Thursday, January 29, 2009

Dharavi's Profile in Mumbai Real Estate

Dharavi, the thriving 200-hectare of land in the heart of Mumbai, home to over a half million people, is one of Mumbai's prime properties.

With real estate values sky-high in Mumbai and a key commercial district on the cards in north of Dharavi; a multi-billion dollar redevelopment plan for this area is now up.

Booming economy

An annual business turnover of more than $650m (£350m) a year is what Dharavi's contribution to Indian economy is.

Dharavi has a hefty number of flourishing small-scale industries that manufacture embroidered garments, export quality leather goods, pottery and plastic. Most of these products are sold in domestic as well as international markets.

Apprehensive of impending redevelopment plans, residents have raised their concerns fearing uncertainty over the relocation of their small businesses in the informal sector.

The existing residents are believed to be shifted to apartment units. Mumbai is offering them an area of 225 sq.ft each in apartment blocks but there is no space allocated for their prolific enterprises, say media reports.

An 'affordable' alternative

Moreover in a city where house rents are among the highest in the world, Dharavi provides an economical and affordable option. As Dharavi is situated between Mumbai's two main suburban rail lines, majority of people find it convenient for work.

According to industry sources, rents here can be as low as 185 rupees ($4/£2.20) per month.

Future Outlook

Dharavi's location has made it a hot property in Mumbai Real Estate. The redevelopment project is estimated to cost $2.1bn (£1.1bn) but intended for a city that personifies India's hopes of becoming an economic competitor to China this costs zilch.

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