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Redevelopment to add nearly 44,000 new housing units in Mumbai by 2030: Knight Frank
The Western Suburbs--stretching from Bandra to Borivali--are expected to see the largest supply addition, with 32,354 new homes
Free-sale components from society redevelopment are expected to yield about Rs 6,500 crore for the Maharashtra government over the next five years. (Image source: Moneycontrol)
Redevelopment activity in Mumbai is projected to add 44,277 new homes valued at Rs 1,305 billion by 2030, according to a report by Knight Frank India, a global property consultancy.
Since 2020, around 910 housing societies have signed development agreements (DAs), covering 1.32 million square metres of the city’s area, based on FSI utilisation norms and average unit sizes across regions.
The Western Suburbs--stretching from Bandra to Borivali--are expected to see the largest supply addition, with 32,354 new homes, accounting for 73% of the total stock created through society redevelopment.
The Central Suburbs are projected to add 10,422 homes with an estimated value of Rs 243 billion. Meanwhile, Central Mumbai and South Mumbai will contribute 1,085 units and 416 units, respectively, with market values of Rs 91 billion and Rs 30 billion.
The redevelopment pipeline is also set to generate significant revenue for the state. Free-sale components from society redevelopment are expected to yield about Rs 6,500 crore for the Maharashtra government over the next five years, along with an estimated Rs 6,525 crore in Goods and Services Tax (GST).
“Redevelopment has significantly reshaped the dynamics of several micro-markets and remains a critical driver of Mumbai’s urban renewal. The free-sale component is projected to generate around Rs 7,830 crore in stamp duty and Rs 6,525 crore in GST. However, the segment appears overheated and is approaching an inflection point. Rising prices have led to commitments that stretch beyond sustainable limits, while society members’ expectations have grown disproportionately. At this stage, it is imperative for both societies and developers to leave headroom in their arrangements and structure finances prudently,” said Shishir Baijal, Chairman & Managing Director, Knight Frank India.
The report also highlights that nearly 160,000 housing societies in Mumbai are over 30 years old and eligible for redevelopment.
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