Great cities thrive when public policy, market forces and urban planning are aligned. No Indian city captures the challenges – and opportunities – better than the Mumbai metropolitan region, the largest urban centre in the western state of Maharashtra.

With a population of more than 20m, Mumbai – particularly its southern tip – is often compared to Manhattan: both are global financial centres built on narrow strips of land, relatively cut off from their rural hinterlands and with high population densities. But there the comparison ends.

Until recently, public policy and market forces were perceived as intertwined in Mumbai, restricting its growth. An ambiguous set of development control regulations allowed policy makers to grant additional square footage, or a higher floor-area ratio (FAR), for architectural elements such as balconies and flower beds.