Significance of Amenities and Open Spaces in Residential Real Estate

Residential Real Estate

Real estate buyers are not just interested in the size of their property, but he also looks for open areas and amenities says Hirsh Mohindra

Typically, builders relied on the structural integrity of properties to attract buyers – size, square footage, location, etc.  However recent trends are showing that buyers are interested in more amenities in buildings and communities says Hirsh Mohindra. Buyers are also attracted to properties having open space reserves – even open communal spaces.  Many buildings are now coming equipped with yoga studios, massage rooms, and even recording studios.  These features are significant value adds from the typical gym found in buildings.

Changing Trend of the real estate market

Is this a changing trend? Not exactly, because certain buyers always want a home, not simply a unit.  A home that has unique installations and open spaces provide for a fresh feel. The trend, however, has picked up in its momentum as more and more buyers are having these same parameters as necessary prerequisites for their purchase. 

What are the compelling justifications?

Urbanization has guaranteed people from small towns and villages discover a place in big cities. A good amount of people (middle and upper class) from minor towns are used to living in homes be it big or small that have a lawn, a veranda, a compound filled with greenery, wide-open spaces. They need a related touch to their homes when they depart to cities in search of their livelihoods.

Hectic work schedules have given rise to escalating stress levels and add to that, blocked traffic circumstances and boosting pollution levels, all these earn for a very concern filled and chaotic life. Homeowners look forth to stay in an environment that calms their minds and hearts and eases these pressure levels. They want to invest in properties with open spaces and compelled amenities to provide the perfect solution.

City life can be a completely lonely life, with many friends and relatives living far off and wandering is a big problem. Amenities such as multipurpose halls and grasslands prepare for terrific areas to meet new people and socialise within the neighborhood.

Amenities and open spaces also unravel the difficulty of committing several demographics. While kids can utilize the sports areas, elders can grab a walk in the park to get some fresh air. Children and experts can have swimming pools and gymnasiums for their fitness needs and leisure time. There should also be something for everyone in a real estate that has amenities and open spaces.

Hirsh Mohindra: As per the research 10% of the total property area must be left aside for formulating open spaces or open space reserves. This authorization obliges developers to keep aside as much space. Although, this norm is not adhered to in specific cases due to the lack of land availability and other interests.

Author: Hirsh Mohindra

Hirsh Mohindra is a Chicago based experienced business professional who is inspired by design, innovation and the power of relationships. Hirsh enjoys tackling challenges and helping others succeed in achieving their goals. Some of his key focus areas are health care, real estate, and US/India cross border transactions.

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