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Soumik Kar

Story in Pictures

Errors of commission
Why the glut of sky-high towers in Mumbai might signal the start of a crisis in the beleaguered real estate sector

Haphazard as it may be, Mumbai’s skyline is seeing a proliferation of ether-aspiring towers. A multitude of cranes vie for your attention as you drive towards south Mumbai on the Bandra-Worli Sea Link. Among many others, the rising brigade includes the 60-storey Palais Royale, the 75-storey Jupiter Mills Tower and the 117-storey World One Tower. Do these shining façade sky-jabbers foretell a new boom? Not really, if we go by Andrew Lawrence’s Skyscraper Index, which says that mushrooming towers point to a peak in a business cycle. Those who think we are in a slowdown can roll their eyes but if financiers would be as willing to roll their credit needs to be seen. Many who think real estate prices in Mumbai can only go north will soon have their answer. And they may not like it.

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