Do you live near schools, hospitals?
The success of a residential project depends on availability of infrastructure
In India, it is a real estate maxim that most people on the lookout for homes will always seek out localities that are close, or as close as possible to their places of work. Consequently, residential projects with good connectivity – specifically road and rail infrastructure - experience the maximum sales traction.
From good roads to proper drainage and water supply, infrastructure consists of all the man-made physical attributes that help to develop a sustainable community. If a location does not have these very essential facilities, it will not work as a residential destination, no matter what else it offers.
From a real estate market perspective, it should be noted that infrastructure means a lot more than just physical infrastructure. By this logic, social infrastructure includes schools, hospitals, shopping malls, post offices and other essential government services, and facilities of leisure activity such as sports complexes, swimming pools, parks and gardens, etc.
Roads, including in-facility roads in residential townships and l i nes of connectivity to the city centre and workplace hubs define the quality of a residential neighbourhood. That said, there definitely needs to be the right kind of balance when it comes to roads and their ability to drive residential sales - people do not want to live too close to hospitals, bus depots or industries, but neither will they want to be too far away from them.
Water, electricity supply
There are several towns and suburbs that are not yet well integrated with proper water and electricity supply. Homes in areas and projects that do not have steady water and electricity supplies sell only to extremely budget-strung buyers who are willing to wait for these services to arrive at some point. As many news stories and consumer forums tell us, they often have to wait for years together, and meanwhile their home investments erode steadily.
Even average residential facilities need to be equipped with proper measures of sanitation, including sewage and waste water disposal, garbage removal, municipal road cleaning, and other associated services. Naturally, every homebuyer will take a very close look at this aspect before deciding on a project to purchase into.
Schools and hospitals
School- related commuting can take an incredible toll on the health and also academic success of children, so Indian parents are extremely focused on buying homes that are close to good schools. Hospitals are another element in a location’s infrastructure that is a pivotal consideration for every home buyer.
Parks and gardens
Homebuyers are ready to pay more if they can move to a locality that has offers close proximity to parks, lakes and related recreational facilities. For this reason, many modern apartment complexes are now also including artificial lakes and gardens inside their compounds for the benefit of their residents.
It is because of these reasons that integrated townships, that boast of all modern infrastructural facilities, have become a rage in the Indian real estate domain. People are willing to pay a little extra for apartments in these townships.