Even for the top 5% of urban families by income in Maharashtra, buying a house in Mumbai would take more than 100 years of saving to fund. In Haryana and Odisha, it would take over 50 years of saving by the richest 5% to buy a house in their biggest cities. Chandigarh, by contrast, is the most affordable capital.
These numbers have been arrived at by comparing the income of the top 5% households in a state/UT with average price of a 110sq m (1,184sq ft) house in its capital city - the middle of the three house size categories for which National Housing Board (NHB) compiles data. In 2022-23, India's gross savings to GDP ratio was 30.2%, and the same ratio has been applied to calculate savings of the richest 5% households.
The income of the top 5% of urban families is derived from the average Monthly Per Capita Consumption Expenditure (MPCE) of the top 5% of urban folks in a state. The rural MPCE is considerably lower.
In Maharashtra, for instance, the urban MPCE for the top 5% is Rs 22,352 per person per month. For a family of four, the income would be Rs 89,408 per month or Rs 10.7 lakh per annum.
Applying the 30.2% saving rate to Maharashtra's top 5% families, their annual savings would be around Rs 3.2 lakh. NHB's data on house prices shows that the per square foot price for a house with a carpet area between 645 sq feet and 1,184 sq feet was Rs 29,911 in March 2025.
This means a 1,184 square feet house on average cost over Rs 3.5 crore in Mumbai. With a saving of Rs 3.2 lakh per annum, the top 5% urban families of Maharashtra would have to save for 109 years to afford this house.
NHB's average carpet area price is based on the registration data collected from sub-registrar offices (SROs) as well as the valuation data collected from primary lending institutions.
A similar calculation shows that for the top 5% urban families in Haryana, it would take 63 years to afford a house of similar size in Gurgaon. In Bhubaneswar, it would take more than 50 years of savings for Odisha's richest 5% urbanites to afford a house.
Of the 21 state capitals for which carpet area price data was available from NHB, in 10 it would take more than 30 years of savings to buy a house. Chandigarh is the most affordable, as 15 years of savings will be enough to buy a 1,184 square feet house. Jaipur is the only other city where less than 20 years of savings would suffice.
These numbers have been arrived at by comparing the income of the top 5% households in a state/UT with average price of a 110sq m (1,184sq ft) house in its capital city - the middle of the three house size categories for which National Housing Board (NHB) compiles data. In 2022-23, India's gross savings to GDP ratio was 30.2%, and the same ratio has been applied to calculate savings of the richest 5% households.
The income of the top 5% of urban families is derived from the average Monthly Per Capita Consumption Expenditure (MPCE) of the top 5% of urban folks in a state. The rural MPCE is considerably lower.
In Maharashtra, for instance, the urban MPCE for the top 5% is Rs 22,352 per person per month. For a family of four, the income would be Rs 89,408 per month or Rs 10.7 lakh per annum.
Applying the 30.2% saving rate to Maharashtra's top 5% families, their annual savings would be around Rs 3.2 lakh. NHB's data on house prices shows that the per square foot price for a house with a carpet area between 645 sq feet and 1,184 sq feet was Rs 29,911 in March 2025.
This means a 1,184 square feet house on average cost over Rs 3.5 crore in Mumbai. With a saving of Rs 3.2 lakh per annum, the top 5% urban families of Maharashtra would have to save for 109 years to afford this house.
NHB's average carpet area price is based on the registration data collected from sub-registrar offices (SROs) as well as the valuation data collected from primary lending institutions.
A similar calculation shows that for the top 5% urban families in Haryana, it would take 63 years to afford a house of similar size in Gurgaon. In Bhubaneswar, it would take more than 50 years of savings for Odisha's richest 5% urbanites to afford a house.
Of the 21 state capitals for which carpet area price data was available from NHB, in 10 it would take more than 30 years of savings to buy a house. Chandigarh is the most affordable, as 15 years of savings will be enough to buy a 1,184 square feet house. Jaipur is the only other city where less than 20 years of savings would suffice.
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