Author: AIVP
Original title: Waterfront Suffers Neglect as Mumbai Rents
On sale date: Wednesday, 12 September 2007
Type of document: News
Topic: 5 - DERELICTED PORT AREAS AND URBAN PLANNING, 5.04 - offices, retails and business areas
Location: Asia : India : Mumbai
Language: English, French, Spanish

The Indian economy is growing strongly (GDP at + 8.8% estimated for this year), but it is an economy that is growing faster than its potential. This is notably the case in Mumbai where the office building market is in the proceeds of exploding, in spite of costs that are already the third most expensive in the Asia Pacific region after Hong Kong and Tokyo. Restrictive building standards have blocked the vertical growth of the city and a Draconian legislation on real estate is discouraging financial transactions. The desire is also to make Mumbai into a world financial centre. Hence ever stronger urban pressures on the Mumbai Port Trust and the 728 hectares of Eastern Harbour, a good part of which is not utilised.

Waterfront Suffers Neglect as Mumbai Rents Zoom / MUKHERJEE, Andy - Bloomber.com, August 29, 2007
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