With greenfield land in major metros such as Mumbai nearing exhaustion, industry leaders said cluster-based redevelopment will drive the next chapter of urban expansion. The view emerged at the ET Realty Real Estate Conclave 2026 during a panel titled ‘Redevelopment & Urban Renewal: Transforming the Future of Indian Cities’.
The discussion, moderated by Anuj Puri of Anarock Property Consultants, brought together senior representatives from MHADA, NAREDCO Maharashtra and CREDAI-MCHI, among others. Speakers indicated that as vacant land parcels diminish, brownfield and cluster-led projects are becoming central to city development strategies.
Anil Wankhede, deputy CEO of MHADA, said redevelopment must strike a balance between commercial returns and social responsibility. Projects executed through MHADA generate housing inventory for the authority at construction-linked pricing rather than market rates. Around 20,000 units are expected to be delivered through such models, contributing subsidised housing alongside private sector supply.
Addressing capital flows, Prashant Sharma noted that institutional investors are showing interest in large cluster projects, particularly those involving MHADA, SRA and society-driven redevelopment. He added that society redevelopment is often viewed as lower risk due to clearer ownership structures and planning visibility, though smaller standalone projects continue to face investor hesitation because of execution challenges.
Sukhraj Nahar pointed to governance and stakeholder trust as decisive factors. “Redevelopment is a marriage,” he said, adding that while financial viability may account for much of the decision-making, project success ultimately depends on alignment between residents and developers.
Other panelists underscored the need for transparent communication, consistent delivery records and reputational strength in high-density projects. From a sustainability perspective, P GopalaKrishnan stated that compliance must move beyond documentation to measurable environmental outcomes, with energy efficiency and climate resilience integrated into cluster masterplans.
Navin Makhija added that redevelopment decisions must reflect location strengths and end-user demand, not just financial projections. The panel agreed that regulatory clarity, faster approvals and structured financing models will be necessary to manage risk as cities renew ageing building stock through cluster-led transformation.
Source: ET Realty
