THE GAP WIDEN

Mumbai property

Some recent figures showing the gap between the working class and the owning class were revealed in chart form. They show that the average Indian worker would need to work for three centuries to pay for a luxury home in Mumbai, making that city the least affordable in the world for locals, according to an analysis of real estate and wages. "The CHART OF THE DAY shows a 100-square-meter luxury residence in Mumbai costs about $1.14 million, or 308 times the average annual income in India, based on calculations from a housing index compiled using 63 markets by Knight Frank LLP and income estimates of the U.S. Central Intelligence Agency for purchasing-power parity in 2011. Shanghai buyers would need 233 times the per-capita income in China and Moscow inhabitants 144 times Russian earnings. Singapore and New York homebuyers would need 43 years and 48 years, respectively, for equivalent residences using national income averages, the data show." (Bloomberg, 10 April) During the 48 years the New York worker would have to toil to purchase a luxury home he would have to spend nothing on food or clothing. In London he would have to work for 136 years! RD