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Over the next six years, there will likely be a notable increase in the number of towers in the Mumbai Metropolitan Region (MMR). The number of buildings with more than 40 stories will rise by 34% in MMR between 2024 and 2030, according to the most recent data from ANAROCK.
Although there has been a recent reversal of trend in other cities, particularly after COVID-19, MMR’s preference for towers is unabated. There are now 361 high-rise skyscrapers in the area, each with more than 40 stories. Of them, more than 207 are expected to be finished between 2024 and 2030, and 154 have already been finished.
Skyscrapers are synonymous with Mumbai’s real estate environment and are progressively defining it, according to Anuj Puri, Chairman of ANAROCK Group. Aside from its acute lack of land for development, the city’s soaring urban style has come to represent its economic power. A total of 154 high-rises with 40 stories or more entered the MMR market between 2019 and 2023, while another 207 will be finished between 2024 and 2030. Several of these initiatives have already begun in the area.
The previous ten years have seen exponential population expansion in addition to higher FSI limitations, which are the primary causes of the “rise” in skyscrapers in the area. Additionally, in 2019, the state government significantly boosted Mumbai’s struggling real estate market by lowering the FSI premium for all residential and commercial projects in the city for two years.
“Developers obviously welcomed this decision, as it reduced a significant input cost – the floor space premium – by up to 25% for residential buildings,” Puri states. “Developers launched more high-rises due to the high demand and lower overall construction costs.”
Group Media Publication
Construction, Infrastructure and Mining
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