The Dwarka Expressway corridor may soon boast of some of the tallest buildings in the National Capital Region, as the Haryana government is granting an extra floor area ratio (FAR) to promote real estate development along the under-construction expressway.
The Haryana government is introducing a new metro line along the expressway, enabling developers to expand under the Transit-Oriented Development policy even as there are height restrictions for buildings elsewhere in the NCR.
State government officials have also met with developers in Mumbai and Bengaluru to showcase the development opportunities along the Dwarka Expressway.
“Due to the metro line and upcoming global city planned by the Haryana government, the developers on the Dwarka Expressway can plan vertical development, which is not possible in the majority of the NCR. In coming years, we will see the development of utilising the policy benefits for high-rises,” said Mudassir Zaidi, executive director, North at real estate consultancy Knight Frank India.
Any building with a height of more than 150 metres meets the tall-building classification. Tall projects in the NCR include Supernova in Noida (300 metres), Trump Towers in Gurgaon (198.84 metres), The Leela Sky Villas in Delhi (190 metres) and Raheja Revanta in Gurgaon (199.7 metres).
Mumbai accounts for as much as 77% of the tall buildings in India. According to an analysis by consultancy CBRE, the financial capital ranks 17th globally and 14th in Asia among cities based on the number of tall buildings.
“The Transit-Oriented Development policy along the Dwarka Expressway is ushering in a new era, leading to the rise of some of the NCR’s tallest buildings. This policy is reshaping the skyline by granting developers an extra floor area ratio. This measure not only fosters vertical urban growth but also aligns with urban planning goals by promoting sustainable, transit-oriented living while reducing congestion and pollution,” said Nayan Raheja of Raheja Developers.
“Elevated FAR promises gains for all stakeholders, potentially driving down real estate costs to some extent. Increasing the FAR signifies a significant expansion of allowable construction space on a given parcel of land, thereby enabling the erection of taller structures,” said Mohit Jain, managing director, Krisumi Corp.
“By permitting greater utilisation of available land, cities can accommodate burgeoning populations and meet the escalating demand for real estate. Consequently, this policy adjustment stands as a crucial step towards sustainable urban development,” Jain said.
Hyderabad, Kolkata and Noida account for 8%, 7% and 5% of the tall buildings in India, respectively. Gurgaon, Bengaluru, and Chennai contribute 1% each.
Other tall structures in Delhi are the ATC Tower at 101.9 metres (on completion), the Pitampura TV tower at 235 metres, the Civic Centre at 102 metres and the Qutab Minar at 72.5 metres.
“Mumbai has already demonstrated the success of such an approach in some locations, but other cities still heavily rely on horizontal development,” said an expert. However, Hyderabad, for the past few years, has been eyeing vertical growth, he added.
In Mumbai, limited land resources and an exponential increase in urban population have been the primary reasons for the city’s vertical growth over the years.
Source : ET