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Mixed use projects are the future of real estate

By Rishabh Chamoli | 2022-11-29

Mixed use projects, which feature residential as well as commercial spaces, have become increasingly popular in recent years. Such projects have multiple benefits for developers, end users and investors.
Mixed use projects are steadily growing in numbers. Owing to multiple advantages and healthy demand, developers across the country are taking a keen interest in this segment of real estate.

Many mixed use projects are now coming up in various parts of the country including Delhi NCR, Mumbai, Pune, Bangalore and Chennai.

Benefits of mixed use projects
Owing to the availability of homes, shopping centres and offices in one place, mixed use projects are good for end users as well as investors. Lesser travel time to the workplace and commercial centres is a top draw for buyers.

Origin
Interestingly, mixed use projects came into limelight post the 2008 global economic slowdown. As demand for office and commercial space declined considerably at that time, many developers began to include homes in their stand alone commercial projects. Better returns inspired them to introduce more such projects in the future.

Talking about factors responsible for the emergence of mixed use projects, Prabhat Ranjan, CMD, Olympeo Infrastructure Ltd says, Over the past few decades, the population of Indian cities has been growing exponentially. With this rapid growth, urban India started facing daunting challenges of land availability, high population density, small houses, lack of infrastructure and basic amenities, traffic congestion, and high pollution which ultimately led to these developments.

Larger presence in peripheries
Owing to availability of large tracts of land, the peripheral areas are becoming popular for planned mixed use development. Although cities present people with exciting opportunities of economic growth, they offer less lifestyle opportunities. Peripheral areas provide huge tracts of land, peaceful environment, organised traffic and reduced density, says Prabhat Ranjan of Olympeo Infrastructure Ltd.

As a result, peripheral areas of most metros are witnessing an increasing number of mixed use projects. Such development in a citys outskirts will also help ease the pressure in the city.

The road ahead
Owing to scarcity of land, many experts believe that mixed use land development is the future of real estate. Developers have quickly realised that availability of residential and commercial spaces at one place is a big attraction for buyers. While end users benefit from shopping centres and offices in the vicinity, investors are able to sell their units easily.