The Growing Importance of Child-Centric Amenities in Mumbai’s Real Estate

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    The Growing Importance of Child-Centric Amenities in Mumbai’s Real Estate

    The Information mentioned here was last updated on:

    21/5/2024

    As Mumbai continues to evolve as a city, so too have the needs and desires of its residents - especially those with children. Gone are the days where apartments were marketed solely based on their proximity to the city’s bustling financial district, or the luxury amenities offered within the complex. Nowadays, developers are increasingly catering to the needs of young families by adding child-centric amenities to their projects.

    With the influx of nuclear families and single parents working full-time jobs, the need for such amenities in apartment complexes is growing at an unprecedented rate. In response, many real estate developers are adding amenities like toy libraries, indoor and outdoor play areas, designated spaces for kids’ parties, and even child-size swimming pools.

    In the past, the lack of these facilities would often dissuade parents from purchasing Apartments in certain complexes. But with the presence of such amenities, developers are reporting higher sales and occupancy rates, indicating a growing market that values the happiness and well-being of its youngest members.

    One such developer is the Hiranandani Group, which has recently launched a township in Thane West called Hiranandani Estate. In an interview with Business Today, Niranjan Hiranandani, co-founder and managing director, spoke about the need for the project to cater to not just the needs of adults, but also those of children. He said, “We believe that a child’s needs must be given equal importance as the other members of the family. This is why we offer various amenities that help a child grow up physically, mentally, socially and academically.”

    Similarly, the Runwal Group is another developer that has invested in creating child-friendly environments for its residents. Its project in Mulund, Runwal Bliss, boasts of amenities like a 30,000 sq. ft. clubhouse, an Olympic-sized swimming pool, a jogging track, and, notably, a ‘kids’ zone’ with a dedicated rock-climbing wall, trampoline, and even a mini-theatre for film screenings.

    But it’s not just the higher-end of the market that is investing in such amenities. The Maharashtra Housing and Area Development Authority (MHADA) has announced a new policy that mandates the inclusion of designated areas for children in its upcoming housing projects. The policy states that at least 3% of the total project area must be set aside as a “kids’ corner”, complete with swings, slides, and other age-appropriate play equipment.

    The real estate sector in Mumbai is no longer just about location and luxury; it has evolved to cater to the specific requirements of modern-day families, with a focus on creating environments that foster holistic development for children. With the city’s rapid urbanisation and population growth, it is encouraging to see developers acknowledging the need to create safe, supportive, and enjoyable spaces for young children.

    As we move forward, it will be interesting to see how the real estate market and the needs of families continue to evolve in tandem. One thing is for certain - the inclusion of child-friendly amenities is no longer a luxury but an essential element in the decision-making process for homebuyers with young children.

    India's real estate landscape is undergoing significant transformation, driven by rapid economic expansion and the burgeoning growth of urban centers such as Mumbai, Delhi, and Bangalore. This economic surge has resulted in an extraordinary demand for both residential and commercial properties, creating a fertile ground for investment. The adoption of cutting-edge technologies like virtual reality (VR) and augmented reality (AR) is further accelerating this growth. These innovations have fundamentally changed how properties are marketed and experienced, offering potential buyers immersive, virtual tours that provide a comprehensive understanding of prospective investments. Despite occasional setbacks from regulatory changes and market fluctuations, the resilience of the Indian real estate market remains evident. The vast population, combined with ongoing urbanization, ensures a continuous demand for housing and commercial spaces. Government initiatives, such as "Housing for All" and smart city developments, are boosting confidence in the market's long-term potential. These initiatives not only increase demand but also present opportunities for developers and investors to engage in large-scale infrastructure projects. The introduction of real estate investment trusts (REITs) has also democratized the commercial real estate market. Previously accessible only to institutional investors, REITs now allow retail investors to diversify their portfolios and benefit from the sector's growth. Economic Expansion and Urban Growth India's economic growth has been a key driver of urban expansion. Major cities like Mumbai, Delhi, and Bangalore have become bustling economic hubs, attracting people seeking better job opportunities and living conditions. This influx drives demand for residential properties while also spurring the development of commercial spaces. The synergy between economic growth and urbanization creates a robust foundation for the real estate sector, ensuring a steady flow of investment opportunities. Technological Advancements The real estate sector has embraced cutting-edge technologies such as VR and AR, revolutionizing property marketing and visualization. Potential buyers can now experience properties through immersive virtual tours, gaining a more profound understanding of their investments. These technologies not only enhance the buying experience but also allow real estate marketers to reach a broader audience, increasing the sector's appeal. Resilience Amidst Challenges The Indian real estate market has demonstrated remarkable resilience despite challenges such as regulatory changes and market fluctuations. The regulatory environment, though complex, is designed to enhance transparency and protect buyers' interests. While these regulations can create short-term uncertainties, they ultimately contribute to a more stable and trustworthy market. Market fluctuations, driven by economic cycles, are a natural part of the investment landscape. The Indian real estate market's ability to recover from downturns highlights its resilience and long-term growth potential. Population Growth and Urbanization India's large and growing population, coupled with urbanization trends, ensures a continuous demand for housing and commercial properties. As people migrate to urban areas seeking better opportunities, the need for residential and commercial spaces increases. This ongoing demand creates opportunities for developers and investors across various market segments, from affordable housing to luxury residences and commercial properties. Government Initiatives and Infrastructure Development Government initiatives like "Housing for All" and the development of smart cities are key drivers of the real estate market's long-term potential. "Housing for All" aims to provide affordable housing to all citizens, driving the construction of millions of new homes and stimulating demand. Smart city projects focus on creating urban areas with modern infrastructure, sustainable living solutions, and advanced technologies. These initiatives attract both domestic and international investors, eager to capitalize on India's evolving infrastructure landscape. Real Estate Investment Trusts (REITs) The introduction of REITs has opened the commercial real estate market to retail investors, previously dominated by institutional investors. REITs allow individuals to invest in income-generating real estate assets without owning or managing properties directly. This democratization of real estate investment offers new opportunities for portfolio diversification and income generation. REITs, traded on stock exchanges, provide liquidity and regular income through dividends, making them an attractive investment option. Challenges and Future Prospects While the Indian real estate market faces challenges such as regulatory complexities and market fluctuations, its dynamism, supported by technological advancements and favorable government policies, underscores its resilience and attractiveness. Regulatory measures, though challenging, aim to streamline the sector, enhance transparency, and protect consumers. These regulations contribute to the market's long-term stability and credibility. Looking forward, the Indian real estate sector is poised for continued growth, driven by urbanization, technological integration, and supportive government policies. The focus on affordable housing, smart city initiatives, and the growth of REITs will attract more investors and developers. Technological advancements will further enhance real estate marketing, property management, and investment strategies, increasing the sector's efficiency and appeal. In conclusion, the Indian real estate market offers a blend of opportunities and challenges, making it a compelling investment arena. The dynamic interaction of economic growth, technological advancements, and supportive government policies creates a resilient and attractive investment landscape. For those seeking long-term growth and diversification, the Indian real estate market presents promising prospects, underpinned by the nation's expanding economy and urban development.