Mumbai's pursuit of economic growth is coming at the cost of its sustainability, threatening the city's future. The city's authorities have failed to address its ecological challenges, and the consequences are already being felt.
MumbaiSustainabilityEcologyEconomyClimate ChangeReal Estate MumbaiAug 05, 2024
Mumbai's growth has come at a significant cost to its sustainability, threatening the city's future.
The decision has led to a loss of green cover and has put a strain on the city's water resources.
The Mumbai Climate Action Plan is a plan released two years ago that suggested ways forward for the city's ecology. However, it is not a statutory plan, and the State government and BMC are not bound to follow it.
The NITI Aayog and the State government have pegged Mumbai's GDP at $140 billion in 2023 and project it to touch $300 billion by 2030 as the Mumbai Metropolitan Region (MMR).
The isolationist approach has led to a lack of coordination between Mumbai and the MMR, which are closely tied economically and demographically.
The recent policy by BMC to offer sweeteners to real estate developers has inadvertently led to a 'diabetes' crisis in Mumbai's real estate market. Builders are now facing significant challenges, and the market is struggling to adapt.
The start-up ecosystem in India witnessed a significant 9% surge in funding, reaching $2.5 billion in the March quarter. Major contributions came from sectors like Auto Tech, Enterprise Applications, and Real Estate and Construction Tech.
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Commercial real estate demand from global capability centres is set to surge, driven by the need for high-quality developments and a skilled workforce.
Maharashtra is planning to increase the height limit for high-rises from 120m to 180m, a move that has been met with enthusiasm by the real estate industry. This new proposal could reshape Mumbai's skyline and open up new opportunities for development.
Individual housing loans outstanding rose 14% to ₹33.53 lakh crore in Q2FY24, with the MIG segment leading the growth. Here’s a detailed look at the trends and factors driving this increase.