63-storey tower in suburbs to dwarf others

After launching WorldOne, India’s tallest residential tower of 117 floors in central Mumbai, realty major Lodha Group has now turned its attention to the suburbs.

Two weeks ago, the group unofficially launched a 63-floor residential tower at Goregaon (East).

The project will have over 300 flats of two and three bedroom-hall-kitchen in two towers of 43 floors and a single tower of 63 floors.

The units would be available for anything between Rs12,000 and Rs14,000 per sq ft.

Many leading builders are now heading to suburbs with tony residential complexes and high-rises giving tough competition to its southern counterparts.

RNA Exotica, a 48-storey tower by RNA Developers (AA) near Ram Mandir in Goregaon (West) and DB Realty’s Orchid Woods, a 47-storey tower at Gokuldham in Goregaon (East), are going at about Rs9,000 per sq ft.

Oberoi Realty Ltd, with an eye on its upcoming IPO, recently launched Oberoi Exquisite-1, the first of three 45-storey towers in Oberoi Garden City at Goregaon (East), for over Rs11,000 per sq ft. Oberoi also plans to launch nine more skyscrapers of over 35 stories.

Just a few kilometres away, Suntech Realty, in collaboration with Indiareit Realty Fund, is constructing Signature Island, a 35-plus storey building at Bandra-Kurla Complex (BKC) for over Rs25,000 per sq ft.

Mrunal Duggar, vice-president, Homebay Residential, a unit of property consultants Jones Lang LaSalle, says he is not surprised by the recent trend. “High-rises shifting from south Mumbai shows that luxury housing is picking up in north Mumbai,’’ said Duggar.

According to Reema Kundani, vice-president, marketing and communications, with Oberoi Realty, the suburbs are a growing market. “It offers an opportunity for better space planning and amenities like gardens. More than that, the higher one goes, there is more ventilation and less noise pollution,’’ said Kundani.

Real estate analysts couldn’t agree more. There was a time when the 33-storey Heritage Building constructed by the Hiranandani Group at Powai, was the tallest structure in the suburbs. But, that is now being dwarfed by the new upcoming structures in the area.

Interestingly, Goregaon has emerged as the hot destination for construction of tall towers, because of the availability of space. “It’s one of the last suburbs to open up for development and as a result there is still ample tracts of land left for construction,’’ said a developer.

As per information, there are about 20 such proposals by developers seeking to construct over 28-storey buildings in the western suburbs. The proposals are under consideration of the high-rise scrutiny committee.