Already with about 1,100 high-rises in place, the Millennium City has joined the league of Indian cities witnessing a vertical growth. Real estate experts say the city will have about 1,500 more multi-storey towers in the next five years.
According to official figures, 95% of the licences acquired by private developers between 2008 and 2012 under the new master plan in the city are for high-rise buildings. Many under-construction multi-storey buildings and other proposed towers are likely to be completed by 2018-19.
In Gurgaon, any building that is 15 metres and higher is considered a high-rise. Vertical growth has also been witnessed in neighbouring Duranhera on NH-8 where projects like 40-floor Oma and 15-floor Park View Delight are coming up.
Haryana principal secretary (town and country planning) SS Dhillon told HT that there was a heavy rush for the development licences for high-rise group housing projects. "Private developers have either acquired or applied for about 95% of the available space for high-rise projects under new Gurgaon master plan. Now, the Haryana government will have to acquire land for floating plotted townships," Dhillon said.
He said that the private developers preferred vertical development to plotted horizontal townships as the latter attracted higher investments.
National Real Estate Development Council (NAREDCO) president Navin Raheja said that the vertical growth had been necessitated due to skyrocketing land prices and limited land availability in the national capital region.
"In Gurgaon, a number of high-rise buildings are coming up on about 8,000 acres of land in the sectors earmarked in Gurgaon Master Plan 2031. The city's fast paced vertical growth is likely to catch up with the development of Mumbai in 5-6 years when under-construction and proposed buildings in Gurgaon become deliverable," he said.
As per the Gurgaon-Manesar Urban Complex 2031, the town and country planning department has provisioned for around 40,000 acres of residential and 3,940 acres of commercial sectors. And the 20% of the space, which is about 8,800 acres, is to come up as high-rises as per the township planning norms. The rest 80% is left for the plotted development.
Anshuman Magazine, chairman and managing director (South Asia), CBRE, said, "There is no choice but to go vertical in Gurgaon. The city can go much taller if the government allows higher FSI (Floor Space Index). It is still a long way to reach the level of Mumbai, which has higher FSI and has lesser land availability." CBRE is an international real estate consultant.