Present & Future of Real Estate

Present & Future of Real Estate

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‘Transformation of Mumbai is a mix of intensive micro planning, complete superimposition of the infrastructural network and ensuring to rekindle the social engagement of the common man in this city along with green and open spaces’, says Parish S Kapse, Founder & Strategist, Team One Architects

Mumbai’s ambition of being the international financial hub for attracting talents and investments, primarily and critically, rests on the real estate drivers of locations and costs. Already ranked highest in the country as a cosmopolitan city, Mumbai is of prime attraction due to its strength of intellectual base, direct exposure to world’s best innovation in technology and latest trends in architecture as well as lifestyle. In this context, Mumbai is ready to move from the experimental grounds of various commercial and residential development policies to a further higher ground to achieve urban innovation, sustainable energy solutions, digitization and social upliftment of the common man into a new era.

New technologies, integrated residential and commercial hubs, digital retail (prime market places) will merge all the core developments, thereby bringing a modern ecosystem to the city in the coming decade. Transformation of Mumbai is a mix of intensive micro planning, complete superimposition of the infrastructural network. Ensuring to rekindle the social engagement of the common man in this city along with green and open spaces is the key mantra to strictly ensure life is brought back to every socio-economic level of Mumbai – LIG, MIG and HIG after having ensured that this master plan is in place with the micro facets of bringing happiness to the city that can transform every sector significantly.

Year 2018

Year 2018 saw complete enforcement of the Green master plan, open spaces, infrastructural corridors of roads, viaducts, metro, monorail, flyovers, waterways, airways with integrated development hubs for commercial, retail, art, entertainment, and education as the ‘given’ defining factors. The city for sure develop around these stimuli to make it a more cohesive web.

Visibly

Opening up of spaces, complete dismay of various transportation networks and clerics of affected spaces were distinctly visible.

Year 2020

Due to a well foreseen and planned masterplan of the city in place, the year 2020 will see a maximum number of high rise towers at finishing stages, which will render new city on a city development. However, with the advent of the dress code of FSI, the skyline though dense will be a great challenge for architects and designers. To ensure better visual relief will be a focus to be achieved in every structure coming up.

Visibly

An incomplete skyline with most intensive construction spree this city has ever seen will be in progress of buildings and tower cranes, dust and concrete. Mumbai, at this point, shall be on a cusp of new look which will remain for another century. The transport and infrastructural projects would be on the verge of completion but the city will be in a chaos.

2025

Probably the best era in Mumbai, the year 2025 will show a complete unleashing of a greener, open and faster Mumbai in place. Due to decongestion of vehicular traffic with fully functional public transport, people will commute more confidently from one part of the city to another. A mixed-use development of residential and commercial spaces will officially help to ensure there is a mix of profiled form-based buildings, along with solid massed residential towers.

Policy and Planning

A conducive policy with respect to Mumbai’s core concerns of race, dilapidated structures and affordability is very important to ensure successful ideas of gated communities, integrated developments, and mixed-use development fall in place, for which minimum land parcels of 5-10 acres are a must. The only ray of hope to achieve a walk to work concept is to make sure mixed or integrated development projects are implemented within the MMR regions, if not only in the Greater Mumbai and its suburbs. The sources of achieving larger land parcels were mill lands, semi-private spaces for cluster developments, which may allow larger developments that may allow larger developable spaces.

Larger Infrastructure Projects

Infrastructure and public transportation projects are the key stimuli to the development of real estate, at least for the LIG and MIG segments of the society. This is not only due to the convenience but also due to the thrust to enhance real estate prices because of the proximity to such public transport hubs.

Project Differentiator/USPS

Due to the mass development envisaged in the near future with millions of potential sale spaces in the block, it will be a testing time for the potential developers interested to engage in such projects. After a rigorous pitch work to convince the potential land owners/tenants, overcoming the hurdles to achieve timely building permissions, to work within the bye-laws, the biggest challenge which would still lie forth would be to sell. Wherein, project differentiators would play a significant role in the success of a project, the biggest USP of the project itself shall be its location followed by amenities, user-friendly features as open spaces like terraces, balconies, decks, gardens, etc. The availability of convenient parking and rightful utilities too add as a vital governing factor thereby rendering success to a project.

Green Structures

Green development is one more important virtue of design. Green reduces the burden on the support system of the city with respect to power consumption, waste disposal and water management. By mere virtue of rightful design of services, sun path, wind path and using recyclable materials we can for sure create a self-sustainable development.

Just imagining the fact that all the future development can be Net Zero will simplify the overburdened utilities and infrastructure on the whole.