Massive supply boost: 44,277 homes worth ₹1.3 lakh crore to be added through society redevelopment by 2030.
Western suburbs lead: Bandra–Borivali belt to contribute 73% of new homes; South Mumbai adds 416 units.
State to earn over ₹13,000 crore from revenues and GST on redevelopment sales.
Mumbai is set to witness a major redevelopment wave, with over 44,000 new homes worth ₹1.3 lakh crore expected to be added by 2030, according to a report released by real estate consultant Knight Frank India on Wednesday.
The report highlights that 910 housing societies have signed development agreements since 2020, unlocking nearly 327 acres of land potential across the city. With an estimated 1.6 lakh housing societies over 30 years old and eligible for redevelopment, the pipeline for urban renewal is significant.
Knight Frank noted that policy incentives, asset-light developer strategies, and alignment with capital markets have made redevelopment strategically compelling. Shishir Baijal, CMD of Knight Frank India, stressed that redevelopment is “inevitable and essential” given Mumbai’s limited greenfield growth opportunities.
The Western Suburbs, from Bandra to Borivali, will dominate the new supply with 32,354 homes (73% of the total), while South Mumbai will see 416 new units. Knight Frank’s Gulam Zia added that developer-society share ratios must be carefully balanced to maintain project viability and cash flow flexibility.
The report further estimated that the state government will earn ₹6,500 crore in revenues and ₹6,525 crore in GST from society redevelopment free sales over the next five years.
