Mumbai's Skyward Bound: A 34% Surge in Skyscrapers Expected by 2030
Mumbai's vertical growth is set to skyrocket with a 34% increase in skyscrapers by 2030
MumbaiSkyscrapersReal EstateAnarockVertical GrowthReal Estate MumbaiMay 30, 2024
Unlike most other cities, which have seen a fall in the number of skyscrapers since the Covid-19 pandemic, MMR is an outlier. The main reasons behind this surge are the high growth in population size and the increased floor space index (FSI) limits over the last decade. FSI is the maximum allowable built-up area on a plot of land in the city.
The state government's decision in 2019 to reduce the FSI premium for all residential and commercial projects in the city for two years provided relief to developers. Developers obviously welcomed this decision, as it reduced a significant input cost — the floor space premium — by up to 25 per cent for residential buildings, said Anuj Puri, chairman at Anarock Group. The decreased overall construction cost, coupled with high demand, prompted developers to launch more high-rises.
The development of high-rises often helps in decongesting the city. Moreover, these amenities and residences are in a single vertical space, thereby reducing residents' need to leave the premises for chores. Apart from easing traffic congestion, these buildings also tend to trigger significant infrastructure developments around them, including better roads and improved public transport facilities.
Anarock also highlighted that of the 361 towers, 154 are completed and 207 are incoming, with the highest number being in South Central Mumbai at 103. Of these, at least 61 towers are completed and another 42 will be completed within the 2024-2030 period. Central suburbs rank next with 87 high-rises, of which 42 are completed and another 45 towers are under construction. The western suburbs have 80 high-rises, with 50 towers already complete and 30 towers scheduled for completion in the next six years.
The Mumbai metropolitan region (MMR) is one of the fastest-growing cities in India, with a population of over 20 million people. The city's high population density and limited land availability have led to a surge in vertical growth, with developers constructing high-rise buildings to meet the demand for residential and commercial spaces.
Anarock is a leading real estate consultancy firm that provides expert advice and services to developers, investors, and homebuyers. With a strong presence in India and other countries, Anarock is known for its in-depth market research and analysis, helping clients make informed decisions in the real estate sector.
Frequently Asked Questions
How many skyscrapers are currently present in the Mumbai metropolitan region?
154 skyscrapers with over 40 floors are currently present in the Mumbai metropolitan region
What is the expected increase in skyscrapers in Mumbai by 2030?
A 34% increase in skyscrapers is expected in Mumbai by 2030 taking the total number to 207
What are the main reasons behind the surge in skyscrapers in Mumbai?
The main reasons behind the surge in skyscrapers in Mumbai are the high growth in population size and the increased floor space index (FSI) limits over the last decade
Which area in Mumbai has the highest number of skyscrapers?
South Central Mumbai has the highest number of skyscrapers with 103 towers of which at least 61 are completed and another 42 will be completed within the 2024-2030 period
What are the benefits of high-rise developments in cities?
High-rise developments help in decongesting cities reduce the need for residents to leave the premises for chores and tend to trigger significant infrastructure developments around them including better roads and improved public transport facilities
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