Did any significant changes in affordability happen in the last seven years ... ? What do you say to people like me for whom a mortgage now looks out of reach, especially with inflation now in double digits? Duvvuri Subbarao: It is true that the cost of a house is higher now than it was in 2003– 2004.
House price indices suggest that prices in Chennai, Mumbai, Delhi and Kolkata have more than doubled since 2007. This is also the case in some of the non-metro cities like Bhopal and Lucknow. But this price increase has happened in pockets and cannot be generalized to the all-India level.