Rising Demand for Mixed-Use Projects in India
With space and commute time becoming a matter of concern in several metros such as Delhi, Mumbai and Bangalore, the cities are witnessing a rise in mixed-use projects in these macro-markets, encompassing residential, office space, retail and even other facilities like healthcare, schools etc. In coming times, we can expect more innovative combinations by builders for their mixed-use projects.
Mixed-use projects
In a broad sense, mixed-use project involves developing a locality that blends a combination of residential, commercial, institutional, cultural and/or industrial facilities. This means that a mixed-use project essentially has residential units along with establishments such as offices, banks, party halls, shopping complex and so on.
While towns and cities are essentially developed for mixed use, such projects essentially cover smaller geographical areas. A mixed-use real estate project can be as big as a village or township with all facilities connected by roads or can be a vertical development such as a tower with different floors dedicated to different facilities.
Benefits of mixed-use projects
Mixed-use projects have certain benefits over the regular zoned development. Some of them are as mentioned below.
1. The distance between houses, workplaces, commercial establishments and other amenities is reduced. Hence, daily problems such as traffic congestion and traffic snarls are greatly reduced.
2. More compact development helps in utilizing the available space more efficiently.
3. It provides greater housing density and variety. Not only this, but it also helps in more affordable housing due to smaller units.
4. It provides user-friendly and greener environment, making a healthy lifestyle more accessible.
These benefits can act as a boon for several macro-markets in India including big metros such as Mumbai, Bangalore and Delhi. Though there is a growing infrastructure in these cities, due to increasing population, the available space for development is greatly reducing. Moreover, due to reduced space, it is increasingly difficult to come up with the necessary infrastructure developments. Hence, mixed-use projects can be very beneficial for these kinds of cities.
Examples of mixed-use projects
Several developed countries such as the USA, Canada, Netherlands and UK have already implemented mixed-use projects. Several other countries such as Russia and Argentina too have implemented such projects.
In India too, cities such as Bangalore and Delhi have implemented mixed-use projects. For example, Shantiniketan by Prestige Group in Whitefield, Bangalore, is a fully integrated mini-township. The township is spread over 105 acres of land and consists of apartments as well as a business centre, convention centre, shopping mall and a club house. Other examples of mixed-use projects in India include Nirmal Lifestyle Mall and Market City Projects in Mumbai, Marg Junction in Chennai, Trilium in Amritsar, Worldmark in South Delhi and Brahma Athena in Gurgaon.
