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Housing in India varies from palaces of erstwhile maharajas, to modern apartment buildings in big cities, to tiny huts in far-flung villages. The Human Rights Measurement Initiative [1] finds that India is doing 60.9% of what should be possible at its level of income for the right to housing. [2]
According to the Times of India , "a majority of Indians have per capita space equivalent to or less than a 10 feet x 10 feet room for their living, sleeping, cooking, washing and toilet needs." [3] The average housing area is 103 sq ft per person in rural areas and 117 sq ft per person in urban areas. [3] 99 percent of rural households have access to electricity. [4] Although cities have better facilities than villages in the country, it is made sure that there is provision of a full-day water supply. [5] Almost all States such as Gujarat, [6] Madhya Pradesh, [7] Maharashtra, West Bengal, Tamil Nadu and others provides a continuous power supply.
Mumbai experiences similar urbanisation challenges as other fast growing cities in developing countries. There is a wide disparity in housing between the affluent, middle-income and low-income segments of the population.
Highly desirable neighborhoods such as Colaba, Malabar Hill, Marine Drive, Bandra and Juhu house professionals, industrialists, Bollywood movie stars and expatriates. Up-scale flats have 3 or more bedrooms, ocean views, tasteful interior decoration, parking for luxury cars and sleeping quarters for maids and cooks. In 2007, Mumbai condominiums were the priciest in the developing world at around US$9,000 to US$10,200 per square metre. [8] Mumbai has more than 1,500 high rise buildings, many of which are still in the planning stage, but some already constructed or under construction. [9] [10]
Despite the recent economic growth, there is poverty and unemployment that exists as reflected by poor housing conditions for some sections of the population. With available space at a premium, working-class Mumbai residents often reside in cramped and basic quality, yet relatively expensive housing, usually far from workplaces. Despite this, Mumbai's economic boom continues to attract migrants in search of opportunities from across the country. The number of migrants to Mumbai from outside Maharashtra during the 1991–2001 decade was 1.12 million, which amounted to 54.8% of the net addition to the population of Mumbai. [11]
Over 7 million people, over 42% of the population of Mumbai, live in informal housing or slums, yet they cover only 6–8% of the city's land area. [12] [13] [14] [15] [16] Slums were recognized as a problem as early as in 1919 by the Bombay Municipal Corporation. [17] Slum growth rate in Mumbai is greater than the general urban growth rate. [18] Financial Times writes that "Dharavi is the grand panjandrum of the Mumbai slums". [19] Dharavi, Asia's second-largest slum is located in central Mumbai and houses over 1 million people. [20] Slums are a growing tourist attraction in Mumbai. [19] [21] [22]
Most of the remaining live in chawls and on footpaths. Chawls are a quintessentially Mumbai phenomenon of multi-storied terrible quality tenements, typically a bit higher quality than slums. 80 per cent of chawls have only one room. [23] Pavement dwellers refers to Mumbai dwellings built on the footpaths/pavements of city streets. [24] Rent control laws have helped to create a housing shortage. [8] Most of the investors are looking to invest in ongoing real estate projects [25] to get maximum returns. The MMRDA has released the Mumbai Development Plan for 2034 which discusses means of creating affordable housing, including a criticised proposal to build on salt pan land. [26] [27]
There is a large developed housing market with major builders and promoters. Some municipal and other government officials, elected politicians, real estate developers and a few law enforcement officials, acquire, develop and sell land in illegal ways. [28] Sometimes, government land or land ostensibly acquired for some legitimate government purpose is then handed over to real estate developers who build commercial and residential properties and sell them in the open market, with the connivance of a small section of the administrative and police officials. [29] In one set of allegations in Karnataka, a lake was filled in and government buildings torn down after illegal transfers to a developer by mafia-connected officials. [30] Eminent domain laws, intended to procure private land at relatively low prices for public benefit or redistribution to poorer people under social justice programs, are abused to pressure existing landholders to sell land to a government entity, which transfers the land to developers at those low prices, and who in turn sell it back on the market at much higher prices. [31] [32] The computerization of records relating to the classification of tracts and land ownership is a key tool in countering the illegal activities of land mafias, since it creates transparency on all information relating to a given parcel of land. This approach has been effective in Bangalore, [33] but efforts to extend it elsewhere have sometimes met with strong resistance by land mafias, manifesting itself as bureaucratic inaction. [34]
The Indian property bubble refers to the concern expressed by some Indian economists that housing market in some major Indian cities may be in a bubble. The real estate sector is thought to be collapsing due to increasing costs of financing. Real estate projects in India take a long time to complete due to a complicated and corrupt regulatory mechanism. Several of the India's publicly traded real estate firms are in debt. The inventory of unsold real estate assets is growing and it is expected the market will undergo price corrections. [35] According to Mumbai-based market research agency, Liases Foras, 30% of the transaction in the real estate sector is done with black money. [36] In September 2019, India announced that it will provide $1.41 billion of funds to boost affordable and middle income housing, as part of measures designed to aid India’s slowing economy. [37]
There are a variety of financial institutions providing home lending services to prospective buyers. The process is similar for consumers in India as it is in other countries with a mature housing finance industry.
