In 2017, Mumbai identified 160,000 ageing buildings due for structural audit. Close to half of these were in the Western Suburbs. Redeveloping the oldest and structurally weakest of these would help unlock new housing, much needed given the city’s growing population density and constant developed area of 437.7 sq km. At 30,600 people per sq km in 2024, Mumbai’s density was almost thrice that of Gurugram, and 60 per cent higher than Bengaluru’s.

Essentially, Mumbai’s realty market has demand. It has capital. It has realty development potential.

Fast forward to 2026. Mumbai has 1,094 registered redevelopment projects, based on data from the past six years, which are poised to add 59,000 new housing units, according to Knight Frank...