The Dwarka Expressway corridor has the potential to become the Manhattan of the NCR
The Dwarka Expressway corridor is soon to be loaded with some of the tallest buildings in the National Capital Regions, as the Haryana government is granting an extra floor area ratio (FAR) for promoting real estate development along with the under-construction expressway.
The Haryana government is soon introducing a new metro line along with the expressway, enabling developers which is also going to expand under the Transit-Oriented Development policy. State Government officials have also met with developers in Mumbai and Bengaluru to showcase the development opportunities along the Dwarka Expressway.
Mudassir Zaidi, executive director, North at real estate consultancy Knight Frank India said that due to the metro line and upcoming global city planned by the Haryana Government, the developers on the Dwarka Expressway. In upcoming years, we are going to see the development of utilizing the policy benefits for high-rises.
Any building with a height of more than 150 meters meets the tall buildings classification. The tall projects in the NCR come with Supernova in Noida (300 meters), Trump Towers in Gurgaon (198.84 meters, The Leela Sky Villas in Delhi (190 meters) and Raheja Revanta in Gurgaon (199.7 meters).
Mumbai accounts for 77% of the tall buildings in India. According to the analysis by consultancy CBRE, the financial capital ranks 17th globally and 14th in Asia among cities based on the number of tall buildings.
Nayan Raheja of Raheja Developers. Said that 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 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.
Elevated FAR promises also gain for all stakeholders, potentially driving down real estate costs to some extent. The FAR signifies a significant expansion of allowable construction space on a given parcel of land, for making taller buildings structures, said Mohit Jain, Managing Director, Krisumi Corp.
By permitting greater utilization of available land, cities can bring some burgeoning populations and meet the escalating demand for real estate. This policy adjustment stands as a very important step towards sustainable urban development, said Jain.
Hyderabad, Kolkata, and Noida account for 8%, 7%, and 5% of all the tall buildings in India, respectively, with Gurgaon, Bengaluru, and Chennai contributing 1% each. There are some tall structures in Delhi: the ATC Towers at 101.9 meters, the Pitampura TV Tower at 235 meters, the Civic Centre at 102 meters, and the Qutub Minar at 72.5 meters.
Recently, Mumbai has already seen success with some approaches in major locations. However, when it comes to other cities, it heavily relies on horizontal development, said an expert.
However, Hyderabad for the past few years has been eyeing vertical growth. In Mumbai, there are only limited land resources and an exponential increase in urban population which have been the primary reasons for the city’s vertical growth over the years.