Quote:Mea Kadwani, 78, has lived in the same apartment in the Mukund Mansion in Mumbai since he was a toddler. Thanks to rent control laws, he paid less than $20 a month for decades, and $23 a month recently, for a 2,600-square-foot space in the upscale Nepean Sea Road neighborhood, where rents typically top $2,000 a month. Now he’s moving on: After three years of negotiations, he and his wife pocketed $2.5 million from Orbit, a real estate developer planning to turn the building into a garage for residents of its 29-story Villa Orb tower under construction next door.
The developer offered Kadwani an apartment in the new building. Instead, Kadwani took the money and moved to a first-floor flat nearby. “I refused an apartment in the redeveloped building, as the idea of staying in these tall towers didn’t appeal to me,” he says.
Thousands of rent-controlled tenants in India’s fast-growing financial hub are becoming millionaires as developers tear down crumbling colonial mansions to build luxury towers for the rich, according to Orbit and other companies. Home prices in Mumbai have climbed to a record 10,833 rupees ($200) per square foot, doubling in three years, according to Liases Foras Real Estate Rating & Research, based in the city.
YAY for the little guy!
I am not your rolling wheels, I am the highway
I am not your carpet ride I am the sky
I am not your blowing wind, I am the lightning
I am not your autumn moon, I am the night