New Delhi: With the increasing demand of property, trend of skyscrappers is catching up fast in the capital and NCR regions.
In a country, that currently faces an acute shortage of 18.78 million housing units (census report) and where urbanization is growing at such fast pace that it is expected to be around 600 million by 2030, the pressure on housing sector would undeniably increase. Especially when majority of the people want to live in metro cities like Delhi. But with the increasing population and growing demand of residential spaces, property prices in Delhi are on continues rise. Thus, home buyers that belong to middle-class group or mass group are not able to afford homes in the city and pushed to look for homes in National Capital Region (NCR) areas such as Gurgaon, Noida and Faridabad.  In such a scenario, 'vertical development' is the solution to bridge the visible gap between demand and supply in the city.

Government's take

Coming as an aid, Delhi Development Authority (DDA) has tripled the Floor Area Ratio (FAR) from 200 to 600 in a recent announcement. This may allow the construction companies in India to look vertical and kick-start the trend of skyscrapers like other cities including Mumbai and Gurgaon.

As per the officials, the move is taken to cope with increasing housing shortage in the city. Union Urban Development Ministry has asked DDA to increase the FAR. The revised figures will be included in the Delhi Master Plan 2021, which is expected to be released in March.

"High rise is the way forward. With land getting exhausted for low rise developments in metro cities, high rises not only give space efficiency but a unique address to the occupants and become an icon for the cities. Moreover with lack of space high rise is the future of real estate in especially in metro cities like Delhi," says city based realtor, Amritpal Singh from Singh Properties.

Ongoing vertical developments

There has been an increase in construction of high rises lately specially in NCR of the city. Supertech is building the first highest residential building of North India, North Eye, in Sector 74, Noida, which is 255mt tall. The company also has Supernova in Sector-94, Noida, which it claims is the highest mixed-use development in Northern India with a height of 300mt. Many high rises developments are underway or in different stages of execution, in Gurgaon with towers with 50 floors. Also, with many developers claimed to have bought the major chunk of land in potential areas like outer Delhi and parts of south Delhi close to Gurgaon, the high rises of 15-17 floors likely to come up in Delhi in coming 10-15 years. These complexes will have community facilities, schools, shopping complexes.

Hi-tech High rises

Unlike traditional building constructed with conventional way, these tall buildings are constructed with new methods used in construction. "We cannot compare conventional construction method with new technology used in making of high rise buildings. Making high rise buildings using conventional technology may take over 10 years to complete the project," says Anurag Tyagi from Property Consultant.  Therefore, to speed up the construction, there are new and international construction methods and technologies have been introduced in India such as Jump Form and Mi-Van technologies. These technologies have been researched and are being used by international construction companies to stand the high rise structures.

High Cost

High rises comes at high cost in comparison to low buildings. "Tall buildings come at high cost as it involves new technology method and machines.  Where the conventional building is being constructed at an average construction cost ranging 1000-2000 per sq ft, construction of high rises comes at an average cost of Rs 4000-5000 per sq ft. The Construction cost is 100 per cent more than that in low rise," says Mahinder Kumar of Delhi Realtors, a city based agent.

So who are the buyers?

Looking at the current scenario, high rises are mostly demanded by the premium segment and not by masses. Especially when these tall buildings are being constructed by very limited number of developers that to only in NCRs along high construction cost attached. "In terms of real estate sector, India has not reached to the situation where the land cost has reached beyond any purchasing par, like in oversees countries where the land cost is so high that paying high for apartments and going for high rise buildings looks affordable. But in country like India, apart from high rises, there are other options like bungalow, a row house, an apartment in lower level building, etc. are also available. These come at affordable prices in comparison to high rises in current situation.  

With private developers acquiring land at fast pace and permissions given by government authorities, it is likely that Delhi will see vertical construction in near future. However, going by the facts, the city has witnessed limited residential development by private developers to date. So, what approach would the government take to implement the plans to go vertical? We have to wait and watch!

Courtesy: Cityplus