Mixed-use Development is Future of Real Estate in India
Mixed-use developments that incorporate residential, retail, entertainment, hospitality and corporate venues are emerging in metros as well as tier-II and III cities in India. Experts in the industry feel that Mixed Use Development will be the future of the buildings as retail is becoming more organized now than before.
Slowly and steadily these kind of futuristic developments are taking place across the city now. Mixed-use realty development in vogue now. Soon the country may witness many such projects as they are said to be the future of India’s realty.
One such futuristic development is taking place in Kozhikode also known as Calicut, in the state of Kerala in southern India on the Malabar Coast. Kozhikode is the third largest city in Kerala and is part of the second largest urban agglomeration in Kerala with a metropolitan population of 20 lakh plus as per 2011 census.
Kozhikode the city which stands testimony to the Europe’s trade mission from Portugal in 1498 when Vasco da Gama first landed at its shore is now making firm foot in India’s realty sector.
At a time when developmental projects in major cities have reached a kind of stagnation, tier 2 cities have become a high growth sector for the real estate industry in India. Thanks to the high purchasing capacity of non-resident Keralites, the city is attracting investment in real estate sector says Mr P. Sulaiman, Chairman and Managing Director of HiLite Builders Pvt Ltd.
HiLite Builders Pvt Ltd, which has been developing property since 2003, has successfully completed several projects in a short span of 9 years. It has geared up now with its latest project – HiLite City, a first of its kind urban integrated township in Kerala with 32,00,000 sq.ft- consisting of residential, commercial and retail spaces awaiting completion by 2013. The City houses a shopping mall, 400 luxury apartments (Hilite Residency) and office spaces (Hilite Business Park) for commercial enterprises besides a massive car parking facility that can accommodate more than 3000 cars, informed Mr. P. Sulaiman. HiLITE Business Park comprises an exclusive office complex with twin ‘S’ shaped towers aggregating over 10 lakh sq. ft. of built-up space. HiLITE Builders deliver a world-class living experience in harmony with nature, he adds further.
Adding further Mr. M.A. Mehaboob Director of the group said, retail spaces (HiLite Mall) will form a major attraction. As a centre of leisure and everyday living, HiLite Mall would be the right blend of retail and entertainment spaces that include 60000sq.ft hypermarket, 120000sq.ft department store, 35000sq.ft gaming zone. The mall would have a total built-up area of 1.4 million square feet with 200+ branded retail outlets, a business hotel, 8 screen multiplex, food courts, convention/expo hall and much more.
Hilite venture is dubbed as Futuristic one of the very few First-of-its-kind Mixed Use Development projects in South India and only of its kind in Kerala. This project has set an example for many of the realty players to look up at.
Mixed land use development is the best bet for the realty sector as it provides convenience of shopping, good institutions, hotels etc, at one place. Also, it has the potential of attracting more investors. In times to come there is a lot of scope for these kinds of projects because the development incorporates residential, retail, entertainment, hospitality and corporate venues. Mixing land uses can reduce automobile dependency for daily life chores or work.
Because all the goods and services for daily living made available within the walking distance. There is no need to use bikes or travel to short distances. It is just a matter of time before it becomes wide spread. Though it is new, but will be accepted well and fast because of the effective use of the land.
The scarcity of land in many developing cities as well as other for development has necessitated the development of this concept feels Mr. P. Sulaiman. We need to make use the available land to accommodate future needs. Mixed-use and compact developments have become alternative and attractive approach, he said.
This concept will be a boon particularly those who are refrain to move to city outskirts, because of distance to stay away from convenience shopping, good institutions, hotels etc. The main cities being saturated, it has become absolutely necessary to move to outskirts or peripheral areas. And what could be the better model than mix land use development, questioned Mr. P. Sulaiman. Now that developers coming with projects with commercial spaces right within the realty project, even suburbs too are very much preferred now. It is comparatively easy to market mixed land development projects. For investors appreciation is higher than the regular building projects. The only aspect to be kept in mind is that such developments should be regulated and well planned, observed P. Sulaiman.
Internationally, mixed use developments have been very successful. The models are fairly successful in large cities and Tier II cities have also shown encouraging response. India is no exception. We too will repeat its success, observed Mr. Sulaiman.
The total cost for the project is to the tune of Rs 900 crore and of this, the investment for shopping mall alone would be Rs 500 crore. When completed, the HiLite mall would be the first to introduce some of the premium brands such as the retail chain Lifestyle, the global brand Spar, Mark & Spencer, Cinepolis, one of the biggest multiplex chains in the world and Amoeba, the leisure and entertainment group in India, stated Mr. Mehaboob.
Several regional real estate players have already been established in Kozhikode, the city ranked second best in India to reside in considering parameters like health, education, environment, safety, public facilities and entertainment. Our knowledge of the local markets has given us an edge over national players says Mr. P. Sulaiman.
HiLITE is a firm with the reputation of being a residential player with high credibility and sufficient brand recall in the region, has introduced the people of Kerala, the concept of community living with its project HiLITE Metromax and Focus Mall, Kerala’s first shopping mall. The current project HiLITE City is a best example of how mixed used development of land, a concept not so popular in India, has been efficiently put into practice in a tier II city like Kozhikode, he said.
Major brands like Marks & Spencer, Lifestyle, Cinepolis, Spar, Amoeba, Lee, Nike, Woodland, Louis Philippe, Indigo Nation, Baskin Robbins, Regal Shoes, Van heusen, Kair, Rawther, Scullers, Manchester United, John Miller, Baby Care, Peter England, Enryca Geneva, Allen Solly, People, Espirit, Wrangler, Levis, Benetton, John Players and the Body Shop have already found place within the mall. The project, nearing completion by the year 2013, opens up a huge investment opportunity for investors far and wide. HiLITE builders assure guaranteed rental returns along with value appreciation for the project inform Mr. M.A. Mehaboob.
Kozhikode is one of the main commercial cities of Kerala. The economy is mainly business oriented. The city currently is the major trade hub of North Kerala with good connectivity through road, rail and air. It also has large timber yards along the banks of the Kallayi River. Kozhikode District with 8% of the state population makes 12% contribution to the state’s income. Calicut has witnessed a building boom in recent years. This Retail brands choose Kozhikode to make foray into Kerala. Two IT “cyber parks” are under construction in Calicut. It is the place where Vasco da Gama first landed in India as the leaders of a trade mission from Portugal. The city’s first recorded contact with Europe was when Vasco da Gama landed at Kappad in May 1498,
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