The Importance of Amenities and Open Spaces in Residential Real Estate
December 15th, 2017
Buyers are not just keen on a great property alone, but open spaces and amenities have become important parameters on which decision is based, before investing.
For long, builders have banked on the quality of properties developed as a means to woo buyers and ensure the success of their projects. Of late, there has been a change in the pattern, buyers are looking for more, and beyond quality. Buyers are more inclined towards properties that have the required amenities in place and have open space reserves (OSR).
Is this a changing trend? Not necessarily so, because an average buyer always wants a home, not a unit, a home that has the required facilities and open spaces for a fresh feel. The trend, however, has picked up in its intensity as more and more buyers are having these parameters as mandatory requirements for their purchase.
What are the compelling reasons?
Urbanisation has ensured people from small towns and villages find a place in big cities. A good number of people (middle and upper class) from smaller towns are used to living in homes (big or small) that have a lawn, a veranda, a compound filled with greenery, in short—open spaces. They desire a similar touch to their homes when they migrate to cities in search of their careers.
Hectic work schedules have given rise to escalating stress levels, and add to that, congested traffic situations and increasing pollution levels, all these make for a very stress filled and chaotic life. Home owners look forward to stay in a setting that calms their minds and eases these stress levels – properties with open spaces and required amenities provide the perfect solution.
City life can be an absolutely lonely life, with many friends and relatives living far off and travelling is a big concern. Amenities such as multipurpose halls and parks make for excellent areas to meet new people and socialise within the community.
“As home buyers look for properties with amenities and open spaces, it only shows the kind of benefits home buyers stand to receive through such an offering. The modern home buyer goes by the principle of– Live, Work and Play.”
Amenities and open spaces also solve the problem of engaging different demographics. While kids can use the play areas, elders can take a walk in the park to catch some fresh air. Youngsters and professionals have swimming pools and gymnasiums to put good use to their time. There is something for everyone in a property that has amenities and open spaces.
As per the National Building Code of India, 10% of the total property area must be left aside for developing open spaces or open space reserves. This mandate compels developers to keep aside as much space. Although, this norm is not adhered to in certain cases due to the lack of land availability and other concerns.
The more popular amenities
There is no restriction on the number of amenities a developer can add and here are a few important ones:
Kids Play-area: Kids play-area acts both as a playground for children and as a bonding place for parents. Cities these days hardly have enough playgrounds and even if they do, distance is always an issue. Under such circumstances, kids play area becomes a priority for parents before choosing a property.
Swimming Pools: A common but essential amenity, swimming pools stand for both leisure and exercise. Applying for specifically built swimming pools in cities is a costly affair plus it involves travel time. A pool at home is a delight for many.
Club house: A club house within the premises of the property will ensure the need for parties, celebrations and family functions is taken care of. This further helps in building the community spirit and also helps members save a lot of time, effort and money. Club house is another place for meetings related to community and its members.
Gymnasium: Fitness is essential and in a time-constrained world home owners will find a gymnasium within the premises very useful. Nowadays, almost every project has a gymnasium as a standard requirement.
To conclude, while looking out for amenities and open spaces is natural, buyers will need to keep in mind that—more the amenities higher the cost of the unit and they should be prepared to shell out more. On the developers’ side—planning, design and execution of the project have to include all the required amenities and open spaces.
As cities grow more populous and more congested, residents will find themselves time-constrained and difficult to move around. The missing link of social and leisure requirements for home owners is provided by properties that come with required amenities and open spaces and this, is one of the ways a property can distinguish itself from competition.