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| Mumbai slum a goldmine |
| This may not be posh Malabar Hil or pricey South Mumbai. But that does not make this a worthless piece of land.
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| INDIA
, 11-August-2007
3:9:39 AM |
| In Mumbai, a small piece of property at the Bharat Nagar Slum colony can cost upto Rs 1.5 crore.
This exorbitant price tag comes only because the colony is located in Mumbai's business district Bandra Kurla Complex, which has now become one of the city's most desired commercial spaces.
This may not be posh Malabar Hil or pricey South Mumbai. But that does not make this a worthless piece of land.
''We sold our home for Rs 75 lakh a few days ago. Now we are being offered Rs 1.5 crore for another house we have. We are still waiting to see if we get better offers,'' says Mohammed Ansari, Resident.
Pot of gold
In 1975, a transit camp was built here and people were given homes, which started from 120 square feet in size.
About 3,500 people were given homes in these camps. From then on, other slum colonies began mushrooming in the area now called Bharat Nagar.
Bandra Kurla Complex, also known as BKC, developed in 1995 as a commercial hub.
Spread over 370 hectares of reclaimed land, it has high profile businesses and swanky buildings - all built near and around this slum colony.
''These plots are on such a piece of land, which is soon going to be the commercial hub of the country,'' says Sukhraj Nahar, Chairman, Nahar Builders and Developers.
With the residents of Bharat Nagar sitting on a virtual goldmine, it's a sign that living in slums in Mumbai may not be such a bad deal in the future.
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