Mumbai’s post-pandemic real estate resurgence has sparked a surge in redevelopment activity—and it’s now attracting developers from beyond the city. One of the latest entrants is Hyderabad-based Ramky Estates & Farms, which recently forayed into the Mumbai market with a 1.5-acre slum rehabilitation project in Chembur, reportedly valued at ₹500 crore. This marks the firm’s maiden venture in India’s financial capital and underscores the city’s unmatched redevelopment potential.
Over the last decade, several developers from Bengaluru and NCR—like Prestige Group, Puravankara, and DLF—have made or announced moves into Mumbai. Conversely, Mumbai-based firms such as Lodha Group and Godrej Properties have expanded into other cities, including Bengaluru, Pune, and Hyderabad, aiming for pan-India presence.
So, what makes Mumbai irresistible? For outstation builders, Mumbai offers the highest potential return per square foot—despite its complex regulatory and logistical landscape. A Mumbai-based developer, preferring anonymity, noted, “You make ₹30,000 per square foot here. To earn the same elsewhere, you’d need to build 15–25 times more space.”
Puravankara Limited’s Rajat Rastogi explains that the Mumbai Metropolitan Region (MMR) is India’s largest real estate market, rivalling the entire South Indian market in size, with a product range spanning luxury to affordable housing.
Even DLF, traditionally focused on Delhi NCR, plans to debut in Mumbai cautiously by March 2025. “The real estate story has begun,” said DLF’s Aakash Ohri, highlighting the long-term potential of the current growth cycle.
Meanwhile, Lodha Group has successfully concluded its pilot phase in Bengaluru and is now eyeing a 15% market share in the IT city by decade’s end.
As India’s top developers eye new horizons, Mumbai remains the ultimate proving ground—demanding yet rewarding for those willing to play the long game.
Source: Hindustan Times.
