Mumbai's Affordable Housing Big Challenges, Bigger Hopes
Mumbai is India's financial capital. It is also one of the most expensive cities for housing in the world. Millions of families still search for a decent, affordable home here . The good news is that the city is finally moving on solutions. Here is a clear look at the biggest challenges, and why there is real reason for optimism. Land Is Scarce, and That Changes Everything Mumbai sits on a narrow strip of land between the sea and the hills. This geography limits how much land is available for new homes. Land scarcity pushes prices up for everyone. In major urban centers like Mumbai, any available land is priced at extremely high rates, and it can make up more than half of a project's total cost . This single factor explains why budget homes are so hard to find in the city center. The silver lining is smarter land use. Redevelopment of old buildings and slums, along with higher floor space index for eligible projects, is helping the city do more with the land it already ha...
