Knight Frank India, in the research analysis released on Wednesday September 10th, revealed that by 2030 the current society redevelopment projects in Mumbai region would add a total of 44,277 new homes at the value of Rs 1,305 Bn. These society redevelopment projects would not only unlock the residential market potential of the city but would also alter the skyline of Mumbai.
According to the report, a total of 910 housing societies have signed development agreements (DA) since 2020, unlocking nearly ~326.8 acres(1.32 mn sq m) of potential land area, based on FSI utilisation norms and average unit sizes across the regions. The report notes that an estimated 160,000 societies were over the age of 30 and eligible for redevelopment.
South Mumbai lags
Western Suburbs, which include high density population locations of Bandra to Borivali can expect to see the addition of the 32,354 new homes forming 73% of the total addition to stock from society redevelopment while South Mumbai would add 416 new housing units.
Revenue boost
The state government is expected to generate estimated revenues of Rs 6,500 Crores on account of the sale of the free sales from the society redevelopment in the next 5 years.
Urban renewal driver
Shishir Baijal, Chairman & Managing Director, Knight Frank India says, "Society redevelopment in Mumbai is both inevitable and essential, given the city’s limited avenues of 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.”
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