Redevelopment Projects set to transform Mumbai's Skyline by 2030

Mumbai’s housing market is on the brink of a major transformation, as ongoing society redevelopment projects are expected to add over 44,277 new homes valued at Rs. 1,305 billion by 2030, according to a recent report by Knight Frank India.

The study reveals that since 2020, 910 housing societies across the Municipal Corporation of Greater Mumbai (MCGM) limits have signed development agreements, unlocking nearly 327 acres of land for redevelopment. Despite this surge, the city has only begun to tap into its vast potential, with an estimated 1.6 lakh societies over 30 years old still eligible for redevelopment.

The Western Suburbs, stretching from Bandra to Borivali, account for the lion’s share of redevelopment activity with 32,354 units (73 percent of the total pipeline). This is followed by the Central Suburbs with 10,422 units, Central Mumbai with 1,085 units, and South Mumbai with 416 units. Hotspots such as Borivali, Andheri, and Bandra together contribute nearly 139 acres of redevelopment activity, underscoring their position as the city’s leading transformation corridors. Between 2020 and H1 2025, the Western Suburbs alone accounted for 633 out of 910 society deals, recording 70 percent of all agreements signed since 2020. Central Suburbs may add another 234 societies, pushing the suburban contribution to almost 96 percent.

Also Read: From Spillover to Strategy: Why Palghar-Boisar Is Mumbai's Next Big Bet

Beyond housing supply, redevelopment also carries major fiscal benefits. The free sale component from society redevelopment is expected to generate approximately Rs. 7,830 crore in stamp duty and another Rs. 6,525 crore as GST over the next five years.

Data indicates that over 80 percent of redevelopment deals signed since 2020 involved societies with plot sizes below 0.49 acres—highlighting the dominance of small, compact projects. Yet, larger cluster projects are gradually gaining momentum, hinting at a shift in the city’s redevelopment model.

Welcoming the findings, industry leaders emphasized the economic and social importance of redevelopment:

Prashant Sharma, President, NAREDCO Maharashtra said, “Redevelopment is the most vital force driving Mumbai’s real estate growth today. With limited greenfield land availability, society redevelopment not only provides safer, modern homes for existing residents but also fuels the city’s housing supply pipeline. The Knight Frank findings highlight how this opportunity, if supported by policy stability, faster approvals, and rational taxation, can be the foundation for Mumbai’s urban transformation. It is imperative that all stakeholders – government, developers, and housing societies – work in sync to ensure timely execution and affordability.”

Vikas Jain, CEO, Labdhi Lifestyle and President, NAREDCO Maharashtra NextGen said, “Redevelopment is the future of Mumbai’s real estate, and the report captures its economic and social significance well. The younger generation of developers and professionals see this as an opportunity to infuse new ideas, technology, and customer-centric practices into legacy housing clusters. It is also a chance to address the city’s housing shortage in a sustainable way. The focus now should be on collaborative governance and faster project timelines, so that the benefits reach both residents and the broader economy in time.”

Navin Makhija, Managing Director, The Wadhwa Group said, “Society redevelopment is a win-win for all stakeholders – residents get modern homes with upgraded lifestyle amenities, developers gain access to scarce land parcels, and the state benefits through increased revenues while contributing to the central government’s ‘Housing for All’ initiative. Housing demand continues to remain robust, further fueling growth in the redevelopment sector. Customers also benefit by gaining access to multiple project options as redevelopment unlocks new housing opportunities in their preferred locations.”

Also Read: Mumbai Property Sales Cross 11K in August 2025

A Spokesperson from Chandak Group added, “The sheer scale of society redevelopment in Mumbai points to the city’s unique growth story. With over 44,000 new homes expected by 2030, the transformation is unprecedented. Developers today carry the responsibility of balancing aspiration with execution. We believe redevelopment is not just about buildings but about creating thriving communities with better infrastructure, amenities, and quality of life. A stable policy framework will further accelerate this transition.”

Dhruman Shah, Promoter, Ariha Group said, “Society redevelopment is no longer just an alternative – it is the primary growth driver for Mumbai’s housing market. The numbers shared reaffirm the enormous potential of this segment. For developers, the opportunity lies in bringing efficiency, transparency, and trust into the process, ensuring that societies feel confident in handing over their most valuable asset. With strong demand, government revenues, and improved infrastructure, redevelopment will continue to be the backbone of Mumbai’s real estate growth story.”

With nearly 160,000 societies aged over 30 years and eligible for redevelopment, the sector’s potential is immense. While Knight Frank projects an optimistic outlook, developers caution that timely execution, transparent practices, and policy support will determine whether this transformation can be delivered at scale.