Mumbai, June 15, 2026 – Knight Frank India, the leading international property consultant, in its recent study has reported that Mumbai’s redevelopment activity has started on a strong note in 2026, with nearly 70 developer agreements (DAs) signed within the first 90 days of the year, accounting for over 30% of the total agreements recorded during full-year 2025. It further notes the trend that redevelopment activity in Mumbai is increasingly shifting towards larger, cluster-led projects, signalling a structural transition from fragmented building-level redevelopment to neighbourhood-scale urban renewal. The market has remained resilient despite the ongoing geopolitical tensions in West Asia and evolving global uncertainties. With a population density of nearly 30,600 persons per sq km, significantly higher than global urban centres such as Tokyo, New York City and Singapore, redevelopment continues to remain a critical housing supply mechanism for the city.
The study noted that Mumbai’s redevelopment pipeline could unlock nearly 59,000 new homes worth approximately INR 1,500 bn by 2031, reaffirming redevelopment as one of the key drivers of the city’s future housing supply. Additionally, society redevelopment projects are expected to generate over INR 9,115 cr in stamp duty revenues over the project lifecycle.
1,050+ Developer Agreements | 10,000+ sq mt DA Pick Pace
Mumbai’s redevelopment momentum continues to strengthen amid rising urban density and an ageing housing stock across the city. According to the Brihanmumbai Municipal Corporation (BMC)’s 2017 Audit report, 1.6 lakh buildings in Mumbai are over 30 years old and have been identified for structural audits, with the highest concentration located in the Western Suburbs (46%), followed by the Island City (28%) and Eastern Suburbs (26%). Reflecting the growing urgency for redevelopment, developer agreements (DA) in Mumbai crossed the 1,050 mark for the first time since 2020, with 1,094 societies currently under redevelopment, collectively unlocking nearly 432 acres of land across the city. Notably, redevelopment activity in 2026 has witnessed a strong start, with the first two-and-a-half months itself accounting for over 30% of the total developer agreements recorded in both 2024 and 2025. As of March 15, 2026, around 70 societies covering nearly 52.2 acres had already entered redevelopment, compared to 196 societies spanning 101.3 acres in 2024 and 229 societies covering 104.8 acres in 2025. The early momentum indicates sustained developer appetite and continued acceleration in redevelopment activity across the city.
The report also noted that redevelopment activity accounted for nearly 8% of Mumbai’s rental demand as of March 2026. The sustained momentum in redevelopment activity underscores the increasing importance of redevelopment as a key mechanism for Mumbai’s future housing supply and urban renewal.
Source: IGR, Knight Frank Research
Note: Data till March 15, 2026
The report further highlighted a gradual shift in redevelopment activity towards larger land parcels, with projects exceeding 10,000 sq m gaining traction following key policy reforms such as DCPR 2034 and the Self-Redevelopment Policy. While redevelopment activity in this category remained limited between 2020 and 2022, larger-format projects have witnessed an uptick in recent years, with land parcels above 10,000 sq m accounting for more than half of the total redevelopment area in 2026. This trend signals a gradual transition from fragmented society-level redevelopment towards more organised, cluster-led urban renewal across Mumbai, supported by improved land aggregation, stronger project viability and enhanced redevelopment economics.
Shishir Baijal, Chairman & Managing Director, Knight Frank India said, “Redevelopment is expected to remain central to Mumbai’s long-term urban growth strategy, particularly as land scarcity and ageing housing stock continue to limit greenfield expansion opportunities. The increasing scale of projects and rising traction across suburban micro-markets, indicate that the sector is evolving into a more organised and economically viable development model. Going forward, redevelopment is likely to play a critical role not only in augmenting housing supply, but also in supporting infrastructure-led urban renewal and improving the quality of residential stock across the city.”
95% Redevelopment in Suburban Mumbai | Borivali emerges as leading hotspot
Western suburbs led the redevelopment activity with 773 societies under redevelopment followed by central suburbs with 261 societies. Collectively, suburban Mumbai attributed to 95% of redevelopment activity.
Top-10 Society Redevelopment Hotspots
Rank
Location
Society Count
1
Borivali
220
2
Andheri
115
3
Bandra
75
4
Malad
68
5
Ghatkopar
59
6
Kandivali
58
7
Vile Parle
57
8
Goregaon
49
9
Chembur
48
10
Mulund
46
Source: Knight Frank
Since 2020, developer agreements (DA) under Mumbai’s society redevelopment programme have accelerated significantly across suburban localities, with Borivali leading the charge at 220 agreements, followed by Andheri and Bandra with 115 and 75 agreements respectively, taking the total number of societies under redevelopment to 1,094. This geographically diversified pipeline, spanning established western corridors such as Malad, Kandivali and Goregaon, along with emerging nodes including Chembur, Mulund and Vikhroli, highlights how cluster-friendly plot sizes and sustained residential demand continue to drive developer interest. The depth of activity across both established premium locations such as Santacruz, Juhu and Bandra, and emerging redevelopment belts like Borivali, Malad and Goregaon, indicates that redevelopment momentum remains broad-based across the city, with suburban markets continuing to account for a dominant share of the pipeline.
Gulam Zia International Partner, Senior Executive Director, Research, Advisory, Infrastructure and Valuation, Knight Frank India said, Mumbai’s redevelopment market is increasingly being shaped by robust housing and sustained activity across micro-markets. Mumbai’s redevelopment pipeline could unlock nearly 59,000 new homes worth approximately INR 1,500 bn by 2031. Locations such as Borivali, Andheri, Bandra, and Ghatkopar continue to attract redevelopment interest due to their established residential ecosystems and strong occupier demand. At the same time, the spread of redevelopment activity across these micro-markets suggests that demand is becoming more diversified and structurally resilient, reinforcing its importance within Mumbai’s broader housing market. The society redevelopment ecosystem has, however, reached a critical stage where the intense greed of society members for hard bargains and developers’ desperation to oblige has pushed many such projects beyond feasibility limits, especially when the markets are clearly giving signs of a slowdown.
