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Analysis of housing market in Mumbai - 2017 survey
1. ANALYSIS OF
HOUSING MARKET
IN MUMBAI AND
UNDERSTAND THE
DYNAMICS OF
URBAN HOUSING
AND DEMAND
- ANJALI.S
ADITI
ANJALI .A
GANGADHAR
MEGHANA
SUNITA
2. INTODUCTION
Housing in India varies from palaces to modern apartment buildings in
big cities to tiny huts in far-flung villages. There has been tremendous
growth in India’s housing sector as incomes have risen. With
modernization there is a growing number of nuclear families, in which
each couple occupies its own house after marriage, in urban areas.
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." the average is 103
sq. Ft. Per person in rural areas and 117 sq. Ft. Per person in urban
areas.
EXAMPLE
Mumbai is the capital city of the Indian state of Maharashtra. It is
second most populous metropolitan area in India, with a population
of 21.3 million as of 2016.
Mumbai experiences urbanization challenges in housing between the
affluent, middle-income and low-income segments of the population.
The per capita residential area currently available in Mumbai is just
8.3 square meter.
Highly desirable neighbourhood’s 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. Only a tiny fraction of people
in Mumbai live in these luxury high rises. Mumbai has more than
1,500 high rise buildings, many of which are just planned, but some
already constructed or under construction.
3. Despite the recent economic growth, there is still vast poverty,
unemployment and therefore poor housing conditions for a huge
section of the population. With available space at a premium,
working-class Mumbai residents often reside in cramped and poor
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.
Over 9 million people, over 60% of the population of Mumbai, live in
informal housing or slums, yet they cover only 6–8% of the city's land
area. Slum growth rate in Mumbai is greater than the general urban
growth rate.
Financial times writes that "Dharavi is the grand panjandrum of the
Mumbai slums". Dharavi, Asia’s second largest slum is located in
central Mumbai and houses over 1 million people.
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. Pavement dwellers refers to Mumbai
dwellings built on the footpaths/pavements of city streets. Rent
control laws have helped to create a housing shortage.
Also, while Mumbai is considered the country’s economic and
financial nerve canter, commercial and office spaces occupy just three
per cent (12.72 sq. Km) of the land.
The new data, collected by officials as part of the ongoing revision of
the city’s development plan, has found that the 1.24 crore population
collectively occupies just 10,327.09 hectares or 103.28 square
kilometres of the city’s land area.
In other words, there are over 1.2 lakh people per square kilometre
space.
4. AIMS OF HOUSING POLICY
• Creation of adequate housing stock both rental as well as the
ownership basis.
• Facilitating supply of serviced land and cost-effective housing
with particular focus to economically weaker sections and
lowest income groups
• Ensuring that all dwelling units have easy accessibility to basic
sanitation facilities and drinking water.
• Development of cities and towns in a manner which provides for
a healthy environment, increased use of renewable energy
sources and pollution of free atmosphere with the concern of
solid waste disposal, drainage, etc,
• Meeting the special needs of the scheduled caste/ scheduled
tribes/ disabled/ freed bonded labourers/ slum dwellers, elderly
women, street vendors and other weaker sections of the
society.
• Protecting and promoting our cultural heritage, architecture and
traditional skills
• Establishing a management information system in the housing
sector to strengthen monitoring of building activity in the
country.
5. PRADHAN MANTHRI AWAS YOJNA
Pradhan Mantri Awas Yojna(PMAY) is a mission started with an
aim ‘housing for all’(HFA) scheme by NDA government to be
achieved by the year 2022
Features
Affordable homes with water connection, toilet facilities, 24x7
electricity supply and complete access.
2 crore houses to be built across nation’s length and breadth
Targeting the lower income groups (LIG) and economically
weaker section of our society (EWS), basically the urban poor by
the year 2022.
2 million non-slum urban poor households are proposed to be
covered under the mission
Ground floor of the houses will give preference to physically
differently abled or to senior citizens
Construction developers should strictly follow eco-friendly
development technologies.
Affordability - grant subsidy range anywhere between INR 1 lakh
and INR 2.30 lakh to LIG and EWS section of urban population.
4% less rate of interest from the market value on loans - 6.5%
interest rate to the beneficiaries for their availed loans.
6. HOUSING SUPPLY INITIATIVES IN MUMBAI
Slum Rehabilitation Authority (SRA)
National Slum Dwellers Federation (NSDF)
Basic Services to Urban Poor and Integrated Housing and Slum
Development Program (BSUP) (IHSDP)
Mumbai Metropolitan Regional Development Authority
(MMRDA)
City Industrial and Development Authority (CIDA)
HOUSING DEMAND AND SUPPLY IN MUMBAI
Mumbai generate housing demand of about 711,000.
Majority of the supply is likely to cater to the HIG, followed by
the MIG and the LIG, with supply of housing units catered
towards LIG likely to be amongst the lowest in Mumbai.
In the LIG and MIG segments, the city accounts for 24% of the
total demand
In the HIG segment, demand in Mumbai accounts for 26% of
total demand.
7. Bar graphs showing housing supply and demand in Indian cities
Chart showing housing demand and supply in Mumbai
8.
9. REAL ESTATE MARKET IN MUMBAI
Launches in the residential segment fell by about 8% in the year
to march 2017, Cushman and Wakefield reported. The markets
are off to a slow start with April and may seeing lukewarm sales,
while some of this is due to the lingering effects of
demonetisation, the markets are expected to remain dull for
another six months due to the rigours of RERA.
Real estate contribution to India’s GDP is estimated to increase
to about 13 per cent by 2028
Growth drivers of real estate market
