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High-end luxury hotels and spas to World Trade Centres are opting for high-rises to set up their operations, as land scarcity, coupled with high costs, forces builders to opt for vertical development.
While Urban Development Minister Kamal Nath has been vociferously advocating vertical growth to optimise land use, many urban planners are against it saying such growth may not be line with a city’s character.
“High-rises must be there where we can build infrastructure to support them, in selected and earmarked areas. Urban planners must earmark areas where high-rise is possible and back that up with infrastructure,” Nath had said recently.
Recently, players from hospitality and commercial businesses have tied up with real estate players. For developers, such joint development augments project value.
“Both investors and consumers show good response if a project has another brand anchor. Also, in terms of cost, it gives a certain leg-up,” Mohit Arora, Director, Supertech, said. Supertech has entered into a tie-up with hotel chain Leela Group.
Leela will house its hotel project in Supertech-owned Supernova project. The 80-storied project will house the hotel in the top one-third part.
“Vertical development is the way forward. Also the focus on infrastructure in Noida is bound to attract tourist inflows,” Vivek Nair, Vice-Chairman and MD, Hotel Leela Venture, said.
Another realty player Spire World will host a World Trade Centre at its project. “World Trade Centres are about three aspects — building or infrastructure, access to global cities and networking,” Eric R Dahl, CEO, World Trade Centre Association, said.
Many other builders such as Raheja, Lodha and Brys are roping in the best architects for their project to overcome challenges such as air pressures and technology glitches. Raheja Revanta will have a spa facility under an arrangement with Amatrra.
Brys Group promoter Rahul Gaur said, “It’s only in the last 2-3 years that vertical development has shown a growth at least in Delhi-NCR. Till now, it was restricted to Mumbai, but it is gaining as land banks are shrinking there. Since such projects have long gestation period, as builders forge alliances.” The company’s 81-storey project will come up in the middle of sports city.
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