CNN Central News & Networks / ITDC India ePress / ITDC News /Agencies/ Bhopal: Mumbai. In the country’s financial capital Mumbai, buying a home is no longer easy even for young people earning good salaries. Salaried youth and middle-class families in particular are struggling even for a small 1BHK flat. Rising land prices, construction costs and government charges in the city have pushed housing prices so high that buying a home has become a major financial challenge for people with regular incomes.
Real estate businessman Abhinandan Lodha recently said during a discussion that even young people with good earnings are not able to buy homes near their workplaces in Mumbai. He said people want to live close to the city rather than travel long distances, but high land costs and government charges are making this increasingly difficult.
According to Lodha, there is strong demand for homes priced at Rs 50 to 60 lakh, but providing homes within this budget is challenging for developers. For this, special support and incentives from the government are needed.
Data from the real estate sector also points to this problem. In the Mumbai Metropolitan Region, the share of affordable homes in new residential projects is declining, and developers are increasingly turning toward larger and premium flats. According to experts, shortage of land, construction costs and various government charges are the main reasons for this shift.
In these circumstances, young salaried people are left with options such as living on rent, looking for homes in the city’s outer areas, or postponing plans to buy a home.
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