Shared by Anushuman Karol, Ass’t. Programme Manager, PRIA
Shacks in the Mumbai shanty town made famous in the hit film Slumdog Millionaire are selling for more than £100,000 each as developers cash in on India’s growing economy.
Nearly 500 families lived in the Bandra slum in tiny corrugated iron shacks back when Danny Boyle’s rags-to-riches movie was filmed.
But now the number has dwindled to just 250 after many residents were bought out by property developers who offered.
And many sellers are feeling short-changed as property prices in India’s financial capital are soaring.
Abdul Rashid, 58, lived in the Bandra Kurla Complex until he accepted a developer’s offer and was able to buy a proper flat in a building in a nearby suburb.
But he told the Daily Telegraph: ‘Mumbai is growing at such a rate that I regret selling when I did. I should’ve waited and demanded more money and then I could have got a bigger flat.’
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And here is another tale…
Standing in the slush in front of his home at Bharat Nagar in Bandra (East), surveying a garbage pile, Shamshuzama Ansari dreams of a bright future. A Mumbai builder has offered to buy his 225 square feet brick-and-cement-roofed shanty for a whopping Rs.1.25 crore. The 30-year-old owner of a mobile phones and accessories shop lives here with his wife and parents. He now plans to buy a flat in the suburbs of the city and invest the rest in his business.
Ansari’s is not an isolated rags-to-riches tale. At least 800 other residents of Bharat Nagar, a slum settlement comprising 2,400 dwellings, received between Rs.80 lakh and Rs.1.45 crore from real estate giant HDIL. (A 280 square foot flat in a nearby building constructed under the state government’s slum redevelopment scheme costs just Rs.35 lakh)