Why Top Execs Are Choosing To Live Close To Workplace
Gone are the days when the localities were distinctly segregated- some were purely commercial while others were residential. Today, most upcoming localities are emerging as commercial-cum-residential with an intent to serve those who can afford to stay as close to their workplace as possible.
Residential properties are now coming in close proximity to the commercial hubs as more and more top executives are now showing interest and opting for housing options close to the work.
Where are they buying?
Of the nine key cities that PropTiger.com studies, most of them now have commercial-cum-residential pockets that have emerged in the past five years or so.
For instance, in Mumbai, Bandra-Kurla Complex (BKC) is the new south Mumbai. Located in the city centre, BKC has witnessed an uptick in the commercial market over the years, giving a cue to many residential project developers to come up with housing here. Now properties in BKC cost more per sq ft when compared to some of the posh residential pockets in south Mumbai.
So is the case with Noida. Here, people are now moving towards Greater Noida and the Yamuna Expressway, where many companies have now opened their offices.
Looking at Gurgaon, pockets, including Sohna Road, Sector 109 among others are now becoming a choice for many top executives.
Living with the like-minded
When looking for a property, we try to know about the neighbours, too. Living with like-minded people has been on the checklist of homebuyers since forever. In case of top executives, it becomes even more important for them to live with like-minded people. Not just sharing work-related conversations, they can also share interests, too.
Faster to work, better productivity
Time is precious and it becomes even more when you are a top executive or a company leader. The work becomes a priority. So, living closer to the workplace to avoid time wastage in travelling or getting stuck in traffic snarls is the choice many top executives are now making.
Luxury close to workplace
Properties close to commercial hubs come at a price. Most of such projects are well equipped. Knowing the target audience for these projects, developers are offering luxury close to work. Most of these projects are equipped with world-class amenities and features that are luxurious. Some of these include golf-course arcades, décor by international brands, designed by architects, among others.
Get paid to live closer
Many companies in the West offer higher salaries to employees who live closer to the workplace, or who can shift base to move closer to the workplace. The higher salaries, the company say is a way of compensating the high property sale and rent price and the positives they provide the organisation. The employees living closer reach office on time, are more productive, can give more man-hours and also, do a larger good of saving the environment by burning less fuel.
One of the recent examples is Facebook. The social media giant offers its employees at its Menlo Park, California headquarters, at least $10,000 more to move closer to the office.
Another example is the US-based messaging company IMO. The company in 2013 announced $500 a month for those looking for accommodation within a five-mile radius.