New Policy To Address Mumbai's Severe Housing Crisis

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

1 minute read

November 16, 2006, 2:00 PM PST

By Abhijeet Chavan @http://twitter.com/legalaidtech

"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

Saturday, November 11, 2006 in BBC News

Housing India

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