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India’s high earners fuel demand for high-rise luxury focus 10/24/2010

Sunday, October 24, 2010

India’s high earners fuel demand for high-rise luxury

focus

10/24/2010
MUMBAI — The heart of Mumbai city, once a cotton mill hub, is seeing a rapid change in its skyline as more than 30 skyscrapers are mushrooming out of slumland in the city’s most congested district.

The transformation reflects the breakneck pace of growth in Asia’s third largest economy, as India’s property and capital markets boom and developers build dream homes for a rapidly-growing list of Indian millionaires.
Most of these high-rises, all over 40-story, are under construction while some are ready for owners to move in.

Aashish, a successful Mumbai corporate director in his mid-40s, is eager to live in the lap of luxury with commanding views of the Arabian Sea.

But he won’t have to leave the chaos, noise and congestion of India’s financial capital to find his dream home and the peace and quiet he craves.

Instead of new builds in the far-flung suburbs, the construction of upscale homes is now rapidly taking place in the city, as tracts of now-defunct cotton mill land are being freed up for development by the state government.
.... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/commentary/20101024com7.html

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