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CHENNAI.....Good investment opportunities in all the segment of the city. Commercial rentals is on fast trek. Residential segment also having very good demand from rural areas. Outskirts of the city is now more costly then CBD residential areas.   AHMEDABAD..... ..... Huge NRI funds were recently invested in residential segment of the city. Commercial too is feeling the heat. Residential rates are marginally up by 20% since last quarter. The trend is likely to continue.   BANGALORE...... ...IT and ITES are again in the buying spree. Residential complexes are getting good demand. NRIs investments are up again. Service apartment concept is catching up in the city. Commercial lease rentals are rising.   PUNE.... ... Pune is poised as IT centre by the developers. In fact many leading IT brands are in the city. It has enhanced the residential rates. Outskirts like Viman Nagar, Pimpari and Chinchwad also now having great demand. Good time ahead.   DELHI .... ...The market is slow for residential units. Noida and Gurgaon also have touched historic level. New zones are in the competition. Faridabad and Merut along with Rohtak are busy catering for demand in Delhi and NCR    MUMBAI.. ..... ..Realty Fund and investors of large real estate holdings are still maintaining the price level. Developing zones are feeling heat. Small pocket developers are also panic in the market. Residential prices stagnated as of now.

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Mumbai : A dying city

By Sanjay Chaturvedi


 

Politics played a major role to kill the city. There is no political will for makeover. Congress government took years, and still is, to scrap Land Ceiling Act. Land, a major issue in the city was locked by the Act. Rent Act and other century old Acts are still prevailing to deal with real estate transactions. Slums are growing like virus. There are three storey slums and enhancing its span across the city. What an example – just in front of Police Head Quarter in Kalina, ten year old slums on the footpath of Hans Bhugra Marg is still challenging the acumen of politicians and their policies. MMRDA gave accommodation to all of them but the hut remains. Development fee collected by BMC from developers were never utilised to create infrastructure in that area or to that project. Instead, it went to political appointees by way of BMC staff which ran away during Mumbai flood day on 26/7. BMC, MHADA and such agencies having army of men as staff paying almost 65% of revenues in salaries. The public health which should be priority is allocated just 7% of the total budget estimates. Actuals are not known even under the shadow of expert voucher making habits. A Sopai on the gate of any ward office will give you paid liasioning help or will not allow you to go inside. Corruption in almost all government departments including police is well known. One feels like a Bali-ka-Bakra while entering government departments.

King's arrogance of Delhi taking lagan from Mumbai and never return anything which city wants desperately. The vocal promise in Union Budget which creates mass hysteria by saying “ Let Mumbai be developed as Finance Centre” and never allocated any amount which could have solved many problems of the citizens of this so call finance centre.

History is witness for many cities in the world which had died for many reasons. Aftermath of wars, lack of employment, lack of proper accommodation and Draconian government policies. Mumbai has advanced in such direction. It is Delhi also but being capital of India, it has saving grace.

The biggest problem is land. Mumbai is sea locked from three side and in the north it is national reserved forest and park. The density of population of this two hundred old city is world's highest, according to Population Study of UN. It had flourished when textile mills were set up in the city and lot of job generation took place. People migrated from different part of India for want of employment. Labour class was in abandoned, there was lot place to reside. British government took special interest since they were having ports in mind. Mumbai is a natural harbour hence it took just a decade to establish a city.

Industrial estates were occupied by office space and manufacturing activities are running away from the city. After Mill Land sale, all most every corporate which were having factories in Mumbai started capitalising on real estate boom and sold them to developers. Labour class became jobless and working for anything. As per government estimates and stats, nearly 2 lakh small and medium manufacturing units were shut during 2001-2004.

Unhygienic conditions in worlds most densely populated city with rising crime is no place to live in. Bollywood is loosing its craze and people coming in the city for want of employment are realising that it is a big mistake to start life in a city which is now becoming Thugs paradise instead of a honest work culture. Call centers and BPO who offers 100 times more salary to teenagers are creating social unrest among experts and qualified professionals who never gets such handsome return even after working for 18 hours a day.

Arrogance and intolerance is rising with ego amongst rich teenagers and their parents. The same is seen in MBAs and white coloured young staff in corporate working for nothing but for themselves. Kill and crush if you get the chance. Beg and borrow to up keep the lifestyle. Loot and thug if some one is innocent. These attitude is killing the Mumbai work culture.

The migratory trend now seems to reversing its path. Those who cannot afford are running away in extended suburbs. Those who can afford are also doing the same for want to air and come out of suffocating environment. Cost of lifestyle is much cheaper there then that of Mumbai. Some times when Indian visited Dubai and other Gulf Countries for employment they treated it with almost carelessly. I have seen streets in Dubai with Pan spitted spots all over near Austoria Hotel and Meena Bazar. People coming from other states are having same tendency here for Mumbai. Litter, Spit dig the roads, cut the trees, do all civil wrongs, because it is a pardesh.

It seems government doesn't exist. Or else they are busy in counting their coins. Or it has insufficient resources and Will to impose rule of the land.

All the reason which can kill a city is here to stay. Media reports and research studies are indicating that population is migrating away, corporate are running away from the city to establish their headquarter. Investors and MNCs are fearing to be Enron.

Historically, you must keep a record that you once stayed in a city called Mumbai.

(All pic by Gopal Shetty)