There’s a problem with Mumbai’s real estate and it must be countered before it’s too late. Although Mumbai’s property has been on an ascent for quite some time, there is an urgent need to reform the whole industry. Investors, developers and the media may be going gaga over Mumbai property, but the truth is, it is an unequal and imbalanced playground.
Rich people are the only type of home buyers that are happy about the current situation in Mumbai. The extraordinary prices are not meant for everyone, which goes on to create an exclusive club of home owners who come from the same strata. Nobody seems to be caring about the middle class and lower middle class people who are slowly and steadily being shifted and shunted away to the periphery of the city.
Despite vital advancements in the quality of real estate in Mumbai, infrastructure is not up to the mark. People may live in palatial homes, but they both travel on the same potholed stretch while going to office. Developers need to provide more utility and less luxury so as to come down to the level of the majority and elevate the quality of life in Mumbai.
The reason developers do not build affordable homes with the same gusto as luxury and neo-modern apartments is because there’s less return on affordable homes. More importantly, the government and local authorities can’t seem to find the political will to force developers to build a small percentage of their projects in the affordable housing category. This has led to a syndicate of developers that are totally devoid of any accountability.
It is clear that responsible developers are needed to change the way real estate is operated in the city. Thankfully, Ravi group Mumbai has been consistently churning out affordable projects in upcoming parts of Mumbai like Mira road. Their projects in the western suburb, The Era in Kandivali(W) and Gaurav Discovery in Malad(W) are superb residencies that provide affordable homes for everyone to experience a comfortable life in Mumbai.
Affordable homes are necessary not just for the different demographics in the city but also for a balanced society. Innovative housing solutions are the way forward and developers must take up the mantle for the same. Inclusive real estate development is the way of the future but it will require the will of the authorities and accountability of the developers.
Rich people are the only type of home buyers that are happy about the current situation in Mumbai. The extraordinary prices are not meant for everyone, which goes on to create an exclusive club of home owners who come from the same strata. Nobody seems to be caring about the middle class and lower middle class people who are slowly and steadily being shifted and shunted away to the periphery of the city.
Despite vital advancements in the quality of real estate in Mumbai, infrastructure is not up to the mark. People may live in palatial homes, but they both travel on the same potholed stretch while going to office. Developers need to provide more utility and less luxury so as to come down to the level of the majority and elevate the quality of life in Mumbai.
The reason developers do not build affordable homes with the same gusto as luxury and neo-modern apartments is because there’s less return on affordable homes. More importantly, the government and local authorities can’t seem to find the political will to force developers to build a small percentage of their projects in the affordable housing category. This has led to a syndicate of developers that are totally devoid of any accountability.
It is clear that responsible developers are needed to change the way real estate is operated in the city. Thankfully, Ravi group Mumbai has been consistently churning out affordable projects in upcoming parts of Mumbai like Mira road. Their projects in the western suburb, The Era in Kandivali(W) and Gaurav Discovery in Malad(W) are superb residencies that provide affordable homes for everyone to experience a comfortable life in Mumbai.
Affordable homes are necessary not just for the different demographics in the city but also for a balanced society. Innovative housing solutions are the way forward and developers must take up the mantle for the same. Inclusive real estate development is the way of the future but it will require the will of the authorities and accountability of the developers.
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