Mumbai Dominates with 77% of Total Tall Buildings in India
As per CBRE South Asia Pvt. Ltd, report, Mumbai dominates India’s skyline with a notable share of ~77% of the total tall buildings in India. The city has more than 100 tall buildings and is likely to continue leading the construction of tall buildings in future. Its tall buildings command prices at a premium compared to most other cities, making the construction of such developments economically viable in the city. Limited land resources and an exponential increase in urban population have been the primary reasons for the city's vertical growth over the years. Globally, Mumbai ranks 17th and 14th in Asia among cities with the maximum number of tall buildings (Council on Tall Buildings and Urban Habitat). Decentralization of growth in Mumbai led to expansion towards the north and east, giving rise to new micro-markets such as Malad, Goregaon, Powai, Vikhroli, and Kanjurmarg, which have transformed from residential outskirts into important city centers. Despite this expansion, land scarcity remains a pressing issue in Mumbai's urban areas, resulting in high demand and causing a steep hike in land prices. Central Mumbai and South Mumbai, known for their prestige and premium location, have become hubs for high-rise clusters. These densely populated areas enjoy excellent connectivity through public transportation and road networks and command a premium real estate price compared to other parts of the city. Among other Indian cities, Hyderabad, Kolkata, and Noida account for 8%, 7%, and 5% of the tall buildings in India, respectively. Gurgaon, Bangalore, and Chennai closely follow them, each contributing 1% to the country's tall building landscape. The report also indicates that nearly 89% of completed tall buildings in India are dedicated residential buildings, while 6% are designated office buildings. Mixed-use structures account for 4% of the tall building landscape, while hotels make up 1%.
Tags : CBRE South Asia Pvt. Ltd Mumbai India skyline share buildings India tall buildings prices premium cities construction developments Council on Tall Buildings and Urban Habitat growth expansion Malad Goregaon Powai Vikhroli Kanjurmarg Indian cities Hyderabad Kolkata Noida