The Western Suburbs, stretching from Bandra to Borivali, account for the lion’s share of redevelopment activity with 32,354 units (73% 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 role 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% of all agreements signed since 2020. The Central Suburbs may add another 234 societies, pushing the suburban contribution to almost 96%.
Beyond housing supply, redevelopment also carries major fiscal benefits. The free-sale component from society redevelopment is expected to generate approximately ₹7,830 crore in stamp duty and another ₹6,525 crore in GST over the next five years. Data indicates that over 80% 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, added, “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 sustainably. 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, remarked, “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.”
A spokesperson from Chandak Group said, “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, stated, “Society redevelopment is no longer just an alternative – it is the primary growth driver for Mumbai’s housing market. The numbers 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 over 30 years old 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 be crucial in determining whether this transformation can be delivered at scale.
