A house in Mumbai slums costs Rs 40 lakhs!
Mumbai metropolis has the largest slum area, but the real estate prices of the slums compare with that of posh localities in the A-class cities of India. It is estimated that the teeming slums house 60% of the Mumbai’s population. . Some tenements in these areas sell for as much as Rs 15,000 per sq ft while rents for the humble hovels can soar as high as Rs 10,000 a month. However, the living conditions are always almost sub-human.
A two-room house at the Matunga labour camp on Dharavi’s 60-feet Road costs up to Rs 40 lakh. A slum-dweller who purchased a 200-sq-ft tenement in the Dharavi neighbourhood a few years ago for Rs 13 lakh and built a floor over it and it could fetch him Rs 35-40 lakh at today’s prices.
In the slums around localities like Worli, Nepean Sea Road, Cuffe Parade and Colaba, the rate for a shanty can be over Rs 25 lakh. In the Bharat Nagar slum adjoining Bandra-Kurla Complex, some residents received over Rs 1 crore a shanty to shift permanently a few years ago.
Thousands of shanties in the slums are regularly bought and sold. Most transactions are done in cash and the only loser is the government, which does not receive stamp duty.