JLL-NAREDCO Report Shows Redevelopment Reaches 15% of Mumbai Housing Sales
Redevelopment projects accounted for 15% of total housing sales in 2025-H1 2026, up from 6% recorded between 2016 and 2021, according to a joint report released by JLL and NAREDCO Maharashtra on Thursday, September 3. The report, titled “Redevelopment in Mumbai: The Inflection Point, from land scarcity to systematic urban renewal,” was unveiled at the Real Estate & Infrastructure Investors’ Summit 2026 in Mumbai, highlighting how land constraints and transit links like the Borivali-Thane Twin Tunnel are transforming the region's property landscape.
More than 1,000 redevelopment projects have launched since 2020, making up 13% of the city’s overall residential supply. Sales from redevelopment have outpaced new project launches for the first time, reflecting a clear buyer preference over greenfield developments. Five micro-markets—Borivali, Malad, Andheri, Vikhroli, and Goregaon—account for roughly 36% of all projects initiated since 2020, with the Western Suburbs driving 35% to 45% of both launches and sales.
Karan Singh Sodi, Senior Managing Director - Mumbai MMR & Gujarat and Alternatives, India, at JLL, stated that the city faces an absolute scarcity of developable land. He noted that redevelopment has transitioned from a commercial opportunity into an urban survival imperative, pointing out that 13,500 cessed buildings require urgent replacement across the city, including 22.4% located in the Western Suburbs and 14.2% in South Mumbai.
Kamlesh Thakur, President of NAREDCO Maharashtra, said the findings mark a watershed moment for the real estate landscape. He stated that redevelopment has become the primary engine of housing supply, driven by progressive policy interventions such as DCPR 2034, reduced consent thresholds, and cluster reforms that have streamlined project execution.
The report highlighted an unprecedented scale in slum rehabilitation, with 1,202 active projects covering 321,858 hutments across 2,156 acres. This active pipeline is nearly four times the total acreage completed in the three decades since the Slum Redevelopment Authority was founded in 1995. Key initiatives underway include the 101-acre Juhu Lane-Gilbert Hill cluster, the Dharavi redevelopment, and the 420-acre Motilal Nagar scheme in Goregaon.
Major transit projects are serving as the main catalysts for property appreciation. The Borivali-Thane Twin Tunnel, scheduled for completion in 2028, will reduce travel time between Greater Thane-Kalyan and Borivali to 15 minutes. Additional corridors include Metro Lines 4, 6, and 11, the Coastal Road Phase 2 expected by 2027, the Goregaon-Mulund Link Road, the Airoli-Katai Naka Freeway, and Metro Line 8.
Regulatory shifts under DCPR 2034 have reduced consent thresholds to 51% and permitted up to 4.0 FSI for cluster and slum projects. Following November 2025 reforms that removed individual consent mandates for slum clusters over 50 acres, self-redevelopment has also gained traction, with more than 1,600 active proposals submitted by housing societies.
