/24-7PressRelease/ - August 04, 2007 - With prices of residential property in Mumbai to have come at par with some of the most expensive cities in the world, housing in the city has become a dream for the middle class.
Another factor pushing the demand for residential property in Mumbai is the limited supply. Many locations in the main city are seeing the price ranging between Rs 15,000 - Rs 40,000 per square foot and those in suburbs begin with Rs 5,000 and can go anywhere up to Rs 20,000 or more.
Considering the pace of urbanization taking place in Mumbai, it has been evaluated that the city requires 84,000 houses a year whereas the government and private property developers' combined can provide only 55,000. Add to this, the informal housing in Mumbai has gone beyond control.
Skyscrapers are budding like anything in the city. Tall residential buildings are fast coming up at different locations. Over half of a dozen are still there in the pipeline, but they also seem to be incapable of handling the soaring demand for residential units in Mumbai.
Handling Law is another major problem in Mumbai. One can easily see vast slums situated alongside the tall and glitzy buildings. Indeed, the Asia's biggest slum, Dharavi, is located right next to the city's prime business districts, Bandra-Kurla Complex.
Lack of organized renting laws further worsens the problem and has pushed the property prices. To resolve the problem of unaffordable housing, the state government has recently announced a new housing policy to make houses an economical option for all, especially lower and middle class.
Apart from promoting affordable housing, the policy will also see to the redevelopment of slums and old buildings to pave ways for foreign investment in the Mumbai residential sector.
Bikash kumar is the contributing author to the http://www.indianrealtynews.com for distinct articles and news. Indian Realty news provides news on commercial and residential properties of various cities like Delhi, Gurgaon, Mumbai, Chandigarh and Bangalore etc in India along with news on latest property investment, finance and property loan and laws in India.
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