By Mr. Vivek Mohanani, Managing Director and CEO of Ekta World
Mumbai’s luxury housing offering is among the important catalysts of real estate that has ensured benefits like benchmark pricing, high value investment opportunities and development of quality infrastructure. When we look at the real estate landscape, the trend of luxury homes seen gaining traction through redevelopment projects is not accidental. While these projects are a strategic answer to Mumbai’s chronic land scarcity, aging building stock, they are also crucial in meeting the evolving aspirations of homebuyers.
As the demand for upscale developments continues to grow redevelopment is only gaining momentum in key locations such as Bandra, Khar, and Santacruz. One of the reasons that can be attributed for redevelopment offering a solution is absence of any fresh land within the area of demand. Most buildings have lived their prime many decades ago and no longer satisfy modern safety norms or meet expectations when it comes to the lifestyle the homebuyer is seeking today. Redevelopment has thrown open the doors to older structures making way for projects with modern contemporary apartments that are spacious in design, offer amenities and self-contained. This has been made possible through policies of the government and civic agencies.
In Mumbai, the Floor Space Index (FSI) is a lucrative tool of this policy that makes it financially viable for real estate developers to take on projects of scale in charming neighbourhoods. The luxury homebuyer of today is not merely seeking a home. Developers must deliver a holistic lifestyle experience with their projects. The integration of a wide range of high-end amenities into a redevelopment project is an outcome of this demand. Concierge services, smart home automation, exclusive clubs, fully equipped gyms, dance halls, yoga and meditation areas have also become essential to this experience.
Homebuyers looking at redevelopment projects in these key locations also generally have a particular set of expectations from their living spaces. It includes seeking spacious layouts, natural ventilation, and the smart technology integration along with yoga zones, reflexology paths, and spa facilities indicating a health-conscious way of modern life. Security and privacy with gated communities offering 24/7 concierge and advanced surveillance systems is a given. On their part, developers are standing true to these demands by focusing on quality, innovation, and seamless project execution by teaming up with reputed architects for sustainable designs and green spaces along with technology service providers for new-age features like automated lighting, climate control, and security systems.
The Mumbai redevelopment model broadly involves offering homeowners larger, modernised apartments in exchange for development rights, thus having a scenario where residents upgrade their living conditions without relocating, and developers capitalise on the opportunity to build premium homes. A host of redevelopment projects in Bandra, Khar, and Santacruz areas have these lifestyle-enhancing facilities as a standard feature within their residential community offerings. Going by the demand, these no longer constitute the list of luxury amenities but make for expectations of the homebuyer. It is more of a shift in buyer preferences towards comprehensive living environments brought out by redevelopment. The above belt in the western suburbs is particularly a hotbed for redevelopment projects today.
Besides the sheer number of older structures, the Bandra, Khar, and Santacruz area is also in the proximity of business districts, entertainment hubs, and cultural centres. The modern luxury buyer also values the easy of access to quality schools, hospitals, and retail centers, something that most redevelopment projects easily offer. This makes it a highly desirable combination for buyers who seek a living that matches their affluence. The appeal of these suburbs is also benefitted by ongoing and upcoming infrastructure projects such as the Coastal Road and Metro expansions, which ensure better connectivity and reduced commute times.
The future of luxury housing segment is rosy with redevelopment remaining the preferred approach to solving the demand and supply issue in prime locations. As the integration of high-end amenities and smart technologies becomes a standard to elevating the living experience, infrastructure development will continue to boost the attractiveness quotient of some of Mumbai’s key suburbs like Bandra, Khar, and Santacruz, making their mark as luxury addresses.
