Real Estate News
September 07, 2016
Buyers opting for houses in close proximity to their workplaces would help decongest the city and ease the pressure on the city's roads and public transport.
Housing in Mumbai does not only possess an asset value but also facilitates the dreams of thousands who come here seeking a job and a better livelihood. Residing in homes that are in close proximity to one's workplace results in a holistic life. The buyer today is looking for an experience and not just the final product.
"Factors such as an easy access to capital, higher disposable income and a buoyant economy, are further fuelling the aspirations of the Indian home buyer. Understanding this buyer psyche is a crucial factor in driving home the demand. Home-buyers are happy to invest in such comprehensive developments, when they have all possible amenities, an eco-friendly environment and an assurance of world-class construction, all at the same time. The demand for such projects in the right location, at the right price and most importantly, from a trusted developer, will continue to grow in the times to come. Such projects also lead to infrastructural developments, which then transcend into a city that is a cleaner and happier place to live in," says Reema Kundnani, VP, head, marketing, corporate communications and luxury residential sales, Oberoi Realty.
A modern day buyer won't mind paying more to look out for a property near his workplace as it will save him commuting time and allow more free time to pursue other social activities. "Also, most offices are now moving towards the suburbs to maintain the economies of scale. Such locations are targeted by the buyers as they give them a healthy appreciation on their investments due to their commercial importance, connectivity and social infrastructure. Areas such as Nariman Point, Worli, Lower Parel, Bandra, Andheri, Goregaon, Borivali, Dahisar, Mulund, Thane, Chembur, Wadala and Navi Mumbai, are targeted by the buyers as these locations give them a healthy appreciation on their investments due to their commercial importance, connectivity and social infrastructure," says Maulik Sheth, director, Sheth Corp.
Most buyers tend to invest into a project that comes closest to meeting their customised requirements at the lowest price possible. "While this may seem as the right approach, buyers need to adopt a long-term perspective to property-buying to accrue maximum benefits. Buyers must invest in a house that is in proximity to important commercial destinations in the city. One could maintain an active lifestyle while residing in these areas as they are close to restaurants, shopping areas, entertainment centres. CBDs or commercial business districts offer a widespread and an effective transport network, thus connecting one to work, school or business spots without any hassle. Hence, the demand for apartments close to the CBD continues to grow in popularity," says Prashant Mirkar, VP marketing and sales, House of Hiranandani.
The willingness of employees to invest heavily in the choicest locations is a function of their preferences and other financial commitments. "Typically, almost all low and mid-income earning families need to finance their home purchase through expensive loans. Hence, if their purchasing investing power is limited, they may chose to purchase a relatively cheaper home at a distant location and spend more time in commuting. It is largely the high-income earners who are able to spend more money on homes that are in close proximity to their workplaces and enjoy the luxury of less commute time to office," says Shveta Jain, managing director residential, Cushman & Wakefield.
The proximity to one's workplace is a prime factor in deciding the location of a home so that buyers could reduce their commute and spend more time with family and other pursuits, as property prices and unavailability of units often act as deterrents for home buyers.
Home-buyers opting for housing locations close to their workplaces would also help decongest the city and ease the pressure on the city's roads and public transport. "Either a well-developed public transportation network or a framework wherein homes are built close to CBDs will improve the city's liveability standards," adds Jain.
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