India, Sept. 10 -- As many as 44,277 apartments worth Rs.1.30 lakh crore are expected to enter Mumbai's real estate market through the redevelopment segment by 2030, according to a report by Knight Frank India. The free-sale component from society redevelopments is projected to generate around Rs.7,830 crore in stamp duty and Rs.6,525 crore in Goods and Services Tax (GST).

Mumbai redevelopment projects are poised to unlock Mumbai's residential market potential and transform the city's skyline. However, the segment now appears overheated and is nearing an inflection point. Escalating property prices have led to unsustainable commitments from developers, while society members' expectations have grown disproportionately, the report noted. ...