Mixed Use Development Projects- A Fad or Panacea
Nowadays, lot of unfamiliar acronyms and terminologies are getting introduced in the real estate market. So, buying a home not only requires diligence but you are required to be well informed about all the property related jargons. You must be aware of terms like 'Single-family residential, Multi-family residential, but a new term Mixed-use development project is the talk of the town these days. You may be little inquisitive, so here we simplify the term 'Mixed-Use Development project', highlighting the benefits of buying and investing in such type of projects.
Mixed-use Development projects offer a mix of residential, commercial and retail, all in one location. There was a time, when Mixed-use developments were not considered good option in real estate, but in present scenario, they are not only popular but are slowly becoming the need and future of real estate.
In pure commercial projects, developer needs to invest from his own funding sources to complete the project whereas in mixed use project developer is able to raise a part of fund by selling residential portion of the project. Also the commercial project becomes more viable in mixed use development due to captive audience in catchment.
Buyer's PerspectiveThese projects are ideal for living as it minimizes the travelling time between home, work places and shopping centers and also cuts down the fuel cost. Being developed in fast-developing peripherals of the prime cities, mixed-use development projects also enjoy close proximity to educational institutions, hospitals and banks.
Few Prominent Mixed-Use Development Projects Below are the highlights of 2 successful Mixed-Use Development Projects:Sprawling over 430 acres, Magarpatta City is an award winning and internationally acclaimed model of integrated development and self-sustainability. The master planning and architectural development of Magarpatta City was undertaken by Associated Space Designers Pvt. Ltd. Being situated along the Pune-Solapur Highway in Maharashtra, it is home to commercial spaces, residential neighborhoods, reputed schools, hotels, hospital, shopping malls, restaurants and recreation areas.
Some of the completed projects in Magarpatta City are Magarpatta City Grevillea, Cosmos, Heliconia, Roystonea, Sylvania and Trillium. The Maharashtra Economic Development Council lists Magarpatta City among the 'Top 10 success stories of Maharashtra'. Some of the IT/ITES corporates based in Magarpatta City are HCL Technologies, Accenture, Amdocs, iGATE, TATA Elxsi, Principal Financial Group and Mphasis.
Master planned by Hellmuth Obata Kassabaum (H.O.K.) , New York architectural firm, Brigade Gateway Enclave is a self-contained 40 acre township in central Bangalore. It has been designed as an enclave comprising residential, commercial, retail and hospitality sections. It features 1,200 residential units spread across 13 residential wings. These residential units are available in 3 different categories- gateway luxury apartments (1,310sq.ft.-2,360 sq.ft.) , premium fitted-out apartments (2,020 sq.ft.-3310 sq.ft.) and premium furnished apartments (590 sq.ft.-2,240 sq.ft.) . Additionally, it comprises Orion Mall Multiplex, 5-star hotel, Columbia Asia hospital, Galaxy Club and World Trade Centre.
Brigade World Trade Centre is a commercial tower located in the most integrated lifestyle enclave- Brigade Gateway. It is a signature tower which is 128 metres above ground level with 32 floors. WTC, Bangalore has won the “Best Commercial Project of the Year” in the prestigious property world awards for 2010. Reputed companies like Amazon, Siemens, Samsung, Toyota and Tellabs are operating from here.
The emerging trend of mixed-use development is gaining momentum in India. So, if you are planning to invest in mixed-use development projects visit PropTiger.com.