India, June 22 -- Even as Mumbai's real estate market commands some of the highest property prices in the country, nature has once again exposed one of the financial capital's most enduring vulnerabilities: water security. For a metropolis grappling with rapid urbanisation, large-scale redevelopment, and rising housing demand, the biggest constraint on future growth may not be land availability but access to water.

A delayed monsoon and concerns over dwindling reservoir levels recently prompted the Brihanmumbai Municipal Corporation (BMC) to impose a 10% water cut, raising questions about whether the restrictions could disrupt construction activity and delay housing deliveries in India's financial capital.

For now, the industry appears ...