Society redevelopment in Mumbai will add 44,277 new free-sale apartments worth about ₹1.30 lakh crore to the city's housing market by 2030, according to a report released by property consultancy Knight Frank India in September 2025.
The free-sale component is expected to generate about ₹7,830 crore in stamp duty and ₹6,525 crore in Goods and Services Tax (GST) for the state, Business Standard reported in September 2025.
Who it affects
The report said 910 housing societies had signed development agreements since 2020. The Western Suburbs accounted for 633, about 70% of all agreements, NDTV reported. Outlook India reported that the Bandra-Borivali belt would supply 73% of the new homes, while South Mumbai would supply 416 units.
For buyers, this means new flats in established neighbourhoods, sold by developers alongside the rehab homes provided to existing members. For members of ageing societies, redevelopment replaces old structures with modern layouts and amenities.
The pipeline has since grown. In June 2026, Business Standard reported that Knight Frank India now estimates redevelopment could unlock nearly 59,000 homes worth about ₹1.5 lakh crore by 2031, with 70 developer agreements signed in the first quarter of 2026 alone.
What PropertyWala's data shows
Apartments account for about 94% of the properties listed on PropertyWala in Mumbai. Flats for sale in the city were listed at an average of about ₹25,395 per sq ft (Q4 2025 to Q3 2026), down 2.7% on the year before. These are asking prices from listings, not transacted prices.
In the western suburbs, flats in Andheri West had an average asking price of ₹35,822 per sq ft in 2025, up from ₹31,863 in 2023. The average was ₹44,680 in the first half of 2026. Goregaon West had an average asking price of about ₹31,554 and Borivali West about ₹29,652 in 2025. The price records for these two localities in other years are limited, so no trend can be drawn from them.
Under-construction projects listed on PropertyWala in these areas include Kalpataru Advay and Lodha Altus in Borivali West, both due for possession in 2030, and Asmi Legacy in Goregaon West, due in April 2027.
What to watch
More redevelopment deals are in the pipeline. Puravankara has secured a 4.68-acre redevelopment project in Goregaon West with an estimated gross development value of ₹2,600 crore, Business Standard reported this month. In a separate ruling this month, the Bombay High Court directed builders in multi-building layouts to divide land proportionately among societies and disclose the risks of using transferable development rights, ET Realty reported.
Knight Frank India said in its report that the pipeline's success will depend on policy support, financial structuring and discipline among the parties involved.
Buyers can browse listings and projects on PropertyWala's Mumbai page.