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The Redevelopment Imperative
Nearly 70 per cent of India’s GDP is generated in cities, yet India’s urban core is ageing faster than it is being renewed. Mumbai, with virtually no greenfield land left, is now dependent almost entirely on redevelopment to sustain housing supply. Urban population growth – from 54.5 crore today to an estimated 60 crore within five years – has further intensified pressure on existing neighbourhoods.As highlighted at the Mumbai Redevelopment Summit, unchecked urban sprawl is no longer viable. According to ISRO estimates (2022), India consumes nearly 1.5 million hectare of farmland annua..
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The Railway Land Development Authority (RLDA) has received its highest-ever bid of Rs 22.50 billion for a railway land parcel at Mahalaxmi in south Mumbai, setting a new benchmark for long-term lease auctions in the city’s real estate market.The land parcel, spread over about 2.67 acres or 10,801 square metres, was offered on a revenue-share model with a lease tenure of 99 years. The reserve price for the plot was fixed at Rs 9.93 billion, while the permissible floor space index (FSI) stands at 4.05, making it one of the most attractive redevelopment opportunities in a prime urban location.T..

