India, June 25 -- Mumbai's real estate market is entering a new phase, with large corporate houses betting on cluster redevelopment projects that are unlocking some of the city's most valuable land parcels. For decades, redevelopment in Mumbai was largely confined to individual housing societies. However, a combination of acute land scarcity, ageing housing stock and supportive government policies has shifted the spotlight to cluster redevelopment, transforming it into one of the most attractive opportunities in the city's property market.

The segment is now drawing interest not only from established real estate developers but also from some large conglomerates. Their entry is expected to expand the overall redevelopment market rather th...