businesstoday.in-'1 in 3 homes sold in Mumbai comes from redevelopment but at what cost...': Expert's reality check on real estate
real estate landscape is undergoing a dramatic transformation, with "one in every three homes now being sold from a redevelopment project", according to financial advisor Akshat Shrivastava. But while these projects bring in new, taller structures, they also pose significant infrastructure challenges and drive up property prices.
Redevelopment in Mumbai follows a simple pattern: "old buildings are demolished, and new, taller structures replace them". This not only increases the supply of homes but also puts additional strain on the city’s already burdened infrastructure.
Mumbai is running out of vacant land, making redevelopment the primary way to accommodate the city’s growing housing needs. Older, dilapidated buildings are being demolished and replaced with high-rises. However, roads, drainage, and public transport struggle to keep up.
