Real Estate Trends: Over 75% of buildings over 150 metres in India situated in Mumbai, says CBRE report
CBRE evaluated the unit pricing of 15 prominent residential projects in Mumbai across a range of price points and specifications, varying from 25 storeys to 50+ storeys.
Mumbai is the hub of most of the tallest buildings in India, reveals a recent report by CBRE South Asia Pvt. Ltd. As per the report, more than 75 per cent of the tall buildings (with a height of more than 150 meters) in India, are situated in Mumbai. Hyderabad has become the second Indian city witnessing a surge in vertical growth, according to the report. Considering the limited land available in the city, Mumbai will likely continue to lead the construction of tall buildings in the country, the reported pointed out.
Titled ‘Sky is the Limit: Rise of Tall Buildings in India,’ the report highlights how various Indian cities have made progress through the construction of tall buildings. As per the report, India has about 250 tall buildings that are completed or under construction. Kolkata ranks third, Noida fourth, followed by Gurugram, Bengaluru and Chennai, with a 1 per cent share each.
The report highlighted that India’s urban population is expected to cross 600 million by 2030, thereby, new growth avenues will have to be unlocked in the cities and tall buildings could become one way to fulfill the demand for urban space. However, CBRE India also pointed out that the path to building tall skyscrapers is not easy and may pose many challenges.
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According to the report, as homebuyers live on higher floors, they might end up paying a premium.
CBRE evaluated the unit pricing of 15 prominent residential projects in Mumbai across a range of price points and specifications, varying from 25 storeys to 50+ storeys. According to the report, they indicated an average price premium of 10-15 per cent above the 20th floor and over 25 per cent in some cases after the 40th and 60th floors.