Low-cost housing in Mumbai: A market at the base of the pyramid?
Wednesday, July 29, 2009
Just like everywhere else across Asia, the real money in residential property development over the last two decades has been at the high end of market. Take a drive in any Asian city and chances are it won’t be too long before you are passing swanky, gated condominium developments – replete with pools, manicured grass and landscaped gardens, gyms and Italian marble (not to mention faux statues) – where well heeled locals mingle with expats (or at least those still lucky enough to be on fat expat packages – a dwindling number these days it should be noted). There’s a high chance, also, that the high-end development is right next door to dwellings straight out of Slumdog Millionaire.