Non-Mumbai builders tap into financial capital via redevelopment projects

Mumbai's redevelopment market is big enough to accomodate more players like Bengaluru-based Sobha and Ahmedabad-based Arvind Smartspaces are evaluating opportunities

Real estate developers based outside of Mumbai such as Delhi-based DLF, Bengaluru-based Prestige Estates, Puravankara, Pune-based Blackstone-backed Kolte-Patil Developers, Vascon Engineers, and Hyderabad-based Ramky Estates, are foraying into India’s largest real estate market through redevelopment projects.

 

While Mumbai has always been India's prime real estate market, policy-level incentives for redevelopments, less capital intensive nature of redevelopment business amid a lack of open land parcels, is attracting developers that are using asset-light strategies to get better realisations from high property rates. 

 

“For developers based outside the MMR, redevelopment offers an effective route to enter the Mumbai market, given the limited availability