The most interesting thing to discuss with a mature Mumbaikar is residential housing in Mumbai. As such land prices or rather home prices (which is a much better word) have skyrocketed. The situation of residential housing in Mumbai has gone unaffordable to a common man.
Depending on different areas the prices vary. Needless to say there is a housing shortage. The houses which are available are quite expensive and hence people are left to go on rent. However people always feel and lives in dilemma whether to own a house considering high interest rate phase we are into or go for rent. Any way let’s try to understand the situation of residential housing in Mumbai.
As such there is acute shortage of land. No land is available in existing suburbs. Expansion can’t happen on ground so it needs to be done in air. The local development authority keeps revising the FSI to improve residential housing in Mumbai. However still it is constrained by various other problems like air zoning, existing infrastructure and density at a particular place.
In the past many such high rises have been approved for example; in Malad, Auris Serenity is one such project of 54 storeys. If we observe in a bit more details then between Andheri and Borivali, a lot many high rise projects are coming up. Also these are the locations which are relatively cheaper as compare to other old suburbs. Similar trends are observed in Navi Mumbai and Central Line Mumbai.
Residential Housing in Mumbai