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Apr 23, 2013, 04.46 PM IST | Source: Moneycontrol.com

The increasing importance of amenities in housing

Residential real estate in India has been evolving rapidly. The evolution took place in tandem with Indians' exposure to global trends in style and comfort.

Residential real estate in India has been evolving rapidly. The evolution took place in tandem with Indians' exposure to global trends in style and comfort. If I were to put a timeline to it, I would say the Indian IT/ITeS revolution really kick-started this trend, as more and more young Indians attained the opportunity and financial ability to travel abroad and witness international home trends for themselves.
 
Another factor that has been driving the increasing importance of amenities have been the escalating stress levels involved in professional life, coupled with the inconveniences imposed by rapid urbanization. In many of our cities, the previously mundane function of commuting to and from work has become a nightmare in itself. The rapid multiplication of vehicles on our roads and the inability of our cities' infrastructure to keep pace with this automotive avalanche are the main contributing factors. As a result, the home has become more than just a place to arrive at after work - it must now serve as an oasis of calm and comfort after a day of chaos.
 
As a result, the amenities offered by residential complexes, both on a unit and project level, now represent one of the pillars of success for any residential project - the other three being location, construction quality and pricing. This holds true for all segments from mid-income to luxury housing. The only exception would be LIG housing, where price remains more or less the predominant criterion.
 
Today, India's home buyers expect value for money that goes beyond four walls, a floor and a ceiling. They expect convenience, ambience, comfort, security and means of relaxation and entertainment. As such, multiple car parking, club houses, swimming pools, gymasiums, jogging tracks, green open spaces, express lifts and 'smart home' features are definitely on the wish-list of most mid-to-high income home buyers from the younger set.
 
Young married couples and the middle-aged also look for means to fraternize and socialize within the project, and the elderly show a greater concern for features such as ramps in addition to stairs in common areas and a higher level of indoor safety. They will prefer projects that offer healthcare and wellness facilities and advanced security measures. Many projects by the more established developers have been able to achieve a happy blend of most of such features.

In the case of mid-income housing projects, developers are often able to add a number of value-adding amenities at relatively lower costs due to the economy of scale. The advanced amenities offered in luxury housing projects obviously involve a higher premium, and are focused on a target clientele with matching financial means and aspirations.

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Property rates
  • Residential
  • commercial
Mumbai
Capital Values Rate/Sq ft (INR)
Aajiwali
3000 - 5000
Ambernath
3000 - 5000
Badlapur
1000 - 3000
Bhandup (West)
11000 - 13000
Chembur (East)
15000 - 17000
Chembur (West)
11000 - 14000
Dombivali (East)
4000 - 6000
Ghatkopar
13000 - 15000
Heeranandani Gardens Estate - Powai
25000 - 30000
Hiranandani Gardens Estate - Powai
25000 - 30000
Kalyan (East)
2000 - 4000
Kalyan( West)
3000 - 5000
Karjat
1000 - 3000
Khandala
8000 - 10000
Kharegaon
5000 - 7000
King Circle
17000 - 28000
LBS Marg
12000 - 15000
Lonavala
3000 - 5000
Mulund (East)
11000 - 14000
Mulund (West)
11000 - 14000
Mumbai Nasik Highway
3000 - 6000
Powai
15000 - 17000
Senapati Bhagath Singh Road
3000 - 5000
Sion (East)
18000 - 21000
Sion (West)
17000 - 22000
Tilak Nagar
12000 - 22000
Ulhasnagar
3000 - 5000
Vikhroli
11000 - 14000
4 Bunglows
17000 - 28000
7 Bunglows
13000 - 23000
Chandivali
10000 - 15000
Malad (East)
12000 - 14000
Versova
21000 - 24000
Airoli
4000 - 8000
Belapur
6000 - 9000
Ghansoli
6000 - 8000
Kalamboli
4000 - 9000
Kamothe
4000 - 6000
Nerul
7000 - 10000
Palm Beach Road
12000 - 15000
Panvel
3000 - 6000
Sanpada
8000 - 10000
Sea Woods
8000 - 10000
Ulwe
3000 - 6000
Uran
3000 - 6000
Vashi
9000 - 12000
Altamount Road
62000 - 72000
Breach Candy
62000 - 74000
Chowpathy
48000 - 58000
Colaba
42000 - 46000
Cuffe Parade
67000 - 69000
Dadar(East)
32000 - 34000
Dadar(West)
29000 - 32000
Lower Parel
32000 - 34000
Mahalaxmi
38000 - 40000
Malabar Hills
68000 - 75000
Mumbai Central
23000 - 34000
Napean Sea Road
66000 - 74000
Parel
26000 - 34000
Prabhadevi
37000 - 39000
Tardeo
41000 - 49000
Worli
36000 - 41000
Andheri (West)
18000 - 20000
Andheri(East)
15000 - 17000
Bevarly Park
5000 - 7000
Bhayander (East)
5000 - 6000
Bhayander (West)
3000 - 5000
Boisar
1000 - 3000
Borivali (East)
11000 - 13000
Borivali (West)
10000 - 14000
Dahisar
4000 - 8000
Goregaon (East)
13000 - 17000
Goregaon (West)
12000 - 14000
Kandivali (East)
12000 - 14000
Kandiwali (West)
11000 - 12000
Malad(West)
9000 - 14000
Mira Road
5000 - 7000
Naigaon
1000 - 4000
Nala Sopara (Eastt)
3000 - 5000
Nalasopara (West)
3000 - 5000
Poonam Nagar
6000 - 8000
Shanti Nagar
7000 - 9000
Shrishti
6000 - 9000
Vasai Road
1200 - 4000
Virar
1000 - 3000
Note: Price trend are based on asking rate and not necessarily on the transaction date
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