Mumbai set for another vertical boom, high rise buildings projected to rise over 30% this decade
May 30, 2024
New Delhi [India], May 30 : Mumbai, a land scarce metropolitan, has limited ways to expand its infrastructure and thus has the country's maximum skyscrapers.
The city is a champion in vertical real estate growth in India. According to a latest report by real estate consultancy firm Anarock, Mumbai Metropolitan Region will see 34 per cent growth in skyscrapers, with over 40 floors, over the next six years though 2030.
The number of completed towers of over 40 Floors until 2023 were 154. Now between 2024 and 2030, the number of such towers will be 207.
This means would be a 34 per cent jump between the two periods - from 154 towers until 2023 to 207 towers between 2024-2030.
Anarock said these 207 towers are under various stages of construction presently with completion timeline anytime between 2024 and 2030.
While other cities have lately shown a trend reversal, especially post-Covid-19, Mumbai's growth for skyscrapers shows no signs of slowing down.
Of the total 40 plus floors, south central Mumbai boast of the maximum number at about 103 towers, or a 29 per cent overall share. Of these, at least 61 towers are completed and another 42 will be completed within the 2024-2030 period.
Mumbai's central suburbs rank next with 87 -- 42 are completed and another 45 towers are under construction.
The city's western suburbs have at least 80 high rises, with 50 towers complete and 30 towers scheduled for completion in the next six years.
Thane has at least 61 high-rises, of which just 2 towers are completed and the remaining 59 under development. This clearly indicates that Thane has only recently adopted the high-rise trend from its neighbouring Mumbai.
Navi Mumbai follows with a total of 25 high-rise towers of 40 plus floors - 10 are complete and 15 in various stages of construction.
Byculla, Worli, Lower Parel, Prabhadevi, Mahalakshmi, Marine Line, Mulund, Chembur, Kanjurmarg, Santacruz, Malad, Goregaon, and Thane city are some of the place where they are largely concentrated.
Currently, there are around 61 high-rises in Mumbai region that have more than 60 floors each.
Anuj Puri, Chairman - ANAROCK Group, says, "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 highrises with 40+ floors hit the MMR market; between 2024 and 2030, 207 more will be completed. These projects have already been launched across the region."
Exponential population growth is one of the key reasons behind this boom, Puri said.
