The Devastating Impact of Water-Logging on Mumbai's Real Estate Market
Water-logging in Mumbai can reduce property values by up to 20%. Find out how this natural disaster affects the city's real estate market.
Real Estate MarketWater LoggingMumbaiProperty ValuesFloodingReal Estate NewsJul 01, 2024
According to a report by Hindustan Times, residential rates in areas like Gandhi Market, which gets water-logged within 10 minutes of heavy rainfall, are significantly lower than in other parts of the city. The rates in this area range from ₹30,000 to ₹50,000 per square foot. Similarly, areas like Dahisar subway, which gets flooded within 30 minutes, have lower rates, ranging from ₹17,000 to ₹25,000 per square foot.
The impact of water-logging on the real estate market is not limited to residential properties. Commercial properties in these areas also suffer from lower rentals and sale prices. This can be attributed to the fact that businesses are reluctant to set up shop in areas that are prone to flooding, as it can disrupt their operations and lead to losses.
The causes of water-logging in Mumbai are multifaceted. The city's outdated drainage system, coupled with rapid urbanization and infrastructure development, has put a strain on the city's resources. The Brihanmumbai Municipal Corporation (BMC) has been working to improve the city's infrastructure, but more needs to be done to mitigate the effects of water-logging.
In recent years, the BMC has launched several initiatives to improve the city's drainage system. These initiatives include the construction of new drainage lines, the widening of existing ones, and the creation of flood-control gates. However, more needs to be done to address the root cause of the problem.
The impact of water-logging on the real estate market is a pressing concern for property owners, developers, and buyers alike. It is essential to address this issue to ensure that the city's real estate market remains vibrant and thriving.
Information
The Brihanmumbai Municipal Corporation (BMC) is the civic body responsible for the governance of Mumbai. The BMC is responsible for providing various services, including sanitation, water supply, and infrastructure development.
The Hindustan Times is a leading Indian newspaper that provides news and analysis on various topics, including business, politics, and sports.
Frequently Asked Questions
How does water-logging affect property values in Mumbai?
Water-logging can reduce property values by up to 20% in areas that are prone to flooding.
Which areas in Mumbai are most affected by water-logging?
Areas like Gandhi Market, Dahisar subway, and Milan subway are prone to water-logging and have lower property values as a result.
What is the cause of water-logging in Mumbai?
The causes of water-logging in Mumbai are multifaceted, including the city's outdated drainage system, rapid urbanization, and infrastructure development.
What is the BMC doing to address the issue of water-logging?
The BMC has launched several initiatives to improve the city's drainage system, including the construction of new drainage lines and the widening of existing ones.
How can property owners and developers mitigate the effects of water-logging?
Property owners and developers can take steps to mitigate the effects of water-logging, such as investing in flood-control measures and developing properties that are resistant to flooding.
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