The tower can handle more than 21Mbps
Well, the HSDPA standard, using 64-QAM and 15 codes per channel achieves 21 Mbps
per channel. So how many channels does a typical tower support?
Firstly, let us assume that we are only looking at a single 120 degree sector of the tower. In the 850 MHz band, it appears that the total bandwidth is around 70 MHz. At 2100 MHz, the total bandwidth appears to be around 90 MHz. Since each HSDPA channel is 5 MHz, this gives you between 14 and 18 channels. I am not qualified in radio engineering, but I suspect that you will have to leave some room between those channels, so the total number will probably be slightly lower, maybe around 12 to 14 channels to allow gaps between the channels.
Next, we have to assume that you can only use 1/4 of the available channels per group of 4 neighbouring towers (4-colour problem). This puts the "safe" number of channels per sector at between 3 and 4. Some googling revealed that many operators only use two channels per sector, but let us use an absolute maximum of 4 channels.
This means is 4 * 21 Mbps will be shared amongst all users in that sector, giving a tower an absolute maximum capacity of 252 Mbps. While this seems like a reasonably large number, the typical capacity (2 channels per sector) is likely to be half of that at 126 Mbps. You also have to consider that you will only be serviced by one sector, so the bandwidth in a single sector is between 42 Mbps and 84 Mbps, which is not so great if you have to share with 10 other users.
You also have to consider that the actual rate achievable by users will probably be below the maximum of 21 Mbps per channel, since SNR will not necessarily be good enough to allow 64-QAM to work.
Then you also have to remember that voice calls consume some of this bandwidth. These consume between 8 kbps and 12 kbps per call, so this also adds up quickly in a densely populated area.
Over and above all this, I recall a rumour that many towers in SA were in fact limited by backhaul capacity a year to two ago. This may have been addressed since. Even if you have sufficient backhaul capacity, the above constraints imply that you are always sharing a 42 Mbps theoretical capacity with the other users in the sector,
and you can only see half of that at any give time because you are limited to a single channel.