Real estate major Hiranandani Group is expanding into Mumbai’s fast-growing redevelopment market, having secured agreements with two housing societies in Bandra and Versova, covering a total saleable area of approximately 20,000 square metres (around 215,000 square feet). A third agreement is also nearing finalisation, sources familiar with the matter have said.

These projects are expected to launch in the coming weeks once necessary approvals are in place. The Group is currently in talks with seven additional societies across Mumbai, including locations in the island city as well as the eastern and western suburbs. Final decisions will depend on project viability.

The move comes as Hiranandani, known primarily for large-scale township developments, looks to diversify its portfolio. The company has created a dedicated vertical within the organisation to handle redevelopment, including slum rehabilitation, such as its ongoing project in Vikhroli, which was taken over from another developer.

Separately, under its Eleva brand, Hiranandani is acting as consultant developer for the Vista project in Oshiwara, Andheri (West), with a saleable area of around 28,000 square metres (approximately 300,000 square feet). The group has also partnered with Krisala Developers and luxury resort operator Della for a 105-acre township in Hinjawadi, Pune.

Despite its foray into redevelopment, sources indicate Hiranandani’s core strategy remains anchored in township projects. The group currently holds around 2,000 acres of land across locations such as Panvel, Pune, Chennai, and holiday destinations.

“Townships allow full control over the development ecosystem, including housing, commercial, and lifestyle infrastructure,” said a real estate analyst. “Redevelopment projects, while opportunistic, offer high-revenue locations with limited land acquisition needs.”

Hiranandani joins a growing list of top developers entering the Rs 3 trillion (Rs 3 lakh crore) redevelopment opportunity in Mumbai, spurred by new development control regulations, revalued land pricing for older housing societies, and rising real estate prices. These projects often lead to high-rise residential buildings with larger, modern homes, benefiting both residents and developers.

Major players such as Lodha Group (Macrotech Developers), Godrej Properties, Rustomjee, Prestige Estates, Wadhwa Group, Runwal Realty, and others are also actively exploring redevelopment ventures.

While South Mumbai has historically been the redevelopment hub, increasing infrastructure development in the western suburbs — from Bandra to Borivali — is shifting developer interest to those areas as well.