New Delhi, Sep 10 : The current redevelopment projects in the Municipal Corporation of Greater Mumbai (MCGM) region would add a total of 44,277 new homes at a value of Rs 1,305 billion by 2030, a report said on Wednesday.

"These society redevelopment projects would not only unlock the residential market potential of the city but would also alter the skyline of Mumbai," Knight Frank India said in a report.

According to the report, a total of 910 housing societies have signed development agreements (DA) since 2020, unlocking nearly 326.8 acres (1.32 million square meters) of potential land area, based on FSI utilisation norms and average unit sizes across the regions.

The report noted that an estimated 160,000 societies were over the age of 30 and eligible for redevelopment.

The Western Suburbs, which include high-density population locations of Bandra to Borivali, can expect to see the addition of the 32,354 new homes forming 73 per cent of the total addition to stock from society redevelopment, while South Mumbai would add 416 new housing units, the report highlighted.

Over the next five years, the state government is anticipated to make an estimated Rs 6,500 crore from the free sales of the society redevelopment.

In addition, an estimated Rs 6,525 crore in goods and services tax (GST) will be generated during the same time period by the free sales.

"Society redevelopment in Mumbai is both inevitable and essential, given the city's limited avenues of greenfield growth and the constant rise in demand. Redevelopment has significantly reshaped the dynamics of several micro-markets and remains a critical driver of Mumbai's urban renewal," Knight Frank India Chairman & Managing Director, Shishir Baijal, said.

The free sale component from society redevelopment is expected to generate approximately Rs 7,830 crore in stamp duty and another Rs 6,525 crore as GST. However, the segment today appears overheated and is fast reaching a point of inflexion, he added.

The report also underlined the dominance of the suburban market.

Between 2020 and H1 2025, the Western Suburbs alone accounted for 633 out of 910 society deals, recording 70 per cent of all agreements signed since 2020. Central Suburbs add another 234 societies, pushing the suburban contribution to almost 96 per cent. Borivali, Andheri, and Bandra micro-markets emerge as the top three redevelopment hotspots, together contributing over 139 acres of activity, the report said.

/IANS