Walk-to-work concept is gaining momentum in Indian Real Estate
The concept of new urbanism and walk-to-work is gaining momentum in major cities. The concept of new urbanism inspires developments such as housing, workplace, and shopping in the vicinity of each other, and walkable streets and blocks and reachable public spaces play a vital part in such developments.
According to Colliers Research, about 90 million sq ft of office space under the different stage of construction across India is likely to complete in the next three years, and to be precise IT-ITeS districts of the cities will promote such walk-to-work concepts in Indian cities.
Bengaluru residential developers have already started trying out the concept of walk-to-work with projects near Whitefield and Hebbal. Integrated developments with schools, colleges, malls and public spaces within 500 mts to 1 km range will further counterpart such walk-to-work growths.
Tier 1 developers are concentrating on integrated developments. Some of the most popular samples of the integrated township are Prestige Shantiniketan and Brigade Metropolis in Whitefield, World Trade Center in Yeswanthpur. More developers are going to join the league.
The Magarpatta city in Pune is also one such successful example of a viable development model integrated with the commercial zone, housing developments, institutions, healthcare facilities and entertaining spaces with best in class infrastructure.
At the same time, Transit Oriented Development (TOD) trends should create a balanced land-use blend with residential developments along the transit corridor that help in succeeding controlled developments within the cities.
With a focus on the creation of mixed-use development in the effect zone of transit stations that are within the walking distance of (500-800 m), TOD is possible to lessen the average travel time and expenditures on transportation.
TOD should also include a facility for public spaces, systematized parking and support foot-travelers, bicyclists and non-motorized transport (NMT) users in cities.
Recently, India has observed a notable economic growth, Indian cities are emerging at a rate faster than other cities in the world. According to the Ministry of Urban Development (MoUD), the urban population in the country, which is approximately 377 million, is expected to grow up to 600 million by 2030.
This rapid development coupled with growing residential and commercial developments has led to many critical significances such as road traffic issues, increased pollution, public safety, and flooding. This, in turn, is weakening the livability quotient in the fast urbanizing metro cities.
While India’s collective annual infrastructure investment amounts to 35% of GDP, the government evaluates that it needs USD 1.5 trillion in infrastructure investment in another ten years. Even this huge amount will possibly only help bridge the infrastructure shortfall rather than create room for future infrastructural development.
As per the study was done by Colliers Research, the real estate developers should also focus on mixed-use developments at city fringes or beyond the city limits to house the overflowing population of the urban region to stabilize population explosion in main cities.
This planning method will not just ease the burden of urban infrastructure but also drive affordable housing as it remains as a distant dream owing to the high land cost in overbuilt areas in the city.