Redevelopment has become a defining feature of Mumbai’s real estate landscape, transforming ageing buildings into modern residences with improved amenities. While most homeowners eventually return to their upgraded apartments, a small but significant number choose not to move back even after completion.
When a building undergoes redevelopment, residents are required to vacate, with developers typically providing monthly rent as compensation. This allows families to relocate based on their preferences—some stay within the same locality, while others shift to more affordable suburbs or even move out of the city altogether. Over the typical three-to-five-year redevelopment period, these temporary arrangements often evolve into permanent lifestyle changes.
In many cases, homeowners either sell their flats to developers early in the process or decide not to return after settling into new environments. Life circumstances during the interim—such as retirement, schooling needs, or lifestyle preferences—play a key role in these decisions. For instance, a senior couple who moved from Borivali to Ahmedabad during redevelopment chose to stay back due to a more relaxed lifestyle and lower living costs, retaining their Mumbai home purely as an investment.
Experts say such trends are not uncommon. “A section of residents who do not wish to return typically opt out at an early stage of the redevelopment process by selling their flats to the developer. In many projects, around 20–30% of members choose to exit at the agreement stage. However, nearly 90% of the remaining majority move back once the project is completed,” said Ritesh Mehta.
“In a typical redevelopment, out of 10 residents, two to three may opt to exit before the project begins. Of the remaining, most eventually return to their new homes, though there are instances in which an owner changes their mind after completion. Larger developers, particularly in premium and luxury segments, are more likely to offer buyouts, making it easier for some residents to exit upfront,” Mehta added.
For others, redevelopment still promises a lifestyle upgrade. A Borivali resident, for example, is set to receive a larger 3BHK apartment after redevelopment but remains uncertain about returning after experiencing independent living elsewhere.
With over 44,000 apartments expected to enter the market through redevelopment by 2030, the trend highlights both opportunity and shifting residential preferences across Mumbai.
Source: Hindustan Times
