Term of the Day: Mixed Use Development
In real estate development projects, mixed use development combines residential, commercial, cultural, institutional, or industrial uses in an integrated manner.
PropTiger Explains Mixed Use Development
Generally, mixed use development may refer to any form of development that integrates residential, commercial, cultural, institutional or industrial uses. Essentially, the function mixed use development projects serve is similar to that of cities. It allows people to enjoy all the amenities they need without commuting too far to offices or shopping centers. Mixed use property projects fits in well with human nature and the course real estate development took in the past. But, zoning regulations force people to separate various functions, like industrial use and residential use.
Mixed use development would lead to more diversity in apartments in India and compactness in buildings. Benefits of mixed use development include the benefits from walking and bicycling.
When vertical growth becomes common in India, mixed use development is expected to be the norm in real estate projects in India. The reason is, in a country where land is scarce, mixed use development is essential for optimal utilization of land. If the government allows more FDI in retail, this would accelerate the process. Even though many believe that mixed use development is inimical to Indian culture, firms find them important for employee retention. After the economic recession of 2007-08, many developers converted commercial projects to mixed use development projects with residential areas. This was inevitable, because demand for commercial projects declined after the recession.
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