Mumbai's Housing Market Set for Major Transformation by 2030
Mumbai's housing market is poised for a major transformation, with ongoing society redevelopment projects expected to add over 44,277 new homes valued at ₹1,305 billion by 2030, according to a recent report by Knight Frank India.
MumbaiHousing MarketRedevelopmentReal EstateUrban TransformationReal Estate NewsSep 15, 2025
The study reveals that since 2020, 910 housing societies across the Municipal Corporation of Greater Mumbai (MCGM) limits have signed development agreements, unlocking nearly 327 acres of land for redevelopment. Despite this surge, the city has only begun to tap into its vast potential, with an estimated 1.6 lakh societies over 30 years old still eligible for redevelopment.
The Western Suburbs, stretching from Bandra to Borivali, account for the lion’s share of redevelopment activity with 32,354 units (73% of the total pipeline). This is followed by the Central Suburbs with 10,422 units, Central Mumbai with 1,085 units, and South Mumbai with 416 units. Hotspots such as Borivali, Andheri, and Bandra together contribute nearly 139 acres of redevelopment activity, underscoring their position as the city’s leading transformation corridors. Between 2020 and H1 2025, the Western Suburbs alone accounted for 633 out of 910 society deals, recording 70% of all agreements signed since 2020. Central Suburbs may add another 234 societies, pushing the suburban contribution to almost 96%.
Beyond housing supply, redevelopment also carries major fiscal benefits. The free sale component from society redevelopment is expected to generate approximately Rs 7,830 crore in stamp duty and another Rs 6,525 crore as GST over the next five years.
Data indicates that over 80% of redevelopment deals signed since 2020 involved societies with plot sizes below 0.49 acres—highlighting the dominance of small, compact projects. Yet, larger cluster projects are gradually gaining momentum, hinting at a shift in the city’s redevelopment model.
Prashant Sharma, President of NAREDCO Maharashtra, said, “Redevelopment is the most vital force driving Mumbai’s real estate growth today. With limited greenfield land availability, society redevelopment not only provides safer, modern homes for existing residents but also fuels the city’s housing supply pipeline. The Knight Frank findings highlight how this opportunity, if supported by policy stability, faster approvals, and rational taxation, can be the foundation for Mumbai’s urban transformation. It is imperative that all stakeholders – government, developers, and housing societies – work in sync to ensure timely execution and affordability.”
Frequently Asked Questions
What is the estimated value of the new homes being added through redevelopment in Mumbai by 2030?
The new homes being added through redevelopment in Mumbai by 2030 are estimated to be valued at ₹1,305 billion.
How many housing societies have signed development agreements since 2020?
Since 2020, 910 housing societies across the Municipal Corporation of Greater Mumbai (MCGM) limits have signed development agreements.
Which area of Mumbai is seeing the most redevelopment activity?
The Western Suburbs, stretching from Bandra to Borivali, are seeing the most redevelopment activity, accounting for 32,354 units (73% of the total pipeline).
What are the fiscal benefits of society redevelopment in Mumbai?
The free sale component from society redevelopment is expected to generate approximately Rs 7,830 crore in stamp duty and another Rs 6,525 crore as GST over the next five years.
Who is Prashant Sharma and what is his role in the redevelopment efforts?
Prashant Sharma is the President of NAREDCO Maharashtra and plays a crucial role in advocating for policy stability, faster approvals, and rational taxation to support Mumbai’s urban transformation through redevelopment.
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