Bangalore, Feb 26, 2015 –
All across the globe in Dubai, London, Singapore and other cities, mixed use residential projects are catching up fast. Such projects involve large spaces of 100 acres or above, encompassing commercial space, hotels, retails and entertainment elements alongside residential units.In India Bangalore, the Silicon Valley of India at is at the forefront of mixed use property developments. Though there is ample demand in other cities such as Mumbai as well for such property, it is the availability of vast stretches of land in Bangalore, which makes it one of the prominent hubs to develop mixed use developments.
The two key benefits associated with mixed use projects involves comfort and benefits, which makes it a suitable option for the fast paced living of cities such as Bangalore. Bangalore has a large base of IT and other professionals.An ITprofessional(as well as other professional) with 35 years of age on an average makes anything between INR 30 to 50 Lakhs an annum. With a decent amount of surplus income, the emphasis lies on having a range of amenities and facilities at one place, which can ensure comfortable living.
Likewise availability of various facilities at a stone thrown away distance can also save individuals from the busy traffic of the city and enjoy with their family and save time simultaneously. Working professionals, especially from IT background have to spend roughly 2-4 months a year in onsite location. Hence security and convenience of the family members once again becomes key priority. This further make such mixed residential projects very popular among middle aged working professionals.
Along with the residents, mixed use projects do offer substantial benefits for retailers and hotels as well. Having a retail store in a sprawling community ensures a captive amount of high income consumer base thereby resulting into footfalls and sales. Similarly hotels are benefited from the business visitors of the nearby office space.
The trend of such projects have become popular by the end of last decade, when there has been over a dozen of such projects in use in the city, including the 1.3 million sqft UB City, situated in the Central Business District (CBD), which was followed by other similar projects such as Prestige Shantiniketan.
At the moment there are numerous mixed use residential projects in the city under construction involving Century Sports Village and Purva City of GOLD. The latter is being developed on an area of 75 acres in the Kanakapura Road and involves 2, 3 and 4 BHK apartments along with row houses and villas. The project also encapsulates a range of entertainment, retail and medical facilities, such as shopping mall, club house, open cinema and medical units. Not to mention intra-city shuttle, school, high street cafes and culture clubs thereby ensuring its residents a blend of convenience and comfort. Likewise the former is a plotted community spread across an area of 66 acres. First of its kind it will be developed on a sports centric theme and will involve a total of 600 plotted villas. Other examples of new mixed use developments involve, Park West by Shapoorji and Pallonji, Prestige Lakeside Habitat and Brigade Golden Triangle.
In the coming time on the backdrop of rise in economic resurgence, job creation and availability of easy credit, the overall residential market in Bangalore is expected to be robust with near around 250,000 units expected to join in the next five years. Along with other residential units the demand is expected to be high for mixed use projects as more upper middle income professionals will enter the pool, puttinghigh emphasis on high end living based on luxury, comfort and convenience.
Paritosh Kashyap is a senior marketing manager with Kin Housing, a Bangalore based real estate property advisory. He could be reached at [email protected].