- Growing trend in cities like Mumbai
- Beneficial for developers, residents, and the government
The real estate sector has undergone numerous changes over time. With the awareness of the need for a personal home increasing post-COVID, people are now prioritising homeownership more than ever. In this context, the real estate market in our country is showing strong performance. The sector continues to see new trends emerging regularly. Previously, there was a demand for apartments, which later shifted to bungalows, villas, row houses, and high-rise buildings, reflecting changes over time. Recently, a new trend called redevelopment has started gaining momentum.
In crowded cities like Mumbai, this trend is gradually growing. With increasing urbanisation and limited land availability, real estate rates in Mumbai have already skyrocketed. Despite this, there is insufficient availability to meet demand. As a result, redeveloping existing flats has become a viable solution. Many old buildings lack modern amenities and also face construction-related issues. Redeveloping such projects provides an opportunity to create new, modern residences. This trend benefits both residents and developers, leading many realtors to show interest in redevelopment projects. Residents can acquire upgraded apartments, while developers can build and sell new units. Additionally, increased floor space index contributes to revenue for the government.
