Slumdog shacks that are worth £100,000: Soaring property prices in the Mumbai slum

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.’

See the article below

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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)

Read more at: http://indiatoday.intoday.in/story/developers-willing-to-pay-crores-for-mumbai-shanties-as-land-prices-soar-in-bandra/1/149214.html

Who is controlling this land mafia? What is are the realities hitting our cities? Does Rajiv Awas Yojana have any solutions to these?
 
Recently heard in a dcumentary – Buying a shack in a slum, is the best investment one can do in present times!
 
And then, there is Confucius who said….
 
In a country well governed, poverty is something to be ashamed of. In a country badly governed, wealth is something to be ashamed of.
Tough living: Nearly 500 families lived in tiny corrugated iron shacks in the slum
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