By Manju Yagnik

What does a homebuyer seek today when it comes to home preference is it investment, luxury living, hospitality services, amenities and facilities, good developer, comfortable budget, sustainable location, or a good neighbourhood and community? If you go by the present scenario, one will tick all boxes to own a place called Home. Today, homeownership is driving the market resulting in increased demand for developments that provide amenities for holistic and sustainable living, accessibility, with more open and green areas being the need of the hour. Buyers are eyeing projects that too by reputed developers that offer multiple features catering to consumer preferences across age groups and interests. On the other hand, the Covid-19 pandemic has also compelled developers to re-evaluate how they use their space not only within the home but also outside the home.

Residential projects at a strategic location that offer all the necessary amenities have become a basic need of everyone living in the metropolises. On the other hand, buyers are choosing projects which offer expansive living areas, strategically located and which offers ready social infrastructure be it shopping, entertainment hubs, educational institutions, medical and healthcare facilities, and improved connectivity to internal roads, highways, upcoming metronetwork, and freeways for a quick getaway. Such living paradise, with innumerable benefits, are offered by only integrated townships and that too in newer micro-markets in central Mumbai and has an abundance of open and green space with water bodies around. 

However, the one trend that has emerged during ongoing lockdowns is the growing demand for customers to have amenities in their projects. Lockdowns have constantly restricted the movement of people outside their homes and hence having basic amenities in their vicinity is something that they look forward to when buying a home. This shift of necessity has given rise to growing residential real estate demand driven by amenities. 

Townships provide an abundance of recreational infrastructures like kids’ parks, jogging trails, gardens, and podiums. These new-age projects are equipped with every kind of facility; residents can find shops, temples, schools, medical centers, etc. Today, developers are offering township developments which offer a good mix of recreational and commercial, from residential to retail outlets targeting the needs of the home seekers. Secondly, what attracts the millennials, first time home buyers, nuclear families to own a home in integrated townships is the focus on infrastructure at large. So, it is more that you are living close to your child’s school, community centre, shops and more and avoid car trips, so this means sustainable living and more time to be spent with the ones you love. Also, improved living lifestyle for family in a sustainable development away from hustle bustle of the city life, away from air and noise pollution.

The lush and plush design of the townships is a combination of commercial complexes, green areas, and luxurious residential property are basic ticks of an integrated township. Along with these features, there are many other benefits of living in these projects. These being  • Advanced social and civic infrastructure for better-quality living• Work-life balance with walk to work set-ups offering proximity to offices hubs surrounding the townships at important micro-markets especially central Mumbai• Townships provide a better scope when it comes to return-on-investments• Townships offer improved security and safety due to 24×7 surveillance systems like cameras installed at all the junctions along with security guards for maximum safety.• Townships are self-sustained that enhances the community spirit by way of living together

These integrated townships, located in newer and upcoming micro-markets like Andheri East, Chembur, Chandivali, Bhandup, Goregaon, Malad, Dahisar, Mulund are gaining more popularity since these locations have an expanse of open and green spaces. Also, developments on offer here are at affordable price points with higher appreciation potential with added infrastructure and improving connectivity around the townships. An improved lifestyle, better connectivity, and proximity to all prime locations make these micro-markets the most sought-after living destinations of Mumbai.  

The emergence of affordable and convenient housing is another positive trend that is very much prevalent in the industry today. The apartments priced comfortably offer buyers a decent living area ranging from 350 – 400 sq ft for 1 BHK to 525 -600 sq ft for a 2 BHK priced between approx. Rs 1.25 crore to 1.65 crores respectively. All the new launches in 2021 have given impetus to budget housing with an increased inventory of smaller 1, 2 BHK in these upcoming micro-markets and attracting the working class. So, what makes these homes available in upcoming micro-markets? It’s the increased affordability for a decent space for a family, a prime locale, and packed with multiple amenities and facilities. 

Today, more and more amenities-driven projects at comfortable price points are mushrooming in these upcoming micro-markets that provide them a lifetime opportunity to live a lifestyle, that too in a buzzing micro-market within their price bracket.     

With precisely spacious homes, high-grade infrastructure, and shared facilities make the investment cost-effective. All these features of amenities-driven projects have raised the housing demand in Mumbai and, budget homes have proved to be a successful chapter of the real estate story in the pandemic era.

Manju Yagnik, is Vice Chairperson, Nahar Group and Senior Vice President, NAREDCO, Maharashtra.

Note: the views and opinion expressed in this article solely belongs to the author.

Also Read: Model Tenancy Act The RERA Of Rental Market

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