Mumbai’s residential real estate sector is all set to witness a bumper in 2022 as the housing demand keeps on soaring. Among many key reasons which would lead to the growth of this sector are the increase in savings level, the pent-up demand of the past 2 years and easy availability of financing options from leading financial institutions. The turnaround began in 2021 when the industry got strategic boosters amidst the pandemic with a stamp duty cut from the government and a drastic reduction in the interest rates from the RBI. The growth was quite evident as per the CREDAI MCHI report which showed a 53% rise in home sales from 2020 in the MMR region.
However, the pandemic has made the average Mumbaikar realize the importance of living in a holistic ecosystem. An increasing number of customers are now seeking homes that offer absolute convenience to them and all their family members as well. There is a growing demand for an ecosystem that offers ease of living along with an abundance of a green and eco-friendly lifestyle. The increased need of leading a self-sustained life has created a significant inclination of buyers towards the integrated townships. MMR recorded the highest sales among all top cities with approx. 76,400 units sold last year – an increase of 72% against 2020. Remarkably, the region now has the second-lowest inventory overhang after Bengaluru.
Some of the key reasons why customers are now looking at integrated townships are:
- Community living: Customers are now looking at well-planned projects that also come with a great communal vibe. The pandemic showed us that we need helpful neighbours that we could rely on. Especially during times of medical emergencies, it’s the neighbours who become your immediate support system. Having a vibrant neighbourhood also means having a healthy cultural mix and celebrating festivities & important occasions together as a community.
- Absolute convenience: It is no secret that everyone around the globe has understood the importance of having premium health care facilities that are just around the corner. Apart from hospitals and pathology labs, customers are also looking at other key health amenities like gyms or walking paths in close proximity. It’s definitely an added bonus if educational institutes, groceries and convenience stores are in the same complex or within walking distance. The current trends clearly indicate that customers prefer homes in townships or large-scale projects that offer everything they need ‘under one roof’. Right from grocery to stationery to crockery, etc. are available at once in a single destination located nearby.
- Helps small businesses: The lockdown has seen an increasing trend of people working from home either as employees or as small business owners. Living in a large scale residential township is ideal for small business owners who are looking at dedicated catchment areas for their businesses. The population residing in townships are ideal for service-oriented professionals, cloud kitchen services and multiple such businesses that get an immediate catchment client base.
- Green environment: The fact that we are moving into a hi-tech environment with the willingness to reduce the carbon footprint is something that everyone is keen on now. The townships try to contribute to nature by creating green lands/gardens. In addition, renewable energy resources are being used such as solar panels and conservation of water with practices such as rainwater harvesting and reusing of water for other purposes. Along with a sustainable lifestyle, the developers aim to offer lush green recreational centres for their residents.
- Safety & Security:
Equipped with advanced automation and management systems to ensure safety, townships are being talked about as the most secure residential zones. The availability of CCTV and 24/7 observation with guarded posts make these residential properties absolutely safe for inhabitants. Security could be a key concern for families, particularly working couples. The 3-tier security which ensures a secure perimeter as well as an eye in every corner of the township with the help of technology is very reassuring for families with kids and elders.
Functioning as mini-cities, the townships are offering extravagant benefits and an exclusive community which has created a self-sustainable ecosystem. Buying a home in integrated townships provides a cost-effective and comfortable life for the residents living there.
Homebuyers seek to invest in integrated townships that guarantee family safety along with improved living. Moreover, we are seeing an ever-increasing trend amongst the customers to make their way of life distant from the hustle-bustle of the city and moving towards the journey of progress and development.
Complete News Source : Construction Week