From 6 storey flats in the past, the trend has now shifted to constructing tall towers and skyscrapers-huge glass buildings that oversee the shifting dynamics of this vast city, writes Chetanya Mundachali
Mumbai-the financial capital of India has transformed itself into a metropolis of tall skyscrapers. Tall skyscrapers that grace the city’s skyline underscoring the city’s vast potential for financial and economic growth. The Real Estate sector has seen a massive boom since the past few decades.
There are over 3000 ongoing projects in the entire city stretching from Navi Mumbai to SoBo. From 6 storey flats in the past, the trend has now shifted to constructing tall towers and skyscrapers-huge glass buildings that oversee the shifting dynamics of this vast city. Mumbai City boasts of an aglomaration of slum clusters to housing the most expensive property in the world Antilla- home of the Ambanis. The trend post covid is high rise residential Towers which allows for more accomodation. Some of the biggest names in real estate such as Lodha, Ruparel, Hiranandani, Raheja, Shapoorji Pallonji ,Godrej etc. have opted for high rise towers projects as part of their USP. Lodha NCP launched their signature township project Lodha New Cuffe Parade at Wadala back in 2014.
High Rise Projects: The sight of tall and elevated towers that seem to touch the sky is the favoured preference of homebuyers. The breath-taking views of Mumbai’s skyline from the top floors mesmerizes home-buyers thus prompting them to opt for tall towers. The Bandra-Worli Sealink, Atal Setu, Marine Drive, CST and Metro lines that aim for seamless transportation and faster connectivity from one end to another end of the city.
Brokers: The brokers are an important link in the builder-customer chain. No real estate deal is complete without the timely intervention of brokers. Brokers are the ultimate guide for prospective buyers about any newly launched project by developers. They also help both the buyer as well as the developer by arriving at a negotiable price that will be advantageous to both parties. The brokers also guide the buyers into selling their old properties for new ones.
Amenities: Major Developers have added Amenities in their projects to attract buyers. New value additions such as Lap size Swimming Pool, state-of-the-art gymnasium, yoga center, multi-purpose hall, landscaped gardens, Advanced security systems (CCTVs) and Intercom, Sky gaze lounges, Yoga Center, Clubhouse, Jogger’s track etc have become the common features of luxury projects. Some projects boasts of a an elevator and a jacuzzi swimming pool per flat. The cost of such a luxe flat is pegged at a whopping Rs. 8 crore and above! Some projects have temperature regulated swimming pools. These amenities significantly contribute to the USP (unique selling potential) of any project. Builders seek to promote luxury segment projects since they are now a craze for homebuyers. A lot of the new lifestyle has been emulated from the Western standards of living.
Pricing and Funding: The pricing of all these projects differs from place to place in Mumbai city. For example, Navi Mumbai houses are more affordable as compared to South Bombay-where the property price rates are among the highest in the world. The pricing range is from Rs. 1.5-Rs.50 crore. The price of any project also increases after every 4 months thus proving a challenge for some prospective buyers. The buyers, at their end accumulate funds from their savings, housing loans, EMIs etc.
Popular Projects: Dosti Eastern Bay (Wadala) Siddha Sky, Monte South (Byculla) Ajmera Downtown (Marine Lines) Runwal OYT (Wadala) Ruparel Vivanza (Byculla) Lokhandwala Minerva (Lower Parel) Ruparel Jewel (Parel), The Minerva Project by Lokhandwala Infrastructure boasts of an under-construction tower of 988 feet above sea level. It is one of the tallest buildings currently under construction in Mumbai. Palais Royale is the proposed building in Mumbai.When completed, it will be the tallest residential Tower in India. The project is being constructed at a cost of Rs.3000 Crore and will be the tallest residential building in India.
Emerging BKC: The Bandra-Kurla Complex has seen a massive surge in the rise of upcoming new projects. BKC boasts of popular establishments such as the Jio World Drive Mall where the famous Anant Ambani wedding took place. BKC boasts of leasing out vast commercial spaces thus providing huge employment opportunities for professionals. This is one of the major reasons why developers like Raymond Realty have invested in projects in the BKC area. Problem of living and working in Mumbai has been the hours lost in commuting. Scores of projects in critical locations in the city by developers seeking to find solutions to the age old problems.
Interior Designers: The demand for Interior Designers for new Real Estate Projects has provided gainful employment opportunities for Interior Decorators. From private contractors to Interior Design firms, home buyers opt for major players such as Bonito, Arrivae, Livspace etc. These Interior Design firms adopt state-of-the-art design architecture for homes from the real estate market. The average budget cost for these homes varies from Rs.2-Rs.15 lakhs.
Slum-free Mumbai by 2050: Slum clearance paves the way for new housing projects and developments. Big players like Lodha, Ruparel, Dosti, Shapoorji Pallonji, Raheja etc. buy off the slum dweller’s lands and build township projects loaded with the best amenities. The Dharavi Slum Redevelopment Plan is a joint venture between the Government of Maharashtra and the Adani group that aims to demolish the Dharavi slums-Asia’s biggest slum inhabitation in Mumbai. The Dharavi Rehabilitation Project aims to provide a 350 sq ft accomodation along with modern kitchen and toilet for the slum-dwellers. Some slum housing clusters are also known to have ACs installed in them. With mega projects like the Dharavi Slum Rehabilitation Project, Mumbai aims to be slum-free and lined up with the tallest skyscrapers by 2050.
SoBo: SoBo, the colloquial term used for South Bombay or South Mumbai refers to the that stretch of land from Sion to Colaba. It encompasses major Mumbai areas such as Wadala, Dadar, Mahim, Worli, Tardeo, Prabhadevi ,Byculla, Mazgaon, Cumballa Hill, Marine Drive, Churchgate, Nariman Point, Colaba and extends right upto Malabar Hill-which boasts of some of the highest property prices not only in India but also in the world. SoBo houses major business and establishments such as the NCPA, World Trade Center, Times of India, Bombay Stock Exchange, St. Xaviers College, Metro Inox Cinema etc.
There has been a rise in the number of new housing projects in the SoBo region of Mumbai as developers have shown a massive interest in constructing new projects in South Mumbai due to it’s aesthetic value.
Mumbai as a Real estate market is poised to grow as the city provides huge housing opportunities for Developers as well as for buyers. Mumbai has emerged as the leader of sales in the Real Estate sector in Housing Sector. The rise of metro rail networks since the past decade has also helped to boost sales.
The old notion ‘Its nearly impossible to get a place in Mumbai for outsiders seems to fade away as new housing projects promises accommodation to all despite the overwhelming costs. Mumbai’s real estate market is poised for continued growth, driven by infrastructure development, government initiatives and private investment. As the city transforms into a global financial hub, its skyline will continue to soar thus making it a real estate hub at a global level.