Construction in Bombay is largely private, but must comply with the rules and regulations set down by the Bombay Municipal Corporation. All repairs and renovation of existing buildings are also supervised by the BMC. Although a government organisation, MHADA, is responsible for constructing and selling housing to low and middle income groups. The number of flats sold by this organisation accounts for less than 20% of the city's annual needs.
The MMRDA's masterplan for Bombay estimates that the annual housing requirement in 1991-96 was 85,000 units. The actual availability was far below this. The acute shortage of housing has pushed up prices. A survey in 1995 found that land prices in Bombay are the highest in the world.
Source: Times of India, Jan 19, 1996.
|Locality||Initial Deposit (million Rs.)||Monthly Rent (thousand Rs.)|
|Cuffe Parade||5 - 8||25|
|Malabar Hill||6 - 10||25|
|Breach Candy||6 - 10||25|
|Bandra, Juhu||3 - 5||20|
|The figures are for two bedroom apartments of size between 1100 and 1200 sq feet.|