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Skyscrapers finally make their way to India changing the face of luxury housing

By Finserv MARKETS - Aug 12,2019
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Skyscrapers In India Finally Changing The Face Of Luxury Housing

Introduction

One of the indubitable charms of cities like Dubai, New York, Hong Kong, Tokyo, and Chicago is the towering high-rise buildings called skyscrapers. While tall buildings serve a very utilitarian purpose of optimum land-use in a world with a burgeoning population, we somehow still associate the towering edifices as elegant and symbolic of development and most importantly, power. Historically, tall buildings were the preserves of great rulers and leaders. Think Scottish castles and Tibetan monasteries. Yet these grand historical efforts are dwarfed by the skyscrapers of the 20th and 21st centuries. The design allegedly came into being in the 1880s Chicago, where the Home Insurance Building was finished at 12 stories high and considered to be the first tall building of the industrial era.

The skyscraper edifices were dominated by official and commercial use spaces for a long time, until recently when they crept into the residential architecture. Some call it a ‘global rush to build skyscrapers, but as of today, there is a boom in the number of skyscraper projects underway and already up and running.

With the explosion of urbanization around the world and developing economies asserting themselves in high profile ways, the stage is set for a global skyscraper boom.

In the last two years, 39 skyscrapers taller than 300m have been constructed, with five of them eclipsing the height of the Empire State Building.

Skyscrapers finally make their way to India changing the face of luxury housing

India may not feature top of the list, but positive developments have boosted the skyscraper era here too. The big bang reforms such as RERA and GST improved the transparency and
answerability in the real estate sector have brought about an imperative change in the tax, regulatory and business environment. It also didn’t help that it is costlier to build high-rise buildings due to the very design: the vertical focus raises the cost and time of transportation and scaffolding. But the genius of the design cannot be underplayed for a country like India. If the area of the country is about 3,287,590 sq.km and the population about 1,250,193,422, it is a massive land scarcity problem, which can be assuaged via the high-rise structures, skyscrapers, or vertical cities, however, one may like to call them.

Therefore, it comes as no surprise that skyscrapers have finally picked up pace in India: they are redefining the skyline of the major cities: Mumbai, NCR, Ahmedabad, but are also embedded in the plans of the Indian real estate market. There is a robust exchange of talent, technological prowess and expertise in the field, and many ambitious projects are underway. Let’s take a look at a handful of them:

GIFT Diamond Tower , Ahmedabad

GIFT is a high-rise project approved as a part of the Gujarat International Finance Tec-City (GIFT city). Planned for a height of 4000 metres and 87 floors, GIFT is aimed at building a financial hub in India’s first operational smart city. We are preparing for an 80-plus story skyscraper designed to resemble the facets of a cut diamond.

World One, Mumbai

Mumbai being the commercial capital of the country, it is no surprise to have a teeming number of ambitious building projects. World One is one such project, a 442-metre high residential project by Lodha Group, designed by renowned architects, Pei Cobbs & Partners.

Located at Lower Parel in Mumbai over 17.5 acres of area, the construction of this project, worth over US$321 million, across 117 floors and 290 luxury residential units, started in 2011 and will be completed in 2019. The price of apartments is expected at a staggering Rs. 75 million.

Supernova, Noida

Delhi-NCR is undoubtedly bearing the population burden, and housing innovation in the form of skyscrapers is a welcome project.

Supernova by Supertech Limited spans across 17.5 acres of area at Sector 94 in Noida, houses 1394 units of branded residences, ranging between 1 BHK and 6 BHK sizes, with lavish features and amenities, and are expected to be priced between Rs 80 lakh and 31 crores.

Worth it for a bird’s eye view of the entire Noida city. The fancy concept of studio apartments is here and how!

Conclusion

Vertical development is a welcome expansion to leave us with a minimal physical footprint, accommodate a larger population and leave public spaces and greenery around. If you are enchanted by the idea of living in a luxury suite in a skyscraper but are worried about the huge sums, you will have to shell out, worry no more. Bajaj Finserv Home loans available on Finserv MARKETS come with numerous benefits like flexible repayment tenure of up to 300 months and is just the right financial support you need to make your dream home a reality. The home loan EMI calculator can give you an assessment, and once you have availed a home loan you can manage your EMIs on the online portal.

“Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere”!

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