How Will Mumbai Real Estate Be Affected by More Skyscrapers in the Next Decade?

Mumbai is a vertical metropolis that strives to reach the sky at all times. This is a fact, not only a statement.

BMC has granted a record 2500 construction permissions in 2021 to meet the surging demand. Individuals from all around India invest in real estate in Mumbai because of its lifestyle and apparently unlimited opportunities. Due to the increased demand for housing, there is a dearth of adequate dwellings.

After the Maharashtra state government's concession on premium projects expired, the Municipal Corporation of Greater Mumbai (MCGM) purged data until December 31, 2021. Due to this, there will be a large number of redevelopment projects with permissions that are ready to begin construction in the second quarter of 2022. Numerous projects will be undertaken in Mumbai, particularly in the western suburbs, which include Bandra, Khar, Santacruz, Juhu, etc. The vast majority of these launches will be for rehabilitation projects, which will gather tremendous momentum.

In India, high-rises are defined as structures over 75 feet in height or 7 to 10 floors in height, and they are a practical product of modern times. In the previous decade, several Indian metropolitan areas have emerged as excellent locations for the development of new high-rise structures, with Mumbai at the top of the list. With about 200 skyscrapers and 12,000 high-rise projects under development, Mumbai has the highest concentration of tall buildings in India. It is also notable for having the seventh-most high-rises under development in the world.

With highly populated cities, a surge in trade operations, commercial activities, and urban expansion, metropolitan areas in the United States face a surge—both in terms of cost and nature. When land is limited and costly, towering buildings give the optimal answer by rising through existing structures and housing more people, as opposed to expanding horizontally.

Due to reasons such as continual migration to urban regions, limited space, and high population density in cities such as Delhi and Mumbai, which results in a crowded inflow, high-rise constructions are a need in modern times. Vertical planning and construction is the only feasible way to meet the demands of the nation's rising population while addressing land shortages and high prices.

Previously, high-rises were mostly affected by structural concerns, but shifting fashions and technical advancements in building processes now allow for more architectural and creative flexibility. What was impossible a few decades ago is now commonplace. High-rises have emerged on the Mumbai skyline, which is rapidly transforming. The efficient construction of these buildings is largely attributable to the development of modern technology and the green movement.

Modern digital transformation tools and advanced enterprise technologies, such as the internet of things (IoT), enterprise resource planning (ERP), robotics process automation (RPA), analytics for decision making and mobility solutions, and data science, assist developers with asset evaluation and visibility.

Due to the abundance of facilities in presently constructed high-rises, they are also a potential alternative for human residence. In contemporary high-rises in Mumbai, recreation grounds, swimming pools, schools, retail centres, and other community stations are all conveniently accessible. These enormous structures are designed to provide people with a pleasant and socially balanced living environment while requiring the least amount of energy and other natural resources, including natural illumination.

Luxury developments with high-tech features, expansive outdoor patios, private entrances and parking spots, recreation and workout facilities, and other amenities have climbed to the top. A gleaming entrance lobby with a waiting area for guests and visitors, a well-equipped gym, high-speed branded elevators, a reception and concierge desk, rooftop gardens, water walls, private pools, clubhouses, decks, balconies, and courtyards, and home automation are some of the key features provided by premium developers.

Therefore, high-rise structures may be categorised as both a current and future need. The emergence of vertical cities in India demonstrates that building tall is still a viable response to shifting circumstances, desires, and concerns.

As a consequence, the overall landscape of Mumbai is anticipated to undergo a significant transformation in the next 5 years and beyond, with the addition of taller buildings, sophisticated architecture, next gen designs, etc.