PUNE: The evolving landscape in the city has fuelled the demand for mixed-use developments, making them a coveted choice among buyers and developers, with Hinjewadi, Kharadi, Magarpatta and Baner emerging as hotspots for such projects.
Mixed-use projects incorporate multiple functionalities, such as residential housing, retail hubs and recreational facilities, into one community. The number of mixed-use developments in Pune surged by about 20-30% over the last five years, market players said.
IT engineer Shikha Advani, who recently moved to one such project in Hadapsar, said, “Having retail presence close to one’s home is important. It is so convenient to just walk down and get just about anything. I was specifically looking for a complex like this. My workplace is also just 10 minutes away.”
In 2022, mixed-use developments captured 25% of India’s $7.8-billion real estate investment, according to CBRE’s India Market Monitor.
Developers said there is a growing trend to prioritize walk-to-work locations and proximity to homes, entertainment options and shopping centers. “In the immediate outskirts like Baner, Balewadi, Mhalunge, Kharadi and Wagholi, the proposed roads are wider, making it feasible for developers to have more commercial spaces that can cater to a large number of people in and around their projects,” said Kapil Gandhi, MD, Sigma One Universal.
Gandhi is developing two mixed-use properties of over 1 million sqft in Mhalunge and Nande. Both are in design development stage. “If the development size is larger than 500 units per project, these projects require more commercial spaces like medical stores, convenience shopping,” said Manish Jain, VP, Credai Pune.
Both buyers and tenants are seeing advantages in buying or living in these mixed-use properties. Ritesh Mehta, senior director and head of west, north and east residential services and developer initiatives at JLL, said, “Purchase demand in mixed-use developments is higher than rental demand. Buyers are keen to invest as the difference between EMIs and rent isn’t significant, making ownership a more attractive option. Rents are premium owing to proximity to shopping complexes, IT parks and Metro connectivity. A 2 BHK typically rents for Rs 45,000–Rs 60,000 (per month), while a 3 BHK ranges from Rs 60,000–Rs 90,000.”Neighbourhoods like Hinjewadi, Kharadi, Magarpatta and Baner have become hotspots for mixed-use projects, attracting both developers and investors, said developers. Tejraj Patil, founder of Tejraj Group, said it was lucrative to develop mixed-use properties. The group is developing mixed-use properties in Baner, Shankarsheth Road, Model Colony and Shivajinagar. “It is key to plan a careful separation of commercial and residential spaces to ensure each one functions optimally without interference, preserving their intended purpose. If done well, buyers and tenants will be willing to pay extra for the added convenience and lifestyle benefits,” he said.
