Thursday, March 8, 2012

Slums in Mumbai sell for £100,000

Slums in Mumbai, scene of the Oscar winning film Slumdog Millionaire, are selling for over £100,000 in a sign of the booming prosperity in India's financial capital.

The 250 dilapidated slums in the shadow of glass and steel office blocks housing multinational companies are being bought up by property companies as part of a swathe of redevelopment.

However, the huge increase in property prices means some slum-dwellers feel short-changed – even when corrugated iron shacks next to open sewers and the incessant rumble of Mumbai's trains from the nearby station are selling for 8,000,000 rupees (£102,000).

Abdul Rashid, 58, lived in Bandra Kurla Complex, next to where the rags-to-riches Danny Boyle film was shot. He accepted a developer's offer and was able to buy a proper flat in a building in a nearby suburb.

"It wasn't enough money though," he insists. "Mumbai is growing at such a rate that I regret selling when I did. I should've waited and demanded more money and then I could've got a bigger flat."

Sarah Pravin, 43, from the same slum has stuck her heels in the ground and stayed. She and her husband and two sons have been one of the few residents in her area who have refused developer's money. Read More