Builders vie for Mumbai’s ageing housing societies

Top builders sign slew of redevelopment agreements with housing societies

- Madhurima Nandy

Around 910 societies in Mumbai have initiated redevelopment, unlocking 326.8 acres of potential buildable area, according to a September Knight Frank India report

Top developers such as Puravankara Ltd, Mahindra Lifespace Developers Ltd, Rustomjee Group and K Raheja Corp. are rushing to redevelop Mumbai's ageing residential buildings into modern high-rises, aided by favourablestate policies and discouraged by the complexities of slum redevelopment.

In recent months, multiple builders have acquired development rights in India's most expensive property market, from posh south Mumbai locations to suburban neighbourhoods. Under the redevelopment route, housing societies tie up with developers, who demolish and rebuild them as swankier towers with more apartments. Residents get larger apartments and parking lots for free, while the builder profits by selling additional flats to new buyers at a higher price.