Higher FSI Limit Led To Mumbai's Skyscraper Boom, Says Anarock

It’s no coincidence that Mumbai is witnessing a spurt in high-rises. Anarock attributes it to the Maharashtra government tweaking the guidelines for floor space index in India’s most expensive property market.

Increasing the floor-space index limit—or the maximum amount of construction allowed on a plot of land relative to its size—to five has enabled this trend, a report by the real estate consultancy said.

Reducing the FSI premium for commercial and residential projects during 2019-21, the report said, paved the way for big investments into high-rises. This cut construction costs, enabling builders to undertake more projects and meet the ever-growing demand.

As many as 154 high-rises, or buildings with over 40 floors, have been built in Mumbai till 2023, Anarock said, adding that another 200 such buildings are expected to come up by 2030. The report didn't offer the break-up for commercial and residential buildings.

South Central Mumbai leads with the largest number of skyscrapers, with 61 completed projects and 42 under-construction towers. That accounts for 29% of all high-rises in the city. This micro-market also accounts for 28 towers, having 60 or more floors.

The central suburbs follow with 87 projects, having more than 40 floors, out of which 42 are already constructed.

The western suburbs rank third with 80 such projects, of which more than half have been built. Anarock estimates the remainder to be completed in the next six years.

Some areas that have seen a rapid rise in the construction of high-rise buildings include micro-markets such as: 

• Santacruz, Malad and Goregaon in the western suburbs.

• Mulund, Chembur and Kanjurmarg in the central suburbs.

• Byculla, Worli, Lower Parel, Prabhadevi, Mahalakshmi and Marine Lines in the south.