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Rapidly increasing demand from this segment cannot be ignored, hence developers are making an effort to reach out to a wider segment by constructing homes with luxury features at affordable rates. The prospect of enjoying high-end facilities without stretching the budget is the key attraction for such projects.

In a recent directive, the state government, led by Chief Minister Devendra Fadnavis, has told builders, who are assisting it in constructing homes under the Pradhan Mantri Awas Yojana (PMAY) to sell half the units using ready reckoner (RR) rates as the benchmark. Currently, units built under the scheme are being sold under the Maharashtra Housing Area Development Authority (Mhada) policy, and cost about 20-25 per cent more when compared to RR rates.

MakaaniQ lists ten upcoming skyscrapers in India, which are in various stages of construction.

Official data show vehicular population in the Mumbai Metropolitan Region increased from 18.42 lakh in 2001 to 79.71 lakh till March 2018. The city, it seems, is closely following the example set by Delhi. In effect, Mumbai is getting a dirtier city as far as the air quality goes.

Because of a slowdown in sales, the rising cost of construction and labour, the developers have been hit hard. The burden of the borrowings taken at high interest rates have further eaten into their profitability or have been passed on to the homebuyers. As the Union Budget will be presented on February 1, the real estate stakeholders are now putting forth their wishlist, hoping for some concessions and an industry status.