According to economists at the global property guide, apartments in Mumbai are among the most expensive in the developing world. The cost of rental is approximately $9000 per square meter annually which comes out to approximately $3000 a month for an average apartment. This is unaffordable for citizens of a country where the average GDP per capita is only about $720. Some of the most highly paid workers make only $3500 still leaving them far from being able to afford one of these apartments.
These intense prices are partially fueled by a huge demand for housing. According to government statistics nearly 60% of the population of Mumbai lives in its slums. This value is increasing continuously as many rural people are migrating to the city. Many doing so only to find themselves sleeping on the streets. (Pictured).
Overall affordable housing is one of Mumbai's most serious problems. It is being addressed slightly by the government through various projects that attempt to help the people living in the slums such as a computer course offered by some of the politicians in the city. Unfortunately the effects of these types of projects are only felt by amount of the population. The private sector also has its solutions to the slums. Some people want to completely demolish the slums and replace them with housing that will be made accessible to the slum residents in an affordable manner by relying on private investment.
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