What if you had a home, an office and a shopping complex, all in one location? This latest innovation already exists in large structures in Shanghai in China that combine five-star hotels, mall and residential complexes in the same township.
Owing to multiple advantages and healthy demand, Indian developers are also taking a keen interest in this segment of real estate. These projects are coming up in Mumbai, Bangalore, Gurgaon, and Noida. Here are some of the best examples of mixed-use projects at various locations:
|
Project |
Developer |
Location |
Status |
|
Supertech Supernova |
Supertech |
Noida |
Under construction |
|
Wave City Center |
Wave Infratech |
Noida |
Under construction |
|
Baani Square |
Baani Group |
Gurgaon |
Completed |
|
Brigade Metropolis |
Brigade Group |
Bangalore |
Completed |
Benefits of Mixed-use Projects
Owing to the availability of residential space, shopping centres and offices in one place, mixed-use projects are good for end-users as well as investors.
Lesser travel time to the workplace and commercial centres is a top draw for buyers. These projects are completely beneficial for working class as living close to office not only makes economic sense, but save time for many complementary activities which one may not indulge in owing to hours spent commuting.
For developers, mixed-use projects are highly beneficial as they get both potential buyers and sellers under one roof. This helps them to sell the project inventory quickly. Mixed-use project gives an amazing opportunity to developers to earn better returns in comparison to stand-alone residential or commercial project. Another key advantage is that there is always scope for restructuring such a project based on demand.
Origin
Interestingly, mixed-use projects came into spotlight post the 2008 global economic slowdown. As demand for office and commercial space declined considerably at that time. To tide over the pressure many developers began to include residences in their stand-alone commercial projects. Better returns inspired them to introduce more such projects in the future.
Going Ahead
Owing to scarcity of land, many real estate experts believe that mixed-use projects have a bright future as they take care of most needs of a consumer, adding tremendous value-socially and economically. Developers have quickly realized that availability of residential and commercial spaces at one place is a main attraction for buyers. While end users benefit from shopping centres and offices in the vicinity, investors are able to sell their units easily.
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