Builders in Mumbai today will be looked upon decades from now as the ones who shaped the growth of this mega city. They affect every single aspect of life in Mumbai from not just literally reshaping the skyline but also bringing new commercial opportunities, improved infrastructure and even defining the culture of the new generation of Mumbaikars.
Rs. 6708 billion or 9% of the total gross domestic product (GDP) of India in the years 2011-12 was contributed by the construction industry, of which builders are the central players.
Based on CRISIL ratings the top Builders in Mumbai today include familiar names such as Godrej Properties, HDIL, DB Realty, Hiranandani Builders, Shapoorji Pallonji, Lodha Group, Orbit Corp, Dosti Group, Kalpataru Group, Indiabulls Real estate, Raheja & Co, K Raheja Corp, B Raheja, Kanakia Group, Kumar Builders, Oberoi Construction and Usha Breco Realty.
Builders today are faced with many challenges. If you recall history correctly, Mumbai was built atop 7 islands and in the late 1880s; the islands were adjoined to create one large island on which we survive today. So development of land is always a touchy subject – since a lot of it is not available for building new constructions.
Lack of space, lack of government authorisation and of course the volatility of the economy all affect how builders in Mumbai conduct business.
One solution to the problem of finding new land is that many Mumbai builders will approach existing buildings in poor states and propose redevelopment projects to the Brihanmumbai Municipal Corporation (BMC), also commonly known as the Municipal Corporation of Greater Mumbai - the civic body that governs Mumbai. This significantly reduces construction costs and most importantly, it saves the hassle of getting certain additional permissions such as occupancy certificates.
Even after the BMC has approved a redevelopment project, there exist trouble with utilities. Several buildings in Mumbai consider having water throughout the day a luxury. Even with the latest amenities, many times builders face challenges in the sales run due to lack of customer demand due to shortages of utilities such as gas and water.
Builders in Mumbai today have figured out the playing field and the top builders have invested heavily in land purchasing and ensuring smart ties with the right construction companies. Being an international metropolitan city, Mumbai residents are now looking for luxury, amenities and peace in the middle of a concrete jungle.
Keeping this in mind, builders in Mumbai have teamed up with world-class architects, city planners and interior designers to create iconic edifices. The world’s tallest residential tower is on schedule to be completed by 2018 and it should come as no surprise that at the helm of the project is one of Mumbai’s top billed builders, the Lodha group. The World One property will break all records by becoming the tallest building in India and most definitely a cause of concern to the other builders.
Mumbai right now is in the centre of a building frenzy and it is all thanks to the developers in Mumbai who are putting this city on the map in a whole new way.