Transforming India’s Skyline

Residential projects, related developments indicate strong demand for VT going forward.

The correlation between real estate construction and the demand for vertical transportation (VT) is well known. So, when 2021 began with announcements of a multitude of new projects – mostly high rises – accompanied by smartly conceptualized initiatives to facilitate the process (see sidebar), the polite smiles across the elevator and escalator industry got much broader. While it is too soon to pop the champagne corks, it definitely heralds a very good start and gives VT industry players enough reason to cheer. 

Puravankara Ltd. has introduced Purva Promenade in Bangalore, a new phase in its beach-themed Purva Palm Beach project, which launched in 2014 and now has more than 950 homeowners. According to Puravankara Ltd. COO Abhishek Kapoor, “Post-pandemic, homebuyers have once again embraced the feeling of owning a home. We are confident that Purva Promenade will deliver exactly what the homebuyers need.” 

Purva Palm Beach is spread over nearly 20 acres in Hennur and near top-ranked schools, Manyata Tech Park, KIADB park, an IT investment region and Devanahalli business park, making it a convenient location for people looking to settle closer to their workplace. The new phase comprises 152 units with a mix of two- and three-BHK homes. 

GBP Group has announced residential plots at GBP Smart City in Mohali. Spread over 23 acres, the project will have 500 plots ranging from 66.9-114.5 m². Located at NH 205-A near the upcoming Aerocity extension, the cost of the project is Rs 100 crore, which will be sourced through promoter funding and bank loans. According to Raman Gupta, director, Branding & Construction, GBP Group:

“Plots in integrated townships offer the best of both worlds – an independent dwelling unit and the benefits of community living. Having one’s own independent house is an aspiration for most Indians, despite the recent increase in multistoried developments. Also, over time, plotted developments by reputed builders tend to yield better returns.”

Overall, the group is planning to launch five new projects this year, two commercial and three residential, in areas like Peer Muchalla, Airport Road, New Chandigarh, Derabassi and Mohali extension. To be developed with an investment of more than Rs 2350 crore, the projects will comprise approximately 2,000 plots, 1,500 residential floor units and 10,000 ft² of commercial space.

KGK Realty has launched Amulya with ample parking and green space, and special emphasis on lighting and ventilation. Amulya sits right across the airport road and is well connected to educational institutions, healthcare facilities, recreational zones and transportation hubs, including a bus station, a railway station and Jaipur International Airport. The clubhouse features commercial activities like convenience shopping and banquet facilities at its entrance and indoor recreational activities on the ground floor. 

Shapoorji Pallonji Real Estate has announced the launch of Vanaha near Bavdhan, West Pune. Spread across 148 acres, it will be a mixed-use development and part of one of the largest townships in India. It will be executed in phases and have more than 6,000 apartments upon completion. In the first phase, more than 600 apartments with various unit configurations consisting of one, two and three BHK have been launched. The residences are available between the price range of Rs 39-89 lakh. The project will have more than 90 acres of open space. The project site is strategically located and well connected with Mumbai-Bangalore Highway and near Hinjewadi and Baner IT hubs. 

Chandigarh-based real estate developer Sushma Group plans to invest Rs 450 crore in four projects over the next few years. Among the four projects, two are commercial – Metropol (Zirakpur) and Empiria (Zirakpur) – and two are residential – Belleza (Zirakpur) and Elementa (Kasauli). Belleza, Metropol and Empiria are part of Sushma Downtown – a 60-acre township in Zirakpur on PR-7 Airport Ring Road, which directly connects Mohali and Zirakpur and will soon be extended to link Panchkula, as well. It will have three- and four-BHK apartments. Elementa, a leisure-residential development in Kasauli, Himachal Pradesh, will offer studio (630 ft²), one-BRK (880 ft²) and three-BRK (1,335 ft²) options.

Apart from these launches, NCR-based Bhutani Group announced it received the completion certificate for phase I of Alphathum in January, while Hero Realty is offering possession of 277 flats in Hero Homes Mohali Phase 1. 

With work from home remaining the norm and preferred alternative, the residential segment seems set to be a leading driver for VT from high-rise structures that will completely change the skyline of most Indian cities.