14.7% of Mumbai’s new housing launches—up from 13.5% in 2020—signals a structural pivot toward redevelopment as open land dries up.
Since 2020, JLL India has logged over 1,000 new redevelopment projects, a figure that underscores the magnitude of the shift. Sodi said the next 5 to 7 years will see an increasing share of redevelopment projects being announced in the overall housing.
On the sales side, redevelopment accounted for just 5.6% of total sales between 2016 and 2021, but that share is expected to climb further in the near term. Sodi added that infrastructure and connectivity are the real cost drivers, not the redevelopment label itself.
The pipeline is robust: more than 13,500 cess buildings and 1,600 self‑redevelopment societies have already approached developers, pointing to a sizable backlog. Execution delays, approval timelines and financing issues—including property title and tenant relocation—are the biggest risks, Sodi warned.
DLF, Lodha and Prestige—large institutional players—are poised to lead the wave, thanks to their capacity to fund long‑duration projects and navigate the complex approval landscape. Sodi noted that value‑based redevelopment in core areas like Bandra, Khar, Juhu and Vile Parle balances against volume‑based projects in the eastern and western suburbs.
While Sodi rejects the notion of an overheated market, he sees the current dip in national sales volumes as a temporary shift, not a broad correction, citing job creation from new Global Capability Centres as support for demand. Investors should watch JLL’s releases as they may become a barometer for the sector’s trajectory.