Housing Boom in the Making
Mumbai is set for a housing revolution. By 2030, redevelopment projects across the city are expected to deliver more than 44,277 new homes worth ₹1,305 billion, according to a new Knight Frank India report.
Since 2020, 910 societies across Greater Mumbai have signed redevelopment agreements, unlocking nearly 327 acres of land. Yet, this is only a start. With 1.6 lakh societies older than 30 years still eligible, the city’s redevelopment journey is just beginning.
Suburban Powerhouses
The Western Suburbs dominate the redevelopment pipeline, accounting for 73 percent of upcoming units. Areas from Bandra to Borivali are set to add 32,354 new homes. The Central Suburbs follow with 10,422 units, while Central and South Mumbai will see 1,085 and 416 units respectively.
Hotspots like Borivali, Andheri, and Bandra together represent almost 139 acres of projects. Between 2020 and mid-2025, the Western Suburbs alone signed 633 society deals, covering 70 percent of all redevelopment agreements.
Boost to State Revenues
The free-sale component of these projects is expected to generate nearly ₹7,830 crore in stamp duty and another ₹6,525 crore in GST over the next five years.
Smaller projects dominate the space. More than 80 percent of redevelopment agreements since 2020 involved plots below half an acre. However, larger cluster projects are slowly gaining ground, signalling a possible shift in the city’s redevelopment model.
Industry Voices
Industry leaders say redevelopment is now the biggest driver of Mumbai’s real estate growth. They argue it provides modern, safer homes for residents while opening up scarce land parcels for developers. It also ensures higher revenues for the state and aligns with national housing goals.
They stress, however, that timely approvals, transparent practices, and stable policies will be crucial for this transformation to succeed. Developers highlight the need to balance aspiration with execution, while also ensuring that societies trust the process.
With nearly 1.6 lakh ageing societies in line, the redevelopment potential is massive. Whether Mumbai can achieve this transformation by 2030 will depend on speed, governance, and the ability of all stakeholders to work in sync.
