Malad, Kan­di­vli, Gore­gaon pre­ferred lo­ca­tions for com­pact hous­ing: JLL

Hindustan Times (Chandigarh) - Estates - - HT ESTATES - Ashutosh Li­maye ht­spe­cial­pro­jects@hin­dus­tan­times.com The au­thor is na­tional di­rec­tor­re­search JLL In­dia

Never has there been more fo­cus on the en­dusers—evenin Mum­bai, which is the prici­est real estate mar­ket in In­dia – than in re­cent months, es­pe­cially in light of the post-de­mon­eti­sa­tion re­al­ity and RERA.

While many de­vel­op­ers in the city are try­ing to right-price and right-size their of­fer­ings to suit the end users’ re­quire­ments, some have gone ahead and started launch­ing com­pact hous­ing projects across key sub­urbs of Mum­bai.

The aim be­hind launch­ing such projects ap­pears to be twofold :1) to im­prove their own cash flows as there is a lot of la­tent de­mand in this cat­e­gory and 2) to at­tract home buyers want­ing to live within Mum­bai city lim­its with com­pact apart­ments suit­ing their bud­gets.

New-age stu­dio apart­ments— com­plete with house­keep­ing, concierge and sports fa­cil­i­ties — are grow­ing pop­u­lar across the coun­try, as young pro­fes­sion­als, ex­pats and in­vestors buy into their af­ford­able ticket sizes and prox­im­ity to business hubs

Re­cent projects launched in precincts like Gore­gaon, Malad, Kan­di­vali, Kan­jur­marg, Chem­bur and Mu­lund point to­wards this emerg­ing trend. A few top de­vel­op­ers with proven track records have also en­tered into this seg­ment re­cently .

Home buyers look­ing to book in these up­com­ing projects, how­ever, are ad­vised to carry out their due dili­gence as lo­ca­tion, ameni­ties and a de­vel­oper’ s com­pli­ance with the real estate reg­u­la­tor still re­main im­por­tant fac­tors.

Here isa low down of some key precincts that have an up­com­ing sup­ply of com­pact homes so that buyers can com­pare liv­ing across these ar­eas of Mum­bai.

A scor­ing ma­trix was used to rank com­pa­ra­ble precincts which have a sup­ply of apart­ments with less than 500 sq ft car­pet area com­ing up.

Re­sul­tantly, Gore ga on, Mal ad and Kan­di­vli have been cho­sen from the western sub­urbs while Kan­jur­marg and Mu­lund are their eastern coun­ter­parts.

More points have been given to precincts with higher sup­ply in this new prod­uct cat­e­gory and hav­ing good ex­ist­ing as well as up­com­ing phys­i­cal and so­cial in­fra­struc­ture.

Con­nec­tiv­ity to key business dis­tricts of SBD North (i.e. And­heri) and SBD-BKC (i.e. the de-facto CBD of Mum­bai) has been ob­vi­ously con­sid­ered.

Bet­ter score has been given to precincts with higher sup­ply of the pop­u­lar 1BHK con­fig­u­ra­tion.

Sim­i­larly, sub­urbs pro­vid­ing lower en­try points to home buyers and those with lower av­er­age base ticket size were ranked higher as that is a sign of higher af­ford­abil­ity for most home buyers.

PRE­FERRED LO­CA­TIONS

The study re­veals that given these pa­ram­e­ters, the best sub­urb to get one’s own com­pact house is Mal ad, with a 4.1 av­er­age score.

It not only has a good sup­ply com­ing up in this cat­e­gory but also gives low­est en­try points for buyers among all these precincts.

More­over, it en­joys good con­nec­tiv­ity to SB D North, SB DB KC and of­fice lo­ca­tions in ad­ja­cent Gore ga on apart from it­self be­ing an of­fice lo­ca­tion.

A good so­cial in­fra­struc­ture ex­ists here and phys­i­cal in­fra­struc­ture, too, has im­proved.

Among the de­vel­op­ers that have an­nounced com­pact homes projects in Malad, Omkar and God re jar et he top ones that stand out for their brand name and track record.

In Kan­di­vli and Mu­lund, de­vel­op­ers such as Gun­decha, Nir­mal Life­style, among oth­ers, are ac­tive in this seg­ment to at­tract po­ten­tial buyers.

HOW COM­PACT HOUS­ING HELPS

Mum­bai has al­ways been ahead in terms of prod­uct-level of­fer­ings in its res­i­den­tial mar­ket.

In fact, it can be called a‘ lab’ for In­dian res­i­den­tial realty as trends in this city seem to catch on pop­u­lar imag­i­na­tion in other metros and tier-II cities.

To cater to the de­mand, sev­eral city de­vel­op­ers are ven­tur­ing into this seg­ment, of­fer­ing small, stu­dio flats laced with fancy ameni­ties to en­tice a group of buyers that is look­ing to own prop­erty in a city that is in­creas­ingly be­com­ing un­af­ford­able Chal­lenges in terms of land prices and con­struc­tion costs have led lead­ing de­vel­op­ers in Mum­bai to adopt in­no­va­tive mar­ket­ing cam­paign sand project as well as prod­uct-level in­no­va­tion.

De­vel­op­ers in other cities of­ten repli­cate the suc­cess­ful ways of their Mum­bai coun­ter­parts with such projects.

More­over, with slower sales seen in the big­ger ticket sizes in re­cent months and de­mand for apart­ments priced un­der Rs 1 cr ore re­main­ing in­tact in the city, it makes good business sense for de­vel­op­ers to of­fer this new prod­uct cat­e­gory.

Hous­ing has, and will al­ways, re­main a ba­sic need, and with rapid ur­ban­i­sa­tion, more peo­ple are go­ing to buy their own house.

More­over, with ben­e­fits for both the key stake­hold­ers – i.e. buyers and de­vel­op­ers—of com­pact homes, this prod­uct cat­e­gory will see the most ac­tion in years to come.For buyers, it prom­ises a cov­eted city ad­dress.

Hav­ing one’s own house within the city lim­its is far more im­por­tant for many res­i­dents than hav­ing a big­ger apart­ment far­ther up in the dis­tant sub­urbs as they can save time in com­mut­ing to and from of­fice ev­ery­day.

Apart­ments priced un­der Rs 1 cr ore may mean higher pur­chas­ing power for those end users who are oth­er­wise un­able to buy their dream home within city lim­its.

Com­pact homes prom­ise them all this – within their bud­get.

THE IDEA BE­HIND LAUNCH­ING COM­PACT HOMES IS TWOFOLD, IT AT­TRACTS HOME BUYERS WANT­ING TO LIVE WITHIN CITY LIM­ITS AND MAINTAINTS A STEADY CASH FLOW FOR DE­VEL­OP­ERS

SHUTTERSTOCK

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