Wednesday, January 14, 2009

Mumbai - One City, Two Worlds

The nation's financial capital Mumbai has so far been witnessing skyrocketing real estate prices. But as population is escalating at the same pace and people are pouring from all over, the city is struggling to fit them all.


As Mumbai's profile attributes, it houses number of glitzy apartments and also many middle-of-the-road apartment buildings. But don't go by this fa├žade, to buy an apartment in Mumbai one has to have a hefty bank balance to count on. All this has contributed to Mumbai real estate being the most expensive of all in the country.


On one hand this city is home to the Indian film industry, and other big shots of politics and business world but on the other side half of the city's population still lives in slums, without proper access to water, health care or sanitation.


Despite this widespread poverty, huge property deals continue to make headlines in Mumbai real estate industry. Case in point, only last month a film star set a national record by purchasing a three-bedroom apartment in south Mumbai for a whopping Rs 1.2 lakh per sq ft.


Considering this wide gap in the living conditions of its population and recognizing the housing shortfall the government is coming up with redevelopment plans and mass housing schemes for the people. Though many Mumbai real estate developers have pitched in for various projects in both spheres, the progress has been slow. Besides, recently the land allotted for affordable housing scheme has been encroached.


Moreover, the problem of growing urban population is the one that needs to be tackled first hand. Also, the people needs to be provided with basic facilities of water, food, electricity, security and other services such as transportation and education to ensure sustainable living. For this, the government as well as Mumbai Real Estate Builders surely need to be on their toes for making Mumbai real estate a global property market.


George Gonigal provides you the best and latest information on Mumbai Real Estate, If you want to Buy Apartments in Mumbai, he suggests you log on to magicbricks.com