Mixed-use projects provide a number of advantages to both, the real estate developers and the buyers. With the availability of residential projects coupled with commercial spaces, there are a lot of benefits that can be reaped from investing in multi-use projects. Read on to find out about the advantages of multi-use projects.
Multi-use projects are a combination of residential and non-residential buildings that are planned within a single project. These projects provide a perfect blend of residential and commercial properties and are on the rise in the Indian real estate market. Not only do these projects infuse commercial and residential properties, they also offer a variety of benefits, such as:
An appealing aspect of mixed-use developments is the proximity they have to new clientele. As the projects have both residential and commercial space, they have the power to attract an immense amount of traffic, as compared to stand-alone stores. There is also the recurring spending from local residents that are living in the multi-use project. All this makes it quite an attractive deal for both residents and potential owners of commercial spaces.
Another reason for the rise in popularity of multi-use projects is the advantage of better property management. Multi-use developments are a mixture of residential and commercial real-estate. This means that a single, proficient management service company is enough to help address the issues of the diverse needs of the entire community. These benefits also include higher quality tenants for residential and commercial spaces, shorter vacancy cycles, better processes, and improved support.
The most appealing aspect of multi-use developments is their location. Generally, such projects are located in close proximity to existing amenities, such as schools, libraries, and parks. The homebuyer today has a strong preference for central locations with easy access to city amenities and mixed-use projects provide all such features to the homebuyer.
Another big advantage that mixed-use developments have is the connectivity/proximity to other parts of the city. Most people prefer living in a space that is centrally located or well connected with other parts of the city. By providing for space for commercial establishments, multi-use projects take away the need from their residents to commute to other parts of the city for shopping or work. Mixed-use projects create a miniature version of a city for the residents.
With so many advantages, it isn’t surprising that multi-use projects are gaining popularity in real estate, with both developers and buyers.