Advanced International Journal for Research

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Volume 7 Issue 2
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Affordability Crisis in India's Financial Capital: A Hedonic Pricing Model of Mumbai's Housing Market

Author(s) Ms. Trisha Vijayan Nair
Country India
Abstract The Mumbai Metropolitan Region (MMR) contributes nearly 20% of national mortgage disbursements while simultaneously exhibiting one of India's most severe housing affordability crises. This study employs a hedonic pricing model to decompose Mumbai's housing prices into constituent attributes location, structural characteristics, accessibility, and neighbourhood amenities to identify which factors most exacerbate affordability constraints. Drawing on comparable survey data from 450 households across urban core (South Mumbai, Bandra, Andheri) and semi-urban peripheries (Kalyan, Dombivli, Thane), we estimate implicit prices for housing characteristics and construct affordability indices incorporating the EMI-to-income ratios and debt-to-income thresholds identified in default risk research. Our findings reveal that location premia in urban cores account for 40-60% of price variation, while transportation accessibility (proximity to Metro/Local train stations) commands significant implicit prices that push affordable housing toward peripheral semi-urban areas. The study demonstrates that the same structural vulnerabilities causing 14.2% default rates in semi-urban areas versus 8.4% in urban cores are paradoxically driven by affordability-driven migration to peripheries. We argue that Mumbai's affordability crisis is structurally linked to its default risk geography, requiring integrated policy approaches addressing both price formation and financial resilience.
Keywords Hedonic Pricing, Housing Affordability, Mumbai Real Estate, Price Decomposition, Urban-Spatial Inequality, Mortgage Burden, Transit-Oriented Pricing, Semi-Urban Housing Markets
Field Business Administration
Published In Volume 7, Issue 2, March-April 2026
Published On 2026-04-02
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E-ISSN 3048-7641
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