Mumbai’s redevelopment market is set to remain one of the most important drivers of the city’s housing sector as land scarcity pushes developers and housing societies to unlock value from existing properties, according to Amit Jain, Chairman and Managing Director of Arkade Developers.
Speaking to mediapersons in Mumbai over the weekend, Jain said redevelopment has moved beyond the conventional objective of replacing ageing structures and is now focused on creating better living environments through upgraded infrastructure, improved amenities and stronger community spaces.
With limited availability of developable land across Mumbai, particularly in established residential micro-markets, redevelopment is increasingly being viewed as a practical solution to meet the city’s future housing requirements. Jain noted that a significant number of older buildings across Mumbai are expected to enter the redevelopment cycle over the next decade.
“Over the next decade, a large number of ageing buildings across Mumbai will inevitably undergo redevelopment. The opportunity today is not merely to replace buildings, but to create better environments for people to live in,” he said.
According to Jain, redevelopment will continue to play a central role in shaping Mumbai’s residential landscape. Unlike previous decades, when fresh land parcels contributed substantially to housing supply, future growth is likely to be driven by the redevelopment of existing housing stock.
He observed that the redevelopment ecosystem has become more structured over the years, with housing societies gaining greater awareness of their rights and legal processes becoming more streamlined. Developers, too, now operate within clearer frameworks, while residents are generally offered rental compensation during the construction period.
“The process today is far more organised. Societies understand their rights, developers understand their responsibilities, and there is much greater clarity while making decisions,” he said.
Jain also highlighted changing homebuyer preferences, noting that purchasers are increasingly evaluating lifestyle and community offerings alongside the residence itself.
“There was a time when buying a home simply meant buying four walls. Today, people are investing in a lifestyle,” he says.
He added that connectivity, social infrastructure, wellness amenities, open spaces, construction quality and customer experience have become critical factors influencing homebuying decisions in Mumbai’s evolving residential market.
Source: United News of India
