Water-Logging in Mumbai: The Hidden Cost on Real Estate
Water-logging in Mumbai takes a toll on property values, with rental rates dropping by up to 20% in affected areas.
Water LoggingMumbaiReal EstateProperty ValuesHindustan TimesReal EstateJul 01, 2024
One of the most affected areas is Gandhi Market, which gets water-logged within 10 minutes of heavy rainfall. The residential rates in this area are between ₹30,000-₹50,000 per square foot, significantly lower than other areas in the city. Similarly, Dahisar subway, which gets flooded within 30 minutes, has rates between ₹17,000-₹25,000 per square foot. Milan subway is another area that is heavily affected by water-logging, resulting in lower property values.
The water-logging problem in Mumbai is a result of various factors, including the city's geography, poor drainage system, and rapid urbanization. The city's low-lying areas, combined with the high tide, make it prone to flooding during heavy rainfall. Additionally, the lack of effective drainage systems in many areas exacerbates the problem.
The impact of water-logging on the real estate market is twofold. Firstly, it reduces the value of properties in affected areas, making them less attractive to buyers and investors. Secondly, it affects the rental yields, as tenants are reluctant to occupy properties in areas prone to flooding.
The Mumbai Municipal Corporation (BMC) has taken some measures to address the issue, including the creation of a ₹1,500 crore flood mitigation plan. However, more needs to be done to address the root cause of the problem.
In conclusion, the water-logging problem in Mumbai has a significant impact on the real estate market, resulting in lower property values and rental yields. It is essential for the authorities to take concrete steps to address the issue, to restore the confidence of buyers and investors in the city's real estate market.
Information Hindustan Times (HT) is an Indian English-language daily newspaper founded in 1924. It is one of the largest newspapers in India, with a circulation of over 1 million copies.
The Mumbai Municipal Corporation (BMC) is the civic body responsible for the governance of Mumbai. It is responsible for providing various services, including infrastructure development, healthcare, and sanitation.
Frequently Asked Questions
What is the impact of water-logging on property values in Mumbai?
Water-logging reduces property values by 10-20% in affected areas.
Which areas in Mumbai are most affected by water-logging?
Gandhi Market, Dahisar subway, and Milan subway are some of the most affected areas.
What are the causes of water-logging in Mumbai?
The causes of water-logging in Mumbai include the city's geography, poor drainage system, and rapid urbanization.
What are the consequences of water-logging on the real estate market?
Water-logging reduces property values and rental yields, making properties less attractive to buyers and investors.
What steps are being taken to address the water-logging problem in Mumbai?
The Mumbai Municipal Corporation has created a ₹1,500 crore flood mitigation plan to address the issue.
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