This year, rent and house prices in India would increase more quickly than inflation: Report

According to a Reuters survey of housing experts, who were divided on whether affordability for first-time homebuyers would worsen or improve, average property prices and rental expenses in India are expected to surpass consumer inflation this year.

Home prices have virtually doubled in the last ten years in a housing market dominated and driven by individuals with high salaries, despite the fact that millions of working-class families have exhausted their savings due to weak economic growth, stagnant earnings, and a lack of well-paying jobs.

Tens of millions of people are now forced to rent homes due to the mismatch between high demand and inadequate availability. According to median projections from a survey of 14 property industry specialists conducted from February 17 to March 4, average home prices in India will increase by 6.5% this year and 6.0% next year, after rising by roughly 4.0% last year.