Mumbai Metropolitan Region (MMR) currently has 154 high-rise towers of more than 40 floors each and over 200 skyscrapers are expected to come up in the city till 2030, according to Anarock.
Real estate consultant Anarock Chairman Anuj Puri said between 2019 and 2023, 154 high-rises with over 40 floors hit the MMR market. “…between 2024 and 2030, 207 more will be completed. These projects have already been launched across the region,” Puri said.
“Skyscrapers are synonymous with Mumbai’s real estate landscape, and increasingly define it. Apart from its extreme shortage of developable land, the city’s towering urban aesthetic has become an apt symbol of its economic might.”
Anarock noted that the development of high-rises also helps decongest the city. “Skyscrapers include amenities and residences in a single vertical space, thereby reducing residents’ need to leave the premises for leisure pursuits. Apart from thereby easing traffic congestion, these buildings also tend to trigger significant infrastructure developments around them, including better roads and improved public transport facilities,” the consultant said.
As per the data, South Central Mumbai has the maximum 103 high-rise towers. Of these, at least 61 towers are completed and another 42 will be completed within the 2024-2030 period. Mumbai’s Central suburbs has 87 high-rises of over 40 floors. Of these 42 are completed and another 45 towers are under construction.
The city’s Western suburbs have at least 80 high rises, with 50 towers complete and 30 towers scheduled for completion in the next six years. Thane has at least 61 high rises, of which just 2 towers are completed and the remaining 59 under development. Navi Mumbai follows with a total of 25 high-rise towers of 40+ floors – 10 are complete and 15 in various stages of construction.
The peripheral central and western suburbs have limited high-rise towers 5 towers in total, all completed. Micro-markets like Byculla, Worli, Lower Parel, Prabhadevi, Mahalaksh mi, Marine Line, Mulund, Chembur, Kanjurmarg, Santacruz, Malad, Goregaon, and Thane City are the definitive skyscraper hotspots.
Commenting on the report, construction firm BCD MD Angad Bedi said, “We are quite bullish on the Mumbai real estate market as it continues to attract occupiers and employees, thereby keeping the demand high across CBD, SBD and other sub-markets. This, complemented with the spate of redevelopment projects in city hot spots, is leading to the development of high rise projects across the city.”. This mushrooming of high-rise projects will accelerate Mumbai’s journey to becoming a global metropolitan city on the lines of New York and Hong Kong, he added.