by Aakash Patel, Managing Director, Atul Projects
Our journey has unfolded over fifty years alongside the story of Mumbai. Few cities in the world have experienced such intensity of growth and unpredictability, and the responsibility of developers today extends far beyond simply building. Real estate over the next fifty years must be about creating a more liveable, equitable, and climate-resilient Mumbai.
Mumbai has grown into a megacity with more than 21 million residents and is expected to keep on growing. This represents tremendous pressure on land, infrastructure, and public services. Demand, however, remains formidable. Reports from Knight Frank and JLL noted double-digit growth in transactions, especially in mid and premium housing through 2023–24. Developers are bringing on supply, but this too raises questions regarding affordability over the long term and whether the city can even absorb supply with ongoing launches.
Affordability remains the city’s biggest challenge. Reports indicate that only a small fraction of approved slum redevelopments and affordable housing projects have been completed as proposed, leaving large populations in precarious conditions. Conventional redevelopment methods have been slow and complicated. Future patterns of development will require mixed-income communities, dedicated funding mechanisms, and faster and more transparent rehabilitation to address the city’s housing deficit.
The next era of real estate will be defined by infrastructure. The Coastal Road, developing metro networks, and new connectivity corridors are already changing patterns of demand. But to be truly effective, infrastructure must be part of an integrated plan; housing, transport, utility infrastructure, and public realm must not just be like separate projects. When infrastructure and real estate are planned together, travel times will decrease, new economic zones will develop, and the city will be more livable.
Climate resilience must also be woven into development. Rising sea level, more extreme monsoons, and urban heat islands already affect design, cost, and viability. Next-generation projects must consider energy performance, water-sensitive planning, green/vegetated cover, and risk-based site selection. Sustainability cannot be a “feature,” it must be a baseline for approvals and financing.
It is also important to have regulatory certainty. RERA has brought a level of transparency; however, delays in approvals and inconsistency in policy still hold up delivery. Public-private partnerships must also become timely and focused on outcomes, particularly for the delivery of redevelopments. Developers who deliver on time should be acknowledged and rewarded as such, while systemic delays must also have an established remedial process. A degree of regulatory certainty will support buyers and responsible builders.
Given the constraints of land in Mumbai, redevelopment will continue to shape the city’s trajectory. Vertical development needs to be more than just vertical – thermal comfort, ventilation, open spaces, schools, health, and access to mobility must be mandated and designed for dignity. Brownfield sites and aging quality buildings are opportunities to create knockout resilient communities that will serve the next generation.
Technology and finance will help accelerate this intervention. BIM-led design, IoT-enabled building operations, and drone-based monitoring will generate efficiencies in cost and speed of delivery. New funding mechanisms, like green bonds, and appropriate blended capital will be critical for mid-income and affordable housing.
Market conditions – while still stable in demand – are increasing scrutiny and sensitivity to the economic and plan of real estate. The conversation must shift to being responsible, need-based development, not speculation.
After 50 years of building buildings in Mumbai, we believe the next 50 years must shift from building better buildings to building better days; reduced commute time, life safety, climate consideration, and inclusive communities. Real estate must migrate into the space of urban stewards, creating space that is both aspired and resilient.
Mumbai has taught us adaptability and purpose. When the city enters its next phase, the builders who think further in time, beyond margins, into a meaningful urban impact, will build its city.