Consumers need to prove the ability to repay and qualify based on a full picture of finances including proof of income and expenses. The largest lender in the country is Housing Development Finance Corporation.
Lenders require an Encumbrance Certificate for the prospective property, which verifies a clear title. Some lenders require the property to be RERA certified. [38]
Technology is widely used by both consumers and owners/property managers. Companies like OLX, Magic Bricks, Makaan.com, Quikr and 99acres allow for listings online of real estate for sale as well as rentals. [39]
Eknath Gaikwad was an Indian politician from the Indian National Congress (INC) political party. He was a member of the 15th Lok Sabha and the 14th Lok Sabha of India. He died from COVID-19 in 2021.
Dharavi is a residential area in Mumbai, Maharashtra, India. It has often been considered to be one of the world's largest slums. Dharavi has an area of just over 2.39 square kilometres and a population of about 1,000,000. With a population density of over 277,136/km2 (717,780/sq mi), Dharavi is one of the most densely populated areas in the world.
Gorai ([ɡoɾaːi]) is a village at Dharavi Bhet, in Mumbai, India. It is located on the North-western part of the island of Salsette. Gorai is accessed more usually by a ferry crossing the Manori Creek and Gorai creek or otherwise by the overland route through Bhayander. Gorai is bordered by the villages of Manori and Uttan, Pali, Chowk, Dongri, Tarodi, Rai, Morva and Murdhe.
Organised crime in India refers to organised crime elements originating in India and active in many parts of the world. The purpose of organised crime in India, as elsewhere in the world, is monetary gain. Its virulent form in modern times is due to several socio-economic and political factors and advances in science and technology. There is no firm data to indicate the number of organised criminal gangs operating in the country, their membership, their modus operandi, and the areas of their operations. Their structure and leadership patterns may not strictly fall in line with the classical Italian mafia.
Housing Development and Infrastructure Limited, doing business as HDIL, is an Indian real estate development company based in Mumbai.
Sathuvachari Varadarajan Mudaliar, also known as Vardhabhai and Vardha, was an Indian crime boss. From the early 1960s to the 1980s, he was, along with Karim Lala and Haji Mastan, one of the most powerful mob bosses in Bombay. His origin is Sathuvachari in North Arcot district of Tamil Nadu, from where his father migrated to Tuticorin to work in shipping business. He was born in Tuticorin, Tamil Nadu.
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Mafia Raj refers to a criminalised nexus of corrupt government officials, elected politicians, business interests and other entities.
The 2005 Chinese property bubble was a real estate bubble in residential and commercial real estate in China. The New York Times reported that the bubble started to deflate in 2011, while observing increased complaints that members of the middle class were unable to afford homes in large cities. The deflation of the property bubble is seen as one of the primary causes for China's declining economic growth in 2013.
Real estate in China is developed and managed by public, private, and state-owned red chip enterprises.
Palais Royale is an under-construction supertall residential skyscraper in Worli, Mumbai, Maharashtra, India. At 320 metres (1,050 ft), it is the tallest topped out building and third tallest structure in India. The building had topped-out in 2018 but the facades and interior of the skyscraper are still under construction. Its completion, previously expected by 30 December 2023, has been delayed due to pending litigation and other external factors, and is now expected by 30 December 2024.
World One is a 280.2 m (919 ft), 76-floor skyscraper in Mumbai, Maharashtra, India. As of 2024, it is the second tallest completed building in India and the third tallest overall. It is on the 7.1-hectare (17.5-acre) site of the defunct Shrinivas Mill. The site also houses two other towers: World View and World Crest. The complex was developed by the Lodha Group.
Lokhandwala Minerva is a 301 m (988 ft), 78-floor residential supertall skyscraper in Mumbai, Maharashtra, India. As of 2024, it is the tallest completed building and the second building to reach supertall height in India.
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Illegal housing in India consists of huts or shanties built on land not owned by the residents and illegal buildings constructed on land not owned by the builders or developers. Although illegal buildings may afford some basic services, such as electricity, in general, illegal housing does not provide services that afford for healthy, safe environments.
Niranjan Hiranandani is an Indian billionaire businessman, co-founder and managing director of Hiranandani Group, engaged in real estate business. He is ranked by Forbes among the 100 richest Indians, with a net worth of US$1.6 billion as of June 2021.
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