Gurgaon to house 2600 high-rises by 2018
Gurgaon- The Millennium City which already houses around 1,100 high-rises is expected to get an additional of 1500 multi-storey towers by 2018.
During 2008 to 2012, several developers have acquired licenses for projects under the new master plan, among which around 95 percent include multi-storey apartments.
About 95% of the available space for high-rise projects is either acquired or applied for by private developers. In the current scenario, if the Haryana government has to develop any township projects, then it will have to acquire land anew.
Any building of height 15 metres and above is considered a high-rise in Gurgaon. Most of the high-rises under-construction and proposed residential projects in Gurgaon are estimated to be completed by 2018-2019.
Vertical growth is also being witnessed in neighbouring Dharuhera on NH-8 which is also seeing significant growth in real estate sector. Dharuhera houses upcoming projects like Raheja Oma comprising 40 floors and Park View Delight comprising 15 floors by BESTECH Group.
According to a civic official, private developers mostly prefer vertical development (high-rises) rather than plotted horizontal development (townships) as the latter demands huge investments. Sky high land rates, lack of availability of land and rising construction costs, are the major concerns of the developers.
Gurgaon Master Plan 2031 has earmarked about 8,000 acres of land over which a number of high-rises have been planned for. The fast-track growth of Gurgaon real estate seems to catch up with the development of Mumbai in 5-6 years when under-construction and proposed buildings in Gurgaon become deliverable.
According to the Gurgaon-Manesar Urban Complex 2031, the town and country planning department has provisioned for around 40,000 acres of residential and 3,940 acres of commercial sectors. And as per the township planning norms, about 20 percent of the total space which constitutes about 8,800 acres, is meant for developing high-rises and the rest 80% is left for the plotted development.
According to realty experts, the only option in Gurgaon is to grow vertical. If the state government can allow higher Floor Space Index (FSI) the city can grow even more taller.
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