NEW DELHI: In the first quarter of 2026, Mumbai saw nearly 70 developer agreements for society redevelopment, making up over 30% of the total agreements for 2025, according to a report by Knight Frank India.
The report noted a shift towards larger, cluster-led redevelopment projects, driven by policy modifications, land aggregation, and enhanced project feasibility.
Mumbai’s redevelopment initiatives could potentially unlock around 59,000 homes valued at approximately ₹1.5 lakh crore by 2031. Additionally, these projects are projected to generate about ₹9,115 crore in stamp duty revenue throughout their lifespan, the report stated.
Since 2020, developer agreements in Mumbai have surpassed 1,050, with 1,094 societies currently undergoing redevelopment, covering nearly 432 acres of land across the city.
As of March 15, 2026, approximately 70 societies covering nearly 52.2 acres began redevelopment, compared to 196 societies covering 101.3 acres in 2024, and 229 societies covering 104.8 acres in 2025.
According to a 2017 audit report from the Brihanmumbai Municipal Corporation cited by Knight Frank India, around 1.6 lakh buildings in Mumbai exceed 30 years of age and require structural auditing. The majority of these buildings (46%) are located in the western suburbs, followed by 28% in the island city and 26% in the eastern suburbs.
As of March 2026, redevelopment represented nearly 8% of Mumbai’s rental demand.
Projects involving land parcels over 10,000 sq meters have gained popularity in recent years. By 2026, these larger parcels accounted for more than half of the total redevelopment area, marking a move from individual building redevelopment to broader urban renewal projects.
“Redevelopment will continue to play a vital role in Mumbai’s long-term urban growth strategy, especially given the constraints of land scarcity and aging housing stock that impede greenfield expansion,” stated Shishir Baijal, chairman & managing director of the company.
Suburban Mumbai accounted for about 95% of the city’s redevelopment activities, with the western suburbs leading at 773 societies in redevelopment, followed by 261 in the central suburbs.
Borivali has emerged as the prime redevelopment market since 2020, with 220 developer agreements, followed by Andheri with 115 and Bandra with 75 agreements. Other notable redevelopment hotspots include Malad, Kandivali, Goregaon, Chembur, Mulund, Vikhroli, Santacruz, and Juhu.
Gulam Zia, senior executive director of research, advisory, infrastructure, and valuation, emphasized that areas like Borivali, Andheri, Bandra, and Ghatkopar continue to draw redevelopment interest due to their established residential ecosystems and demand from occupiers.
