The city of dreams, Mumbai, has been in constant demand when
compared to other cities of India. Millions of people migrate to Mumbai each
year and hence there is a steady growth as far as property and land rates in Mumbai are concerned. On one side, the
prices of properties are increasing steadily, while on the other hand, there is
a lack in supply of land in spite of the demand being high. This acute land
shortage has resulted in quoting enormous prices by developers and builders for
their lands/assets.
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| Courtesy: net |
In fact, in the recent times, a 25 acre land in the suburbs
of Mumbai was sold at INR 1155 crore in an auction! Even a few years ago, in
2010, a six acre plot in the Wadala region was sold at INR 4000 crore, again in
an auction.
With about 438 square kilometer land mass, the city of Mumbai has a buildable area
of about 200 square km. This is really less keeping in mind the fact that more
than 12 million people are living in the city. Mumbai, being densely populated,
with about 40000 people living in one square km, there is a need for more than
two lakh homes per year. But, the private real estate builders and developers find it difficult to offer over
25000 houses per year. Since the supply fails to meet the demand, property
rates in Mumbai has seen a huge increase.
The government bodies have to interfere in order to bring
about a dramatic change to the current situation. A lot of builders are
stressing on converting the residential areas to commercial properties in the
city. Well, this has helped them gain huge profits; but, the land in Mumbai
that is assigned for the purpose of housing projects tends to suffer
consistently. To solve this imbalance, the real estate developers who are
involved in launching residential projects must make effective use of the land
available and focus on constructing quality apartments by means of pooling in
the extra land.
Mumbai is in need of effective residential development
projects. Effective planning and skyscrapers is the solution for the increasing
demand.
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