Transforming residencies: need of contemporary real estate
Sandeep Sharma
The Residential Real Estate (RE) in India has been adapting to changing land use policies with growing demand of amenities and specific preferences of buyers. Rapid urbanization and sprawling service’s sector has transformed metro city’s concrete structure and patterns of habilitation. Today, contemporary style of living demands facilities at par with global standards and to be strategically located midst of business districts.
Developers in Indian realty sector are adeptly coping up with swiftly changing realty arrangements. Majority of target buyers are from salaried class and their life pattern in based in uptown clusters of business and commerce. In tandem to this lifestyle, developers are constructing integrated projects which include all facilities of importance to buyers. These projects are a collection of, shopping marts, schools, hospitals, fitness centers and water cleaning plants accommodated in one community. They have been conceived as a resolution to growing demand of housings in clogged and congested metro cities. These integrated living complexes have proved to be ecology of its own sort. Supported by optimal infrastructural support of open areas, roads and landscaped green areas, they have been preferred by all classes of occupiers and investors.
The land-use policies are being restructured by administrative authorities at state level to suit more residencies of such collective nature. This has been incorporated to accommodate the growing demand of affordable houses with convenient accessibility to places of daily livelihood. With decreasing Floor Area Ratio (FAR) and stringent guidelines for electricity load, developers are finding these integrated complexes to be lucrative investment option. Increasing preference of these habilitations has led to collaborations and investments from joint ventures and NBFCs on a big scale. Pertaining to its novelty, integrated residencies are bringing changes in land acquisition policies by governments. Many states have relaxed norms of least area to be acquired to incorporate these clusters in urban areas.
The reviewed norms have been instrumental in saving upon funds to be implied in construction of dispersed townships with supportive infrastructure. Consolidation of investments and assets has been the first byproduct of this innovative addition to real estate in India. Moreover, it caters opportunity to buyers for residing next to their place of work and consequently enhances the salability of commercial properties housed in these townships. Another merit that these townships brought with it is inducing parity in returns for landowners. Unlike other projects, the lands for integrated complexes are bought in one occurrence. This facilitates the rates of all portions of land, other than the preferred locations like corners, to be priced more or less at par.
Metro cities have pleasantly adapted to community life which delivers comfort of travel, work and living. With pace of urbanization and growing population, this innovative conception was required since long.