Amid the luxury towers and expansive villas of Mumbai's most exclusive postcode, a crumbling apartment block exemplifies the risks some people are willing to take to live in one of the world's most expensive property markets.

Some 600 people, mainly middle-class civil servants and their families, live in the government-owned, dilapidated block, located across the Arabian Sea in the same Worli neighborhood that's home to the daughter of Mukesh Ambani, India's richest man.

Children play outside their units along corridors with rusted, broken railings held together with rags, and the steel bars reinforcing the structure are visible from where the cement has fallen off the floors and ceilings.