Mumbai's Urban Transformation: 44,000 New Homes Expected by 2030
Mumbai's redevelopment projects are set to unlock over 44,000 new homes and add significant value to the city's real estate market by 2030, according to a recent report. The Western Suburbs are expected to see the majority of new developments.
MumbaiReal EstateRedevelopmentUrban RenewalHousingReal Estate MumbaiSep 10, 2025
According to the report released by Knight Frank India, a total of 910 housing societies have signed development agreements (DA) since 2020. This has unlocked nearly 326.8 acres (1.32 million square meters) of potential land area, based on FSI utilization norms and average unit sizes across the regions. The report notes that an estimated 160,000 societies are over 30 years old and eligible for redevelopment.
The Western Suburbs, which include high-density population locations such as Bandra to Borivali, are expected to see the addition of 32,354 new homes, forming 73 percent of the total addition to the stock from society redevelopment. South Mumbai, on the other hand, is projected to add 416 new housing units.
Over the next five years, the state government is anticipated to generate an estimated Rs 6,500 crore from the free sales of the society redevelopment. Additionally, an estimated Rs 6,525 crore in goods and services tax (GST) is expected to be generated during the same period from free sales.
Society redevelopment in Mumbai is both inevitable and essential, given the city’s limited avenues for greenfield growth and the constant rise in demand. Redevelopment has significantly reshaped the dynamics of several micro-markets and remains a critical driver of Mumbai’s urban renewal, according to Shishir Baijal, Chairman & Managing Director of Knight Frank India.
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. However, the segment is currently showing signs of overheating and is fast reaching a point of inflexion, Baijal added.
The report also highlights the dominance of the suburban market. Between 2020 and the first half of 2025, the Western Suburbs alone accounted for 633 out of 910 society deals, representing 70 percent of all agreements signed since 2020. The Central Suburbs added another 234 societies, pushing the suburban contribution to almost 96 percent. Borivali, Andheri, and Bandra micro-markets are emerging as the top three redevelopment hotspots, together contributing over 139 acres of activity.
The redevelopment projects are expected to bring significant economic benefits to the region, including job creation and infrastructure development. They are also crucial for addressing the housing needs of a rapidly growing urban population. As the city continues to evolve, these projects will play a vital role in shaping Mumbai's future urban landscape and economic growth.
Frequently Asked Questions
What is the total number of new homes expected from the redevelopment projects in Mumbai by 2030?
The redevelopment projects in Mumbai are expected to add a total of 44,277 new homes by 2030.
How much value is expected to be added to the real estate market by these new homes?
The new homes are expected to add a value of Rs 1,305 billion to the real estate market by 2030.
Which areas of Mumbai are expected to see the most significant redevelopment?
The Western Suburbs, including high-density population locations such as Bandra to Borivali, are expected to see the most significant redevelopment, with the addition of 32,354 new homes.
What economic benefits are anticipated from the free sales of the society redevelopment?
The state government is expected to generate Rs 6,500 crore from free sales, and an additional Rs 6,525 crore in GST over the next five years.
Who is the leading real estate consultancy behind the report on Mumbai's redevelopment projects?
The report on Mumbai's redevelopment projects is released by Knight Frank India, a leading real estate consultancy.
Related News Articles
Boosting India's Housing Market: Developers Seek Tax Incentives and Industry Status in Budget 2024
The Indian housing sector is looking forward to the Union Budget 2024, expecting tax reliefs and other sentiment boosters to stimulate growth in the market.
Kalpataru Ltd Set to Enter Nagpur Real Estate Market with Plotted Development Project
Mumbai-based Kalpataru Ltd plans to launch a plotted development project in Nagpur, marking its entry into the city's real estate market. The project will be spread across 37 acres and will have 400 plots of sizes 1,200 to 4,000 sq ft range.
Hong Kong Halts Commercial Land Sales for Seventh Consecutive Quarter
Hong Kong's government has announced that it will not sell any commercial land in the quarter from October to December, citing low demand and high office vacancy rates.
Homebuyers Forum Claims RERA Act Falls Short of Objectives, Urges Consumer Affairs Ministry for Action
A forum representing homebuyers in Maharashtra claims that the Real Estate (Regulation and Development) Act, 2016, has failed to meet its objectives. The forum is now urging the Union Consumer Affairs Ministry to issue specific guidelines to protect consu
Ahmedabad Shines with Top Rental Yields in India
Ahmedabad leads the pack with the highest rental yields in India, clocking in at 3.9%, according to a recent report by Magicbricks. Other cities like Hyderabad, Kolkata, and Pune are also seeing significant increases in rental returns.
Incuspaze Expands with Major Leasing Deal in Gurugram's Thriving Real Estate Market
Incuspaze, a prominent player in the commercial real estate sector, has announced a significant leasing deal in Gurugram, marking a major expansion in one of India’s most booming real estate markets. This move underscores the growing demand for quality of