Builders from other regions tap into Mumbai's redevelopment market

Developers based outside Mumbai are making a beeline for India’s largest real estate market through redevelopment projects. 

These include Delhi-based DLF, Bengaluru-based Prestige Estates and Puravankara, Pune-based Kolte-Patil Developers and Vascon Engineers, and Hyderabad-based Ramky Estates. 

Among the players mentioned above, Kolte-Patil forayed into the Mumbai market first via a redevelopment project in Khar (West), back in 2013.

 

Mumbai’s policy-level incentives for redevelopment and less capital-intensive nature of the business amid a lack of open land parcels, are attracting developers. They are using asset-light strategies to get better realisation from high property rates. 

“For developers based outside the Mumbai Metropolitan