Real estate in Mumbai goes vertical

 

The city’s skyline is soaring upwards. More than a decade ago, the first skyscraper graced the Mumbai horizon. Called the Shreepati Arcade, this 500-foot-high 45-storied tower sprouted up at Nana Chowk in Grant Road in 2002. Now, a decade later, skyscrapers have nearly turned common-place in a city quickly growing vertically. More than 50 towers with 60 floors and upwards are under construction. Many more that have crossed the 70 meter mark are showing up across Mumbai. And this isn’t particularly surprising, as empty plots in Mumbai turn rarer by the day. So, instead of spreading out horizontally, the city has begun to take to the skies instead, increasing the availability of  property in Mumbai substantially.

Areas in South Mumbai, particularly Lalbaug, Parel and Sewri, have undergone a tremendous makeover in the last few years. Once home to mill workers and lower-income groups, these areas now boast high-rises with residential apartments priced at around Rs. 5 crore! Lower Parel, yet another quickly growing neighborhood, currently plays home to the 65-storied Indiabulls Sky and the 75-storied tower at the Jupiter Mills. Worli on the other hand has the 80-storied Raheja Platinum, while the 55-storied Lodha Bellissimo graces the Mahalaxmi skyline.

Says Hafeez Contractor, an architect known to reach for the sky, “Mumbai has a population of 20 million and but its area is only 470sqkm. When you are looking at such a large population over a small area of land, vertical is the only way to go.” According to Contractor, the city will cross the 30 million population mark in the future and to cope with it all, real estate in Mumbai needs to grow vertically. “How will Mumbai deal with such an increase (Population)? The only answer is to increase the FSI (Floor Space Index). Only when we do this will the city gets on its own feet and earns enough to create the infrastructure that will be needed to sustain this vertical growth.”

It’s time more real estate developers in Mumbai begin adding-on the floors instead of spreading around. After-all, the future lies in the sky and a perpendicularly growing city is a mark of opulence! To know more about commercial offices, shops and residential apartments located in skyscrapers and high-rises in the city, visit www.snapghar.com today!