Mixed use properties on the rise in Kolkata

A ‘Mixed-use’ property or project is defined as any construction that combines residential, commercial, industrial and cultural units. These projects are steadily becoming the preferred option for real estate developers in Kolkata. The returns from mixed-use properties are much greater than properties which are just residential or commercial in nature.

• Mixed-use properties are on the rise in Kolkata

Kolkata has seen its fair share of large commercial and residential projects over the years but the trend of mixed-use properties is growing. The most noticeable configuration of mixed-use properties in the city are shopping malls and residential complexes. These projects however require large plots of land for their construction.

Mixed-use properties provide many benefits for residents, businesses, investors and real estate developers. Home buyers prefer these properties as they are in close proximity to their work place, school or a shopping complex. This leads to less travelling time since many amenities are just a short distance away.

The residential segment in a mixed-use property provides a customer base for the commercial sections like a mall or shopping center, which makes it an attractive investment option for businesses.

• Double delight for real estate developers

Mixed-use properties are also beneficial for real estate developers. The greatest benefit is that the development risk is divided between the options provided in the project. The presence of residential and commercial properties within the project attracts both sets of buyers. This leads to a faster recoup of the investment made by the developers.

Mixed-use properties can also be restructured, depending on the requirement from the developers. The reconfiguration can lead to an increase in the number of commercial units or residential units as required.

Mixed-use projects require large tracts of land for construction and the developing regions of the city are perfect for these properties. The development of these comparatively barren regions helps attract more buyers, because of the range of amenities provided. The availability of land for these projects also leads to better planning in the region.

• The future of mixed-use properties

Earlier, these projects were rarely perceived as lucrative opportunities in the Kolkata real estate scene. However the success of a couple of early projects has altered this, making real estate developers eager to provide more mixed-use projects for the residents of Kolkata.

The options for varying configurations of mixed-use properties increases their scope, and the benefits for home and commercial owners make mixed-use properties a great option to invest in.

Summary: Construction and planning of mixed-use properties is on the rise in India. The projects cater to both residential and commercial property buyers since they provide a lot of benefits compared to stand alone complexes or office buildings.

Author Bio: One of the leading players in the real estate market, Ideal Group takes pride in its rich portfolio of world-class ongoing and upcoming residential projects in Kolkata. 

Real Estate Investment in Kolkata

Investing in real estate is profitable in many ways. Property can either be rented out for a fixed monthly income or sold later for profit. However, most of the purchases consist of a considerable amount of money changing hands and it is advisable to check up on a few facts before plunging into any deal involving real estate.

• Factors to consider when investing in real estate

Location has the biggest impact when it comes to investing in real estate projects in Kolkata. For e.g. the price of any residential project in a prime location is invariably much more in comparison to other projects. Proximity to schools, malls, markets etc. is something that buyers look for and this appreciates the value of an upcoming or ongoing project. So, the better the location, the higher the value of the property becomes.

There are many other points to consider. Any project which adheres to government regulations about building norms helps in increasing the value of the property by virtue of its trust factor. The main entrance of the project also plays a role in deciding the property’s valuation. A nice entry for a property can help in creating a good perception for a project as a ‘feel-good’ factor. Safety and security in the region and within the property is another important aspect to consider when investing in real estate.

The facilities that the property promises to provide must be looked into when the purchase is being made. This is especially important when dealing with residential projects or complexes as they have many features and facilities which can make a property attractive.

• The rise in real estate investment in Kolkata

Kolkata has witnessed a gradual rise in property prices with more people gaining trust in real estate investments in Kolkata. More properties are being constructed to cater to the needs of the city and also around the outskirts of the city. This growth of the real estate market to an extent is dependent on the transportation facilities in the city. Kolkata features the most economical modes of transportation compared to the other metros in India. Recent developments include plans to extend the metro railway in Kolkata to facilitate connectivity across more regions within the city. This has allowed real estate companies to develop properties away from the main city as these regions will be well-connected after the completion of the project.

Most developers and real estate companies in Kolkata often adapt and follow model projects in other metro cities. Therefore, good planning of residential projects has been another reason why real estate properties in Kolkata are seen as good investment opportunities. Real Estate companies often try to attract buyers by offering gifts with the purchase of any property. Free televisions, cars and parking spots are perks that prospective buyers find worth the investment.

Real estate investment is more affordable in Kolkata than in the other metro cities. The prices for flats in residential projects are lower than those in cities like Mumbai, Delhi, Chennai or Bangalore. Also, the re-sale value of these properties provides a decent return for any investment. It is due to these reasons that investing in real estate properties in Kolkata is on rise.

This is a Guest Post by Anita Kedia