, would need to save for 109 years to purchase an average-sized home in India's financial capital.
The study combines data from the National Housing Board (NHB) with urban income estimates to calculate affordability across 21 state capitals. For Mumbai, with an average per-square-foot rate of ₹ 29,911 as of March 2025, a standard 1,184 sq. ft. home is priced at around ₹ 3.54 crore. With the top 5% households in the state saving approximately ₹ 3.2 lakh annually (assuming a national average savings rate of 30.2%), the affordability gap becomes starkly visible.
Gurgaon follows as the second least affordable city, with a saving horizon of 64 years for the same income bracket. Bengaluru and Delhi fare marginally better, requiring 36 and 35 years of savings, respectively. Chandigarh emerges as the most affordable among state capitals, where high-income households can buy a similar home after 15 years of saving.
The data has reignited debate online, with many users expressing disbelief at the extended timelines, while others called it a wake-up call to reassess urban housing policy and infrastructure distribution.
The findings come on the heels of an ANAROCK report last November, which showed a 23% year-on-year rise in average property prices across India's top seven cities, including Mumbai and Delhi. During the April–September 2024 period, the average home price touched ₹ 1.23 crore.
The NCR led the surge with a 56% jump in prices, averaging over ₹ 1.45 crore, followed by Bengaluru (44%) and Hyderabad (37%). Mumbai Metropolitan Region (MMR) recorded the highest sales volume, with Pune and NCR close behind.
Adding to the momentum is a growing appetite from wealthy Indians living abroad. According to a Bloomberg report, overseas Indians are expected to account for nearly 20% of all luxury home purchases in India by 2025, a trend further amplified by platforms like NoBroker.com.
As affordability continues to erode even for high-income earners, the widening gap underscores the structural issues in India's urban real estate markets, especially in megacities like Mumbai, where land scarcity, regulatory challenges, and speculative investments keep homeownership out of reach for most.
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