2024 the Indian construction sector anticipates unprecedented opportunities in development and re-development of iconic buildings across the nation. The sector is projected to grow at a compound annual growth of 6% from 2024 to 2033, reaching USD 1.393 trillion. With the special focus of the government on expansion of all areas of infrastructure, real estate and construction, the on-going housing boom in the country is coupled with increased income in households and shortage of homes in cities and strong population growth.


The State Government of Maharashtra has decided to redevelop DHARAVI, the largest slum in Mumbai, as an integrated planned township. Government has notified the lands admeasuring about 240 Ha as the Dharavi Notified Area and appointed Slum Rehabilitation Authority, as Special Planning Authority. Dharavi is situated close to Bandra Kurla Complex, the financial hub of Mumbai. It is the centre point of Mumbai and well connected with all kinds of public transport modes. Government aims to undertake the redevelopment of Dharavi, comprising of slum and non-slum area, as per the provisions of Maharashtra Slum Areas (Improvement, Clearance and Redevelopment) Act, 1971 and under the Regulation 33(9)(A) and 33(10)(A) of Development Control Regulations, 1991 for Greater Mumbai. The area has been divided into 5 sectors. Sectors 1 to 4 are now proposed to be developed through Private Developers. Selected Developers will have to construct free housing for the eligible slum dwellers and occupants, including amenities and infrastructure as per the terms and conditions mentioned in the Bid document. In-lieu of it, the Developer will be entitled to construct free sale area to sell in the market. The Floor Area Ratio/Floor Space Index is four for the project. The proposed completion period of the construction of rehab, renewal, amenities and infrastructure is 7 years from the signing of the development agreement.

Regenerative Buildings

“Address by Government and Hon’ble Ministers of Maharashtra”
The Urban Renewal, Redevelopment and Regeneration are enmeshed with one another and are complex in nature. Land being a scarce and limited commodity and cannot be reproduced, therefore, the optimum utilization. Efforts should be to accommodate maximum persons within minimum space so as to save the land but not at the cost of compromising the quality of life. In the urban areas which area congested, overcrowded and developed haphazardly, the top priority should be accorded to provide necessary basic infrastructure like roads, open spaces, amenities, etc. If the cluster development approach is resorted it could be an effective tool to overcome the problem of haphazard development into planned and orderly manner without any financial burden on the beneficiaries.

Regeneration Powering Obsolete Built Environment

Renewal, redevelopment and regeneration are co-related with each other in complex and multiple ways producing variegated outcomes. The nature and quality of improvement to existing and new infrastructure inputs into various parts of the inner city induces change in urban fabric some time results in negative externalities leading to gentrification and displacement of people who have lived there for several decades, therefore, require careful thought in renewal process. These original residents could be replaced with new high income residents and new businesses, which is known as process of gentrification. Another form of restructuring of the city could take place as a result of redevelopment and regeneration of slums, old ports, derelict industrial areas, etc.; impacting established populations and businesses and replacing them with modern businesses and housing but some share given to original people and businesses. Examples, worldwide are available like Canary Wharf London, Battery Park, New York to quote as where derelict land have been converted into a fortune. This sort of renewal, redevelopment leading to regeneration first began in the developed countries in the early 1980s and led to commodification of the built environment whereby sites in cities were sold like any other commodities in the market place which is termed as city branding. In India such processes have been taking their roots in the inner cities and spreading outwards sweeping people and what is now regarded as ‘obsolete built environment’ in its wake. Questions of equity and spatial justice remain important when renewal and redevelopment causes large scale displacement of the poor and lower middle classes.

Digital Transformation and Workforce Development

Digital transformation is another focal area, with technologies like generative AI, Building Information Modelling (BIM), and IoT sensors are expected to revolutionise the sector. These technologies can enhance efficiency, reduce costs, and contribute to sustainable development. Addressing the labour shortage is also crucial, with the sector hopeful for initiatives that promote workforce development, safety, and diversity in hiring.

Luxury Real Estate Constructions

Anarock report revealing a significant surge in the collective sales value of ultra-luxury homes. In 2023, these sales amounted to Rs 4,063 crore, marking a substantial increase from the approximately Rs 1,170 crore recorded in 2022. The industry is poised for further growth in 2024, fuelled by affluent buyers seeking lifestyle investments, the expansion of the Indian economy creating a new wave of wealthy individuals, and heightened demand from non-resident Indians. Luxury residences, characterized by branded developments, prime locations, exclusive amenities, and cutting-edge conveniences, are gaining popularity, with features like bespoke interiors, trending decor styles, natural light, and high-quality furnishings defining this niche segment. Allied industries are gearing up to meet the specific demands of this flourishing market.

Vertical and Eco-Friendly construction market in India – A paradigm shift in construction

CBRE, a real estate consultancy firm, recently carried out an assessment of the tall buildings and vertical growth ecosystem in the country.

With more than 100 tall buildings, Mumbai stands as a hub of high-rise properties and ranks 17th worldwide and 14th in Asia.

India has witnessed a remarkable surge in population, accompanied by a steady upward trend in urbanisation. As cities become increasingly populated, the demand for space has also escalated rapidly. In response to the scarcity of land, tall buildings emerged as a solution as part of development for various Indian cities, optimising limited land resources.

As cities become increasingly populated, the demand for space has also escalated rapidly. In response to the scarcity of land, tall buildings emerged as a solution as part of development for various Indian cities, optimising limited land resources.

In line with Mumbai, other cities like Delhi, Hyderabad, Ahmedabad and Kolkata have now developed hundreds of high-rise residential and commercial buildings. The trend has also given rise to more and more builders getting engaged in the Indian real estate market to develop such projects.

It has also motivated local developers to collaborate with international players who, with their advanced technical expertise for better engineering and construction solutions, will enable the developers to remain competitive in this premium segment. Recent examples of such collaborations with internationally-renowned architects, consultants and contractors are Lodha’s ‘World One’ tower in Mumbai, Gateway Tower in Gandhinagar (Gujarat), Supertech’s tallest tower ‘North Eye’ in Noida (near Delhi) and Kolkata’s Urbana Housing.

In the last couple of years, Kolkata has witnessed a sea-change in urbanism. The boom in construction is reported to be even more exponential in growth compared to that of Mumbai. Projects such as South City, Hiland Park, Bel Air, Unitech Horizon have already made their mark in the high-rise segment.

Similarly, in Gurgaon, a number of high-rise buildings are coming up on about 8,000 acres of land in sectors earmarked in Gurgaon Master Plan 2031. Cities like Ahmedabad and Hyderabad are also witnessing a lot of high-rises. As the standard of living has gradually gone up, people today prefer high-rise apartments as compared to bungalows. Hyderabad is the second largest metropolitan city in India and in the last few years has witnessed a lot of real estate activity, which includes the development of the popular Fab City, Hardware Park, Shamshabad Airport, etc.

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