In a sign of Mumbai’s vertical evolution, a prominent building on the elite Carter Road in Bandra—reportedly home to Bollywood icon Shah Rukh Khan—is now up for redevelopment. While the actor’s star power might generate headlines, developers eyeing this project are driven by deeper market dynamics.
With space at a premium, Mumbai’s only viable option is to build upwards. The Maharashtra government is pushing redevelopment of slums and ageing public housing such as Dharavi and BDD chawls. Simultaneously, private housing societies across the city are joining the race, fuelled by regulatory relaxations and a surge in luxury demand post-Covid.
Bandra, Colaba, Andheri, and Chembur—once considered saturated—are now bustling with redevelopment activity. Developers estimate over 2,000 buildings are in various stages of transformation. However, this rapid growth brings concerns over population density, logistical strain, and project sustainability.
Societies, often likened to corporate M&A teams, are negotiating hard—equipped with architects, lawyers, and consultants. Yet, lucrative offers don’t always translate into reality. “We’ve reached a peak,” warns Gulam Zia of Knight Frank India. “The maths might soon stop adding up.”
Coastal regulations eased in 2018–19, unlocking premium sea-facing areas. As a result, Mumbai saw a record 1,040 luxury home sales (over Rs 10 crore) between July 2023 and June 2024. Ultra-luxury deals (Rs 40 crore+) surged too, mostly in Mumbai.
Even top-tier developers are now bidding for small plots to secure premium addresses. But behind the glitzy marketing events and buffet-laden pitches lies a gruelling process. Redevelopment takes 6–8 years, demanding consensus, patience, and resilience.
While the skyline rises, the path is paved with negotiations, disputes, and ever-rising expectations—marking Mumbai’s vertical future as both an opportunity and a test of endurance.
Source: the Print
