Hyderabad witnessing growth of skyscrapers as demand goes up
Hyderabad: The abundance availability of land in Hyderabad has not deterred the development of high-rise buildings. The city has been witnessing the growth of skyscrapers in the last few years with many developers competing to build the tallest towers. About a few years ago, the Babukhan Estates at Basheerbagh with 14 floors was considered to […]
Hyderabad: The abundance availability of land in Hyderabad has not deterred the development of high-rise buildings. The city has been witnessing the growth of skyscrapers in the last few years with many developers competing to build the tallest towers.
About a few years ago, the Babukhan Estates at Basheerbagh with 14 floors was considered to be the tallest building in Hyderabad. However, now that seems to have become a thing of the past with many builders going up and above the 40-floor mark and trying to touch the sky with their buildings.
While in February, Sumadhura Group announced the construction of a 44-storey residential apartment in the Financial District at Nanakramguda, SAS Crown in August went a few floors up and informed the construction of 55-floor building — making it South India’s tallest residential building to come up in the city. Any building that has more than 25 floors is considered in the high-rise or skyscraper category of buildings.
“The construction of skyscrapers requires permission from the Airport Authority of India (AAI) and because earlier we had the airport in the centre of the city, not many high-rise buildings came up. And now with development in Hyderabad, skyscrapers have started spurting up. With advanced technology, not just national but even regional players are looking to set these towering structures. On the other hand, many buyers also prefer these high-rise buildings as it provides them with more open space,” says G Ram Reddy, national vice-president, Credai.
As per GHMC records, from April 2020 to March 2021 about 67 high-rise buildings were approved out of which 23 were for commercial purposes, 40 were for residential purposes and the remaining four were for an institutional purposes.
One of the reasons for the growth of skyscrapers is also being attributed to buyers’ need to have homes closer to their offices. “As commercial zones like Hitec City, Madhapur is seeing a dip in vast lands, many builders are opting for taller buildings to cater to those buyers. The houses in these buildings give an illusion of spacious homes. An increase in commercial office spaces will also push the need for more skyscrapers as employees are always on the lookout for closer homes,” says Kalisetti Naidu, real estate space analyst, Yards and Feet Property Consultants.
Experts also informed that most skyscrapers are being developed as residential projects as they reap premium prices when compared with commercial spaces. “The higher floors command a more premium price and for commercial office spaces, taller buildings might not be very profitable,” says Reddy.
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