Mumbai's real estate market in 1990s - De-regulation, global money and casino capitalism

Mumbai's real estate market was characterised by extreme volatility, extrav agantly high prices and speculative market behaviour. This article examines the extent to which the market turbulence could be attributed to global ca pital. It finds that the players who had a decisive effect on the market we re the local real estate companies, developers and the state national gover nments. The highly unbalanced deregulation measures allowed the demand to i ncrease while supply was still fettered. To avoid destructive speculation i n the market, inherent balance of liberalisation schemes matters most.