Property Plus

Shop, work, live

As mixed land use becomes more popular, developers are beginning to experiment with retail-cum-residential spaces. The idea is to meet the work, play, buy and stay needs of residents in one locality while also ensuring that such urban spaces stay vibrant throughout the day. Such areas also have facilities such as schools, offices, hotels, parks and recreational facilities depending on the scale of the development. They are generally developed in large expanses and in a phased manner. The residential components are developed first, to generate cash flows, and are followed by retail portions, says A. Shankar, National Director, Head of Operations - Strategic Consulting, JLL. For areas within the city, luxury or premium housing is given with large to mid-scale retail facilities, while suburban locations get mid- to affordable segment housing with small-scale retail outlets.

In these projects, the housing and retail units supplement each other, and a majority of housing projects today are being planned with retail and convenience stores on the premises. Explaining the factors fuelling the demand for such areas, G. Seshasayee, Chief Business Development, Navin’s, says the city’s expanding limits with a corresponding demand for housing, and larger variety of housing options, are the primary factors. “The need for accessible development, flourishing commercial developments, and the location of such establishments, are also reasons behind the spurt in the residential-retail model.” Such projects are not just integrated in terms of land use; it is also about creating sustainable habitat, which is clean, green, and environment-friendly, adds Niranjan Hiranandani, CMD, Hiranandani Communities.

Integrated developments are a win-win for both developers and buyers. The projects have longer gestation period but are more profitable in the long run, as the risks involved are less and better distributed. The concept catalyses the demand for retail as well as residential space, explains T. Chitty Babu, CEO, Akshaya. “With urban areas getting more crowded and falling increasingly short on future development potential, integrated retail-residential developments have been identified as a potential solution that combines mixed-use of infrastructure.”

Pankaj Ojha, CMO, SPR Group, says such projects are not only great options for buyers, but investors too. The Group plans on creating a high street and an exclusive Wholesale Trading Zone (WTZ) at its upcoming township project in North Chennai. “Presently, Sowcarpet or Parry’s Corner is the only space available for wholesalers and we are trying to recreate this space with better facilities.” Results of a market survey they conducted to study the changing residential needs of the people in North and Central Chennai, showed that people are increasingly opting to live in townships and communities as they come with added facilities. “With rising safety concerns today, people are inclined towards buying a home in an integrated community. It gives them a sense of belonging and helps them connect with other residents.”

Being located in peripheries of metros, these properties are cheaper than those in prime locations. Affordable to mid-segment projects are in the Rs. 3,200-Rs. 7,200 per sq.ft range. Projects located in city, however, offer a premium and are priced in the Rs.12,000-Rs. 15,000 per sq.ft. price range.

Related Topics
This article is closed for comments.
Please Email the Editor

Printable version | Jan 23, 2021 9:27:48 PM | https://www.thehindu.com/features/homes-and-gardens/Shop-work-live/article16077727.ece

Next Story