September 19, 2025: Mumbai is witnessing a sweeping wave of redevelopment, with 910 cooperative housing societies taken up for reconstruction since 2020. According to a report titled Redevelopment Story by property consultancy Knight Frank, these projects will deliver 44,277 new homes worth an estimated Rs 1.25 lakh crore by 2030, covering nearly 327 acres of land across the city.
The report highlights that nearly 1.6 lakh cooperative housing societies in Mumbai have crossed the 30-year mark, making them eligible for redevelopment under the city’s revised Development Control Rules. Additionally, buildings declared unsafe by the Brihanmumbai Municipal Corporation (BMC) or other authorities, even if they are under 30 years old, may also undergo redevelopment.
From 2020 to June 2025, 633 projects have commenced in the western suburbs, while 234 have been initiated in the central and eastern suburbs. In prime localities such as Borivali, Andheri and Bandra, redevelopment has already begun on about 139 acres. Here, developers are offering residents 60–70% additional space, given the premium market rates compared with government-notified ready reckoner values. In areas where property prices are lower, the additional area on offer ranges between 30 and 50 per cent, depending on market conditions.
The state government is expected to earn Rs 7,830 crore in stamp duty and Rs 6,525 crore in GST from these projects. So far, 754 societies have registered development rights agreements with developers, while talks are ongoing with others.
The Knight Frank report notes that while some projects have faced delays of eight to ten years, successful case studies demonstrate that redevelopment is feasible when cooperative housing societies appoint capable project management consultants and adopt realistic expectations. “Developers are equally committed to completing viable projects,” said Shishir Baijal, Chairman and Managing Director of Knight Frank.
Source: Loksatta
