Mumbai, India’s bustling metropolis known for its soaring skyscrapers, is poised for unprecedented vertical growth in its real estate sector.
A recent report by real estate consultancy firm Anarock reveals that the Mumbai Metropolitan Region (MMR) is set to witness a remarkable 34% surge in the construction of skyscrapers, defined as towers with over 40 floors, by the year 2030.
This surge comes despite the challenges posed by limited land availability, cementing Mumbai’s status as the nation’s leader in vertical real estate development.
Steady Growth Amidst Changing Trends
While many cities across the globe have experienced a slowdown in real estate development, particularly in the wake of the COVID-19 pandemic, Mumbai continues to defy these trends. The city’s insatiable demand for vertical living spaces remains unabated, driving a consistent upward trajectory in skyscraper construction.
Between 2019 and 2023, Mumbai witnessed the completion of 154 high-rises with 40 or more floors. Looking ahead, between 2024 and 2030, an additional 207 such towers are slated for completion, marking a significant 34% increase over the previous period. These projects, already underway across the MMR, underscore Mumbai’s resilience and enduring appeal in the real estate market.
South central Mumbai emerges as a frontrunner in the vertical real estate landscape, boasting the highest concentration of skyscrapers with over 103 towers, comprising 29% of the total.
Of these, 61 towers are already completed, with an additional 42 expected to be finished by 2030. The central suburbs follow closely behind, with 87 high-rises in various stages of development, reflecting Mumbai’s expanding urban sprawl.
The western suburbs of Mumbai host around 80 high-rises, of which 50 have been completed and 30 are scheduled for completion within the next six years. Thane, a neighboring city, has recently embraced the high-rise trend, with 61 towers under development, signaling a shift towards vertical living in the region.
Navi Mumbai, with 25 high-rise towers, presents a burgeoning skyline on the horizon. While 10 towers have been completed, an additional 15 are underway, contributing to the city’s evolving urban fabric.
Areas such as Byculla, Worli, Lower Parel, Prabhadevi, Mahalakshmi, Marine Line, Mulund, Chembur, Kanjurmarg, Santacruz, Malad, Goregaon, and Thane city serve as focal points for this vertical expansion.
Implications and Outlook
Anuj Puri, Chairman of ANAROCK Group, underscores the significance of skyscrapers in shaping Mumbai’s real estate narrative, describing them as symbolic of the city’s economic prowess. He attributes the surge in construction to exponential population growth, which continues to drive demand for vertical living spaces in Mumbai.
As Mumbai’s skyline evolves with each new skyscraper, the city reaffirms its position as a global hub of vertical innovation and urban development.
Despite challenges posed by land scarcity, Mumbai’s relentless pursuit of architectural excellence continues to redefine the boundaries of possibility in the realm of real estate.
Mumbai’s skyscraper boom not only reflects its economic vibrancy but also underscores its resilience in the face of adversity. With a future punctuated by towering edifices that pierce the sky, Mumbai stands poised to remain at the forefront of urban innovation for years to come.
