High rise buildings in Mumbai.
| Photo Credit: AP
Mumbai Metropolitan Region (MMR) will see 34% growth in skyscrapers with over 40 floors over the next six years (2024 to 2030), consulting firm Anarock said in a study.
The region currently has 361 high-rise towers of over 40 floors each. Of these, 154 have already been completed and over 207 are scheduled to be completed between by 2030.
Anuj Puri, Chairman – Anarock Group, said, “Skyscrapers are synonymous with Mumbai’s real estate landscape, and increasingly define it. Apart from its extreme shortage of developable land, the city’s towering urban aesthetic has become an apt symbol of its economic might.”
“Between 2019 and 2023, 154 high-rises with over 40 floors hit the MMR market; between 2024 and 2030, 207 more will be completed. These projects have already been launched across the region,” he said.
“Exponential population growth coupled with increased FSI limits over the last decade are among the main factors giving ‘rise’ to the number of skyscrapers in the region. Also, in 2019, the state government gave Mumbai’s beleaguered real estate market a major shot in the arm by reducing the FSI premium for all residential and commercial projects in the city for two years,” he added.
“Developers obviously welcomed this decision, as it reduced a significant input cost – the floor space premium – by up to 25% for residential buildings,” says Puri. “The decreased overall construction cost, coupled with high demand, prompted developers to launch more high-rises.” he further said.
Currently, there are around 61 high-rises in MMR that have more than 60 floors each. Here again, the South-Central Mumbai localities have the lion’s share with 28 towers.
“The tallest towers in the Mumbai Metropolitan Region are not just architectural marvels,” Mr Puri said. “They are also emblematic of a city always on the move. And of course, skyscrapers are really Maximum City’s only logical response for the need to balance growth with sustainability,” he added.
