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New Policy To Address Mumbai's Severe Housing Crisis

Posted by: Abhijeet Chavan

16 November 2006 - 2:00pm

A new government policy aims to address the severe housing shortage in Mumbai, India, by promoting new construction and increasing foreign investment.

"Property prices in Mumbai are on par with some of the most expensive cities in the world, and are probably the highest in India...60% of the city's 18 million people live [in slums]... One of the most common sights is tall, gleaming, steel-and-glass buildings standing alongside vast slums...Lack of organised renting and archaic rental laws further compound the problem and have pushed up property prices...

The state government recently announced a new housing policy to make housing available and affordable for all, especially the lower and middle-income groups. It aims at promoting rental housing and new construction, redevelopment of slums and old buildings and boosting foreign investment in the housing sector."

Full Story: Mumbai houses priced out of market
Source: BBC News, November 11, 2006
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