Bhavik Bhandari, CSMO, Ashwin Sheth Group
With rising demand for properties, the Indian real estate market is steadily expanding. In major cities, sales increased by a record 68% over the previous fiscal year. The luxury or premium segment was responsible for 50% of this growth the previous year. According to Knight Frank India, 75% of homebuyers choose to purchase within their familiar micro-market of western suburbs. Mumbai’s market for luxury homes experienced a notable upswing, with 533 units sold in H1 2023 as opposed to 419 in 2022. Due to such rising demand for purchasing, ‘Jodi flats’ or duplexes to enjoy the sumptuous space are becoming more and more popular among purchasers who desire larger luxury apartments. Due to its excellent connectivity and social infrastructure, Mumbai’s new metro connectivity has made it a popular residential destination, drawing significant business and IT activity, and increasing demand for residential housing. This trend is anticipated to continue into 2024, propelled by ultra-HNIs and high-net-worth individuals.
The rising demand for larger homes that can house joint families is contributing to the robust recovery of the residential industry in India. Over the last two years, Mumbai’s average property rate has grown at a compound annual growth rate of 1.7%. Strong family ties, urbanization, and the need for open spaces and communal living are the main drivers of this trend. Millennials are investing in substantial amount in gated communities with a dedication to maintaining cultural heritage and traditional values. Living in gated communities fosters a sense of community, support, and shared obligations. With these developers are also moving away from enclosed designs and redesigning living areas to make them more comfortable and functional, which is expected to increase demand for more gate communities, spacious living areas and recreational societies with multipurpose spaces in opulent properties.
Here are some current trends that cater to the demand for large, community-focused living spaces:
Expansive Living Spaces
Real estate developers are rethinking living spaces due to high square footage costs. Buyers value growth and prefer expansive homes with larger floor plans. They prefer locations with good connectivity, social infrastructure, and walking distances to work. They are also investing in recreational communities with gated communities for suburban conveniences. People are migrating from congested flats to Western suburbs for larger rooms and budget-friendly, modern residences.
Modern Amenities and Community Focus
The demand for high-quality living spaces is increasing, particularly among millennials, who seek projects that offer a complete living experience. Developers are incorporating amenities like landscaped gardens, playgrounds, and community centres into residential complexes to encourage socialization and provide recreational opportunities. Kandivali has seen an uptick in high-rise buildings with modern amenities like swimming pools, gyms, and play areas, making them attractive options for families.
Sustaining Local Connections
Real estate projects are transforming neighbourhoods by providing better multimodal connectivity, strong social infrastructure, and affordable, high-quality residential developments. Kandivali, a prominent micro-market in Mumbai’s luxury real estate sector, seeks to preserve residents’ connections to their community through the development of affordable and high-quality residential developments. These projects concentrate on specific areas such as schools, workplaces, and the city’s charm, ensuring that residents remain rooted in their favourite parts of the city.
Appealing to a wide range of users in a competitive market
As cities become congested, real estate projects with open spaces and spacious living arrangements stand out, catering to a growing market segment that values personal space and community. Kandivali’s high-end residential units attract renowned builders, enhancing the area’s appeal as a micro-market and offering a wide range of options for buyers and investors.
Green Spaces Supporting Community Well-Being
Contemporary real estate developments in the Mumbai suburbs are incorporating green spaces and spacious interiors, enhancing the health and well-being of locals. These lush retreats promote healthier lifestyles by providing a peaceful environment for rest and recreation. Kandivali’s clean, green environment, with numerous parks and gardens, enhances residents’ quality of life and offers ideal outdoor activities.
The demand for large, communal living spaces and gate communities is increasing. Millennials are looking for quality living options with spacious interiors, modern amenities, and a strong connection to their communities. As cities become more congested, the appeal of open spaces and larger homes becomes clear. A harmonious blend of quality living and quality play is reshaping the way we experience home, community, and the city around us in these expansive real estate projects. The inclusion of green spaces fosters a healthy and happy community, and the rising demand for gated communities among high-net-worth individuals emphasizes the desire for upscale lifestyles in a tight-knit neighbourhood. Millennials are keener to buy a property that is in their existing micro-market as familiarity with the location is a key consideration, excellent connectivity, and a range of social conveniences make it an ideal place to call home or to invest in for the long term.