Skip to main content

Young home buyers are scripting Mumbai’s real estate redevelopment story

Written by - Rishabh Siroya, Founder Siroya Corp & President, NextGen Committee, NAREDCO, Maharashtra.

____

Take any prominent city in India, Mumbai in particular, and you will find old, neglected, and often poorly maintained buildings dotting its skyline. Unlike other cities, many of these Mumbai buildings remain occupied even though they are at their end-of-life stage. As a result, they are almost impossible and uneconomical to repair and are a genuine threat to the life and limb of its residents. Moreover, despite location advantages, some particularly mid-rise structures need more basic facilities like lifts.



However, these buildings are the key to addressing one of the most pressing problems of Mumbai's real estate - land shortage. This is where redevelopment comes into play, helping address both demand and
supply of land and houses in one of the priciest real estate markets in the country.

Per one estimate, the city has at least 14,000 buildings requiring massive repairs. Over 25,000 societies in the town, as per the Maharashtra Housing and Area Development Authority (MHADA) data
are keen on redevelopment.

For Mumbai's real estate, redevelopment is a concept introduced previously. Realtors, developers and even the government have courted redevelopment for over a decade now, but often those stories were marred by tales of delay and projects being abandoned mid-way.

However, thanks to the uncompromising new generation buyer sentiment on the quality of life and living space, there is a tectonic shift in how Mumbai's redevelopment story is shaping up. This renewed interest and surge in redevelopment are being scripted by the next-gen is precise, phased and punctual and promises to benefit homeowners, developers and new customers.

Since old societies often tend to be spacious, redevelopment allows developers to take advantage of its full FSI potential on the net plot area and fungible compensatory FSI. In addition, the redevelopment provides residents of old housing societies with additional facilities like designated parking,
gardens, children's play areas, gymnasium and swimming pool, depending on the terms of the agreement. But, more importantly, it gives them a quality house that is well constructed, spacious and has a better market value.

However, as mentioned earlier, this demand for redeveloped societies isled by the young buyer who is  fanatic about quality of life. Hence, these buyers, often millennials, are looking for homes closer to their workplaces, have quick and accessible public transportation services and provide other excellent infrastructure. At the same time, they are unwilling to compromise on amenities and resist moving into or buying homes over five decades old, even if they boast of excellent locations.

This is why more and more young homebuyers are looking at redevelopment projects, as these projects tick almost all their checklists when shopping for a home. A survey by the Confederation of Indian Industries (CII) and Anarock, titled The Housing Market Boom, found that millennials are driving India's real estate demand with 52 percent choosing it as the best asset class, and Mumbai's redevelopment saga is set to reap the benefits too.

________________________________________________

Disclaimer: This article does not have journalistic/editorial involvement of editors at tusharmangl.com . We do not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. We are not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same.

Labels:

Comments

Post a Comment

Also read

Cutting people off isn’t strength—It is a trauma response

Your ability to cut people off and self-isolate is not a skill you should be proud of—It is a trauma response Cutting people off and self-isolating may feel like a protective shield, but it is often rooted in unresolved or unhealed trauma and an inability to depend on others. While these behaviors seem like self-preservation, they end up reinforcing isolation and blocking meaningful connections. Confronting these patterns, seeking therapy, and nurturing supportive relationships can help break this unhealthy cycle. Plus, a simple act like planting a jasmine plant can symbolise the start of your journey towards emotional healing. Why do we cut people off and isolate? If you’re someone who prides themselves on “cutting people off” or keeping a tight circle, you might believe it’s a skill—a way to protect yourself from betrayal, hurt, or unnecessary drama. I get it. I’ve been there, too. But here’s the thing: this ability to isolate yourself is not as empowering as it may seem. In fact, i...
Post a Comment
Read more

Real estate is energy — How your property choices reflect your subconscious beliefs

What if your home wasn’t just bricks and rent—but a reflection of your emotional and spiritual self? Every property you choose mirrors inner beliefs, healing journeys, and old wounds. This isn’t just home-buying advice—it’s a soulful conversation with the spaces that shape your life. Let’s uncover what your real estate energy says about who you are—and who you're becoming. “You don’t choose land. Land chooses you.” We talk about location, budget, Vastu, and square footage. But rarely do we talk about  emotion ,  energy , or  identity  when choosing a home. Strange, isn’t it? Especially when the place you live in influences your mood, career flow, relationships—even your sleep. Most people don’t buy a house. They buy a belief. They rent a story. They inherit a pattern. Very few know it. But you do. Somewhere deep inside, you’ve felt it. That unexplainable pull toward a certain window. That sudden resistance to a perfect listing. That sense that something’s “off”...
Post a Comment
Read more

Your bank balance is not your worth: healing money identity

Your bank balance is a number — not the measure of your soul. This essay (part one) explores how shame, social comparison, family stories and even the layout of our homes can entwine money with identity. I offer practical rituals, evidence-backed insights and gentle prompts to begin unhooking self‑worth from net worth, and invite you to a deeper journey of healing. This first section opens the wounds, offers immediate practices and sets the lantern: a gentle way out of money‑shame toward permission and peace. Is your bank balance really the story of who you are? Have you ever felt measured by a single screen, a salary slip or a screenshot? I have sat in rooms where the conversation about money quietened every other voice. People lower their tone as if money were a fragile thing — not to be spoken of loud. That hush is not only politeness; it is a protection that keeps shame alive. I write as someone who sits daily with those quiet stories and who believes that language, ritu...
Post a Comment
Read more