Tall skylines anchored by impressive high-rise buildings have long been associated with cities such as Mumbai, which is dominated by office towers and residential condominium skyscrapers. Mumbai has the highest concentration of high-rises in India, with nearly 200 skyscrapers and 12,000 constructed high-rise buildings. It is also known to have the seventh-highest number of high-rises in the world, as well as the highest number of high-rises under construction.
However, in recent years, high-rise buildings, and even skyscrapers, have begun to take over in other cities such as Delhi, Gurgaon, Noida, Kolkata, and Hyderabad. Developers in urban areas are looking upwards in their quest to provide a healthy supply of residential units, with demand for apartments strong across the country and the scarcity and value of land sharply increasing.
There were almost no high-rise residential towers in Delhi until 2010. People are starting to understand the premium attached to high-rise views now that there are a few to choose from. Buyers are discovering the modern pleasures of triple glazing and stunning views from their balconies. These buildings not only have the best views, but they also have excellent natural ventilation and fresh air and are away from street pollution.
“Recent research revealed that Delhi-NCR witnessed the most notable change in new project typologies. Of 62 new projects launched in NCR in 2021, around 39 (63 percent) were high-rises. Currently, there are more than 5,500 high-rise buildings in the region with thousands more under construction. Several analysts believe that the need for tall buildings and the ease of lockdowns adds to the residential demand, hence seeing an upsurge in both sales and launches.”
Times have changed in the capital. As have building norms. There has been a spurt in luxury high-rise residential apartments over the past 13 years and these behemoths now, more and more, dot Delhi’s skyline thanks to a handful of private developers.
With the city bursting at the seams and a severe lack of land, the Delhi Development Authority (DDA) and the central government decided to adapt to reality. The ‘masterplan’ of Delhi was changed in 2013, and height restrictions were relaxed, allowing developers to build more swanky high-rise residential projects in the city.
Private real estate developers such as DLF, Unity, Parsvnath, Godrej, TARC, and others are changing what was previously a low-rise city by offering these apartments in prime locations. The DDA has also loosened its grip on the national capital’s housing sector in recent years.
One of the major reasons why Delhi did not capture the high-rise intertest was because of its geographical placement. Geographically, Delhi falls under the ambit of seismic zone-4 which can expect the second highest level of earthquakes.
In 2009, DLF became the first commercial real estate developer to come up with a high-rise complex in Delhi with Capital Greens, a 39-floor structure in Moti Nagar. It was DLF that inspired others to enter the market.
The most expensive is the Leela Sky Villas in New Patel Nagar, with 3/4/5/8 BHK “5-star branded residences” starting from INR 6 crore costing approximately INR 50 crore for an 8 BHK. DLF’s King Court residences fall in the INR 10-30 crore range. While Leela Villas’ charges are based on amenities which, they claim, are on par with extravagant hotel experiences offering housekeeping, laundry, concierge, valet room service, spa, helipad cafe bar, and the highest glass-bottom pool in the country the price tag of King’s Court seems to be based entirely on its coveted location in South Delhi.
But one of the most potential holding segments for Delhi’s high-rises are clubs, private member clubs, pent houses or luxury service apartments. Some of the recently announced projects will alter how modern lifestyle has been viewed in the past. Apart from individuals planning to buy flats to live in, investors will find these buildings to be an outstanding investment opportunity taping high-end hospitality.
When it comes to purchasing luxury residences in New Delhi, newer purchasers are stepping forward. Instead of buying bungalows or standalone homes, which are far more expensive and lack facilities offered by developers at modern residential complexes, many purchasers are searching for high-rise apartments.