MMR's Vertical Boom: High-rises Over 40 Floors to Increase 34% by 2030
July 2024
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The Mumbai Metropolitan Region which has pioneered steep vertical growth in India, keeps reaching for the skies —says the latest ANAROCK data
Land-scarce MMR has few ways to go but up, and unsurprisingly has the
country's maximum skyscrapers. The region that pioneered steep
vertical growth in India keeps reaching for the skies - latest ANAROCK
data indicates that MMR will see 34% growth in skyscrapers with over 40
floors over the next six years (2024 to 2030).
While other cities have lately shown a trend reversal, especially post-
COVID-19, MMR's affinity for skyscrapers shows no signs of slowing
down. 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 2024 and 2030.
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 high-rises 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 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.
| Completion-wise | <20th Floor | 20th - 40th Floor | >40th Floor Total | |
|---|---|---|---|---|
| Till 2023 | 12,126 | 1,487 | 154 | 13,767 |
| B/w 2024 - 2030 | 8,096 | 1,846 | 207 | 10,149 |
"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.” The development of high-rises also helps de-congest the
city. Skyscrapers include amenities and residences in a single vertical
space, thereby reducing residents' need to leave the premises for leisure
pursuits. Apart from thereby easing traffic congestion, these buildings
also tend to trigger significant infrastructure developments around
them, including better roads and improved public transport facilities.
There are currently a total of 361 towers with over 40 floors in the entire
MMR region, either already completed or slated for completion by
2030. Of these, areas in South Central Mumbai boast of the maximum
number — about 103 towers, or a 29% 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 high-rises of >40 floors - 42
are completed and another 45 towers are under construction.
MMR saw 154 high-rise towers (of >40 floors) completed till 2023;
207+ new towers to be completed b/w 2024-2030.
- South Central Mumbai: 103 towers.
- Mumbai Central Suburbs: 87 high-rises of 40+ floors.
- Mumbai Western Suburbs: 80 high-rises.
- South Central Mumbai: 28 high-rises.
- Thane: 61 high-rises.
- NaviMumbai: 25 high-rises.
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+ floors - 10 are complete and 15 in various stages of construction.
The peripheral central and western suburbs have limited high-rise towers — 5 towers in total, all completed. Micro-markets like Byculla, Worli, Lower Parel, Prabhadevi, Mahalakshmi, Marine Line, Mulund, Chembur, Kanjurmarg, Santacruz, Malad, Goregaon, and Thane city are the definitive skyscraper hotspots.
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," adds Puri. "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."
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