India, Sept. 28 -- Mumbai is witnessing a massive wave of housing society redevelopment. Since 2020, more than 900 societies have signed redevelopment agreements, expected to unlock around 44,000 new homes by 2030. The Western suburbs, from Bandra to Borivali, are set to see the most activity.

Redevelopment will reshape neighbourhoods with modern housing, better amenities, more green space, and improved infrastructure. However, the process comes with challenges. Projects often involve long timelines of five years or more, regulatory hurdles, and the risk of developer defaults. For residents, careful financial and legal planning is essential to navigate uncertainties and safeguard interests.

This is how it works: The society members vote...