Mumbai is seeing a construction boom, as more and more high-rise skyscrapers begin to take shape in the city’s skyline. In fact, three of the world’s ten tallest residential towers currently being built are located in Mumbai. One project that is sure to capture the world’s attention is Omkar 1973, a supertall high rise residential complex that will house India’s elite. Managing director of Omkar Realtors & Developers Mr. Babulal Varma describes the complex as a “dream project” in one of the world’s most densely populated cities.
The complex will consist of three towers towering more than 900 feet high on the site of a former Mumbai slum. Demand seems to be quite high in a city that houses over 53,000 individuals per every square mile.
Mr. Varma spoke with the New York Times, “Everyone wants to get away from the crowd,” People want to get “away from the noise… away from the pollution.”
Omkar 1973 is designed for India’s wealthy elite, offering “sky villas,” a running track, a pet spa, and of course, an infinity pool. Homes in the complex are priced up to 3 billion rupees, ($44 million) for a 57,000-square-foot triplex. The higher you get in the complex, the higher the price.
Mumbai is the financial center of the world’s 9th largest economy by nominal GDP. Because India’s upper class elites are already accustomed to modern cities like New York and Singapore, the advantage of having comparable luxury buildings within the nation’s financial hub is quite appealing. The demand to pull away from the city’s dense crowds and noisy streets is high, making these apartments sure sells for real estate executives. As a testament of to their anticipated success, the world’s largest residential tower – World One – is actually being built in Mumbai. World One, which is scheduled to be completed in 2017, will stand at a towering 1,400 feet. According to the developer, three bedroom apartments in the building will start at a whopping 150 million Rupees ($2.23 million).
The new towers, including Omkar 1973 and World One, are symbols of so much more than India’s economic progression in the twenty-first century. A mumbai-based banker, Pavan Kaushal – who recently bought a four-bedroom apartment on the 22nd floor of World One – commented on the meaning of buying one of these apartments. “You have people [here] who come from very well-to-do backgrounds and a high place professionally or business-wise, industry leaders, top doctors and lawyers, the crème de la crème of Bombay society. Anyone who lives in this building has, in a sense, arrived.”
Although it is markedly more expensive, time-consuming, and technically involved to build higher, the city’s shortage of available land has pushed developers to look to the skies. Despite height limits put into place decades ago, the country is becoming increasingly lenient to developers aiming higher. A sure sign of positive growth for the Indian economy.
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from Anthony S Casey and Real Estate http://ift.tt/1QRsG5a