Just 9 families own 20% of Mumbai.
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#realestate #mumbairealestate #mumbai #bombay #twitterthread
Mumbai is the costliest real estate market in India. Land property prices in Mumbai are not just one of the highest in India but in the world. The reason behind the very high real estate prices is the city's location.
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Mumbai is bordered by the sea on 3 sides. The city has only one side to further expand.
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According to a report in the Times of India, The great Mumbai is spread over an area of 437 square kilometres. Only 139 square kilometres of the total area is habitable.
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9 families and family trusts in Mumbai own about 20% of all the lands. The biggest among all is the Godrej Family with 3401 acres of land.
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The biggest landowner of Mumbai is F E Dinshaw Trust. The trust owns about 683 acres of land in Malad and Kanheri.
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The trust was set up by Framroze Edulji Dinshaw, a Mumbai based lawyer and financier who once owned the stake in Tata Sons which is currently in the hands of the Mistry family. Nusli Wadia is currently the head trustee of this trust.
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The family of former Arya Samaj head Pratapsingh Surji Vallabhdas owns 647 acres of land in Bhandup, Mumbai. The family is developing a part of their land parcel into a real estate project.
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Jeejeebhoy Ardeshir Trust owns 508 acres of land near Chembur. Another Parsi family trust, A H Wadia Trust has 361 acres of land in Kurla.
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Byramjee Jeejeebhoy Family owns 269 acres of land spread over in Goregaon, Majas, Mogra, Oshiwara. Sir Muhammed Yusuf Khot Trust owns 249 acres of land in Kanjur.
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The Hirjibhai Dinshaw Billimoria family owns 206 acres of land in Deonar. The family of V K Lal owns 70 - 100 acres of land near Kandivali.
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6 out of the 9 biggest land owners of Mumbai are Parsi families and family trusts. These Parsi families acquired their lands before the independence of India.
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According to Slum Rehabilitation Authority, Mumbai, much of the land of these families were either encroached upon or ceased under the Urban Land Ceiling Act. The current land parcel is just a small portion of their total land holdings lost over time.
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