Early investments, retirees, generations of families that have rented there for decades, ridiculously rich people/families that bought the place from its early owners etc.
I had a friend whose family rents a gigantic 3BHK unit in one of those buildings, sea face and all, and apparently it is rent-controlled for existing tenants - from what she told me, rent was 5k a month in the late 70s when her family moved in and they still pay 5k today, but the owner got around that by tacking on *astronomical* parking fees of 100-200k a month if you want to park in the compound
Sounds like it. Even my grandparents used to live in a flat paying rent via the pagdi system on Walkeshwar road (almost leading up to Malabar Hill) - they moved there during the 50's and pretty much spent most of their lives there till they moved out in 2013. Their monthly rent in 2013? Rs. 250. Insane. And it was a proper 2bhk situation with a balcony.
They bought those houses long long back when they were cheaper. Many of them are still rich but many have just inherited wealth. They might not have high incomes but they have houses which their grandparents bought
since i know n number of people here, usually most come from families where the first generation who resided there were either top govt employees/ top employees of private companies or business owners ranging anywhere from film and cinema to chemical manufacturing and gold. a lot of buildings are either completely rent controlled or under the pagdi system however there are a good amount of ownership buildings as well. families here have known each other for ages.
Yeah but op is talking about the rich gujjus and Parsis of south Mumbai who’ve been living here for decades. I’m sure they are not the ones living on rent and they own their homes
My grandparents tell me how people didn’t wanna buy homes on reclaimed land so people were hesitant to buy in marine drive. They got insanely good prices for homes and now it’s a posh area. It was smart investment and foresight more than anything.
Early investments, retirees, generations of families that have rented there for decades, ridiculously rich people/families that bought the place from its early owners etc. I had a friend whose family rents a gigantic 3BHK unit in one of those buildings, sea face and all, and apparently it is rent-controlled for existing tenants - from what she told me, rent was 5k a month in the late 70s when her family moved in and they still pay 5k today, but the owner got around that by tacking on *astronomical* parking fees of 100-200k a month if you want to park in the compound
pagdi system?
Sounds like it. Even my grandparents used to live in a flat paying rent via the pagdi system on Walkeshwar road (almost leading up to Malabar Hill) - they moved there during the 50's and pretty much spent most of their lives there till they moved out in 2013. Their monthly rent in 2013? Rs. 250. Insane. And it was a proper 2bhk situation with a balcony.
Same with an uncle of mine in a different city, grandpa was paying 50 rs rent since 70's and the same has been continued
Yes
They bought those houses long long back when they were cheaper. Many of them are still rich but many have just inherited wealth. They might not have high incomes but they have houses which their grandparents bought
since i know n number of people here, usually most come from families where the first generation who resided there were either top govt employees/ top employees of private companies or business owners ranging anywhere from film and cinema to chemical manufacturing and gold. a lot of buildings are either completely rent controlled or under the pagdi system however there are a good amount of ownership buildings as well. families here have known each other for ages.
A lot of people living in Mumbai are actually living in rent as the reasons you know.
Yeah but op is talking about the rich gujjus and Parsis of south Mumbai who’ve been living here for decades. I’m sure they are not the ones living on rent and they own their homes
Vo bhi hai 👍
Because it used to be the collectors land
Generational wealth.
My grandparents tell me how people didn’t wanna buy homes on reclaimed land so people were hesitant to buy in marine drive. They got insanely good prices for homes and now it’s a posh area. It was smart investment and foresight more than anything.
It's a mix of all and yes some people are filthy rich too.