Mumbai's housing market is notoriously expensive and highly stratified, ranking as one of the least affordable real estate markets globally relative to average local income.
South Mumbai neighborhoods (such as Malabar Hill, Altamount Road, and Cuffe Parade) feature some of the most expensive luxury high-rises and heritage apartments in the world. The suburbs offer a mix of middle-to-upper-class condominiums and apartment blocks. Due to the extreme cost of housing and rapid historical migration, over 40% of Mumbai's population lives in informal settlements or slums, the most famous being Dharavi. The government continually initiates Slum Rehabilitation Authority (SRA) projects and infrastructure development to attempt to formalize housing, though space remains the ultimate constraint.
