Chennai
Most large residential projects in the suburbs of the city are focussing on mixed development, with apartments and villas catering to multiple economic segments housed in the same project.
It is seen as a step towards inclusive living and a part of the evolution of integrated townships. Breaking the tried-and-tested concept of constructing apartment blocks, developers, these days, are experimenting with mixed development, wherever possible.
These projects are typically spread across large tracts of land that run to more than 25 acres and they contain apartments of varying sizes (1, 2 and 3 BHKs), villas, bungalow apartments, duplex houses, all in the same project. Says S Ramakrishnan, CEO, Marg Properties, “Such projects are possible only when large tracts of land are available and they can, naturally, be planned only in the suburbs and outskirts of the city. Optimisation of land costs is an important factor here. So from the developer’s perspective, it makes financial sense to only venture into such development in large planned townships.”
Marg Swarnabhoomi, spread across 1,000 acres on ECR, is a case in point. The residential wing of the project has a variety of housing options across economic and lifestyle categories – a mix of high rise apartments, affordable homes, smart homes, to name a few. This model is gaining popularity and developers believe that this approach makes social and economic sense, in the case of large projects. As Kalyan Jayaprakash, Director – Acquisitions, Inno Group and Director, Inno Geo City, explains, “In large-format developments, it is important to cater to multiple segments and create something for every aspiring home buyer. It fosters inclusive living; if you cater to only one segment, you will be creating ghettos.” The group drew inspiration for the project from similar successful models in Europe.
Inno Geo City, spread across 130 acres in Oragadam, has row houses, bungalow apartments, villas, 2 and 3 BHKs, with a host of amenities. He adds, “The idea is to create small sustainable cities that are self-contained and hence, environmentally-friendly. Well-planned townships such as these must ensure that all economic groups from rural and urban sections are accommodated.”
Such projects also offer better saleability as it caters to multiple economic segments, says Suresh Krishn, MD, Isha Homes. However, most of these projects are in various stages of planning and construction; so there is no completely functional model in and around Chennai, as of now. Suresh is of the opinion that though this is a good concept, managing such properties will pose challenges. “Each type of development – villas, apartments, etc – requires a completely different set of amenities, including security systems. Planning and maintaining such projects is going to be a challenge and since the city doesn’t have a working model yet, we’ll have to wait and see how this pans out,” he adds.
Developers like the Mumbai-based Mahindra Group have believed in catering to various segments in their projects. When they started work on the ambitious Mahindra World City project in Paranur, the company was sure that they wanted to build a city that was not only best in class, but which will also cater to different segments of society, says Sangeeta Prasad, Chief Operating Officer. “When we planned Mahindra World City, we realised that we have to take into account the different demographics and psychographics of the people who will live there. We believe in an inclusive philosophy where projects will cater to all segments,” Sangeeta says. “Our Aqua Lily project, is for example, a mix of villas and apartments. “There definitely is trend towards such developments; however, it may not be feasible all the time because it could result in a mish-mash. When people look at buying a house they usually prefer an environment that matches their sensibilities,” she says.
R Kumar, Managing Director, Navin Housing & Properties (P) Ltd, views it is a welcome trend and feels that more developers should focus on catering to different segments of society. “It is a builder’s responsibility to provide a well functional, eco-friendly complex that will cater to people from different categories in society. The trend is here, but this can be implemented only in large projects like mini townships that have huge tracts of land at the developer’s disposal,” he says.
“For the developer, it makes a lot of sense as it will be allow him to utilise FSI to the maximum as a mixed segment will include villas, roughhouses and apartments. Our company is quite keen to work on a project like. But our first attempt failed due to the restrictive approval policies of the CMDA (Chennai Metropolitan Development Authority).” “The best examples of mixed development can be seen in Mumbai suburbs like Andheri where several developers have taken up such projects. They are the need of the hour in Chennai too, but the CMDA here has several restrictive policies that deter developers from taking up such projects. If the CMDA officials could be convinced about its benefits, we could soon see more of such developments in future,” he says.
Source: Harini Sriram and Sangeetha Nambiar, Times Property, Times of India, Chennai
