Mumbai’s real estate redevelopment segment has seen a surge in activity since the Covid-19 pandemic, as large developers increasingly bet on the city’s ageing housing stock and rising demand for premium homes.
Bengaluru-headquartered Sattva Group has recently entered the Mumbai market with the launch of ‘Sattva Sumera’, a redevelopment-led housing project in Parel with an estimated revenue potential of ₹5,500 crore. The move reflects the growing interest of institutional and national developers in Mumbai’s redevelopment market, which local players have traditionally dominated.
Spread across a two-acre land parcel, the project has a total development potential of over 20 lakh sq ft and will feature twin high-rise towers along with around 500 residential units in the first phase.
“Mumbai is at a point where redevelopment is no longer just about replacing older buildings; it’s about improving how people live,” said Shivam Agarwal, VP Strategy, Sattva Group.
In another major redevelopment deal, House of Hiranandani has secured redevelopment rights for a three-acre land parcel in Borivali (West), Mumbai, where it plans to build a premium residential project with a gross development value of more than ₹3,000 crore. The development will comprise over 7.6 lakh sq ft of saleable carpet area, including nearly 380 rehabilitation homes and more than 850 apartments for open-market sale.
A report released by Knight Frank India, a real estate consultancy firm, said in September 2025 that as many as 44,277 apartments worth ₹1.30 lakh crore are expected to enter Mumbai’s real estate market through the redevelopment segment by 2030. The free-sale component from society redevelopments is projected to generate around ₹7,830 crore in stamp duty and ₹6,525 crore in Goods and Services Tax (GST).
The report said that Borivali, Andheri, and Bandra micro-markets emerge as the top three redevelopment hotspots, together contributing over 139 acres of activity. By contrast, Central and South Mumbai recorded just 43 redevelopment agreements, underscoring the challenges of fragmented ownership, legacy tenancies, and higher entry costs.
Also Read: Mumbai redevelopment: Why some flat owners choose not to move back after redevelopment is complete
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 in the Mumbai limits, based on Floor Space Index (FSI) utilisation norms and average unit sizes across the regions.
Below is the list of six locations that have the maximum number of housing societies under redevelopment
1) Borivali
Borivali, in the northern tip of the Mumbai real estate market, reported signing 176 development agreements (DAs) for old housing society redevelopment between 2020 and May 2025, according to Knight Frank India data.
The per sq ft rate of apartments in Borivali starts from ₹35,000 and goes up to ₹45,000 to ₹50,000 for premium projects, according to local brokers.
2) Andheri
Andheri- another micro market in the western suburbs of the Mumbai real estate market reported signing of 108 DAs for old housing society redevelopment in the above-mentioned period, according to Knight Frank India data.
According to local brokers, the per sq ft price of apartments in Andheri ranges from ₹40,000 to ₹80,000 for premium projects.
3) Bandra
Bandra, also known as home to several Bollywood stars, reported third highest 78 number of DAs being signed for old housing society redevelopment, according to Knight Frank India data.
The per sq ft price of apartments in Bandra ranges from ₹60,000 to ₹1.20 lakh, according to local brokers.
4) Malad
Malad, another area in the western suburbs of Mumbai, reported 58 DAs signed for the redevelopment of old housing societies, according to the data.
According to local brokers, the per sq ft price of apartments in Malad ranges from ₹25,000 to 35,000.
5) Ghatkopar
Ghatkopar is in the eastern suburbs of the Mumbai real estate market, where 55 DAs were signed for old housing society redevelopment, according to Knight Frank India data.
The per sq ft price of apartments in Ghatkopar is in the range of ₹25,000 to ₹40,000, local brokers said.
6) Parel
Parel has emerged as one of Mumbai’s most active redevelopment-driven real estate micro-markets, attracting both national and local developers due to its central location, improved infrastructure and limited land availability. Once a textile mill district, the area has transformed into a mixed-use hub with premium residential towers, Grade-A office spaces, hospitals and retail developments.
Its proximity to key business districts such as Bandra-Kurla Complex, Lower Parel and South Mumbai continues to drive strong housing demand from professionals and affluent buyers. With vacant land parcels scarce, most new launches are redevelopment projects led in partnership with housing societies and former building owners. The market is dominated by luxury high-rise developments.
Other areas
According to the Knight Frank India data, further Mulund reported signing of 52 DAs for old housing society redevelopment, Vile Parle reported, 50, Goregaon 46, Chembur 43, Vikhroli 42, Kandivali 36, Dahisar 34, Santacruz 32, Kurla 25, Jogeshwari 22, Dadar 19, Sion 9, Byculla reported seven DAs being signed, and the rest in pockets of South Mumbai and Central Mumbai.
