Chennai was once home to the tallest building in India — the 15-storied LIC building in 1959. But this record lasted for just two years, when the Usha Kiran building surpassed it at a height of 80 metres. In its 2nd Master Plan, 2008, the Chennai Metropolitan Development Authority (CMDA) allowed buildings to exceed the 60 metre height restriction, which had been in place for decades, thus allowing the city’s skyline to reach higher.
With the relaxation of the rule, several skyscrapers started coming up, especially in south Chennai towards the Old Mahabalipuram Road, Egattur, Perumbakkam and the East Coast Road. According to data by realty portal Commonfloor.com, there are at present 96 completed skyscrapers (buildings above 10 storeys) and 148 ongoing and upcoming projects, due for completion in three to four years.
Wilson Mathews, director, Sales & Marketing, True Value Homes, thinks the city’s well-travelled elite are beginning to prefer skyscrapers over regular multi-storeyed apartments or even villas. His company’s Ouranya Bay Phase 1 and 3, 30 storeys tall, are one of the city’s tallest completed projects. “We were prompted to build skyscrapers because of the challenge in getting high quality land parcels. Our target customers have travelled around the world and we felt we could provide them with amenities comparable with those abroad. Our buildings come with fabulous views of the city and offer customers large spaces without the dust and noise of a regular ground-plus-four building.”
“The identities of most modern cities have been their skyscrapers. One of the main reasons Indian cities are underdeveloped is the lack of high rises. With the relaxation of rules, developers can build structures that are a class apart in terms of technology, structure and design. But there is still a lot of red tape, which makes construction of high rises more ordeal than dream. Since the Moulivakkam incident, approvals have been much harder to get, but the rules are not transparent even for those who want to follow them” says R. Kumar, MD, Navin Housing.
Apart from the long-drawn process of getting approvals, construction time for skyscrapers is also high. “We see buildings over 20-30 floors take as long as seven or eight years. This blocks a huge amount of money for both developer and consumer. Apart from time, the cost of construction for taller building is stupendously high. For example, a 7-10 storey building costs Rs. 2,500 per sq. ft to construct while a 14-storey building costs around Rs. 4,000. And buildings over 30 floors with structures entirely concrete or steel, cost more than Rs. 10,000 per sq. ft. So, one can only make such buildings when cost is not a factor. That’s why it’s more a status symbol that practicality now,” says R.V. Shekhar, Chairman, Lancor Holdings.
High-rises also come with high maintenance costs of Rs. 5 per sq. ft or more. “These buildings necessarily come with high speed elevators, power back-up and specific maintenance based on height and design. High rises are built with unique fire-resistant material and sophisticated fire safety systems must be in place. Add these to the rest and maintenance costs become alarmingly high — another reason why the clientele remains the business class,” adds Kumar.
While skyscrapers in most cities are limited to the Central Business District, Chennai high rises are residential properties where land prices are comparatively lower. “Also, places like OMR have much wider roads, which are a must for high rise approval. With regulations having been relaxed just recently, it is challenging to get large parcels of land within the CBD for skyscrapers,” explains Mathews.
Arun, MD, Casa Grande, wishes the new rule had come earlier. “If approval for high rises had come 10-20 years earlier, especially in Chennai which lacks strong infrastructure, it would have put less pressure on the transportation system and kept a check on land prices, and land would have still been affordable in the CBD. However, with the accompanying relaxation of FSI, skyscrapers can easily cut project costs by 5 to 10 per cent, which means a Rs. 2.5 crore apartment can be priced at Rs. 2.2 crore. This will undercut high maintenance costs in the long run,” he says.
