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Land is an important resource available to urban areas serving the dual purposes of production of economic goods as well as creation of infrastructure, which in turn provides consumption benefit as well as serves as intermediary resource. The development of most of the cities is determined by the location and organization of economic activities on urban land. Land and housing markets are important means of ensuring this, so long that they function efficiently. This paper analyzes the determinants of land and housing supply in Mumbai first and then discusses the demand factors of the same. The institutional framework as well as the emerging patterns of land use and housing are analyzed thereafter. Finally, the underlying constraints for efficient functioning of land and housing markets are critically reviewed, so that the reform agenda could be drawn. [ABSTRACT FROM AUTHOR]