Residential Realty Sector have witnessed a strong demand for both sale and rent due to factors like better connectivity and proximity to commercial hubs. Apart from these factors there are many which usually influence the demand for residential units – some of which are builder’s reputation, pricing of housing units, household income, government policies, mortgage availability and interest rates, among others.
Industry experts say that better connectivity is perhaps one of the most important drivers of demand as far as real estate is concerned. This co-relation between connectivity and demand for residential real estate was also seen in the Jewar airport case. Moreover, residential and commercial developments go parallel as they both complement each other for a better living.
Mr. Pradeep Aggarwal, Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development, Founder and Chairman – Signature Global India Pvt. Ltd. said, “In commercial, the most important thing that has to be near a project is the marketplace. Without it the projects will not take off. The commercial development has to be close to the project so that the daily and weekend needs of homebuyers can be met. In case of schools, it is suggested that they should be at a distance from the residential projects as in many cases having a school nearby leads to traffic jams and residents want to avoid it. So, hospitals and schools have to be in the vicinity, say, at a distance of 5-10 km that can be easily covered.”