What is more crucial for Mumbai: Infra or liveability

During house-hunt, what demands more prominence the infrastructure of a locality or its livability quotient?

Mumbai's real estate market is displayed as one of the most expensive property markets to the world. Due to ever increasing rates, low FSI norms and a massive space crunch, a potential home buyer feels trapped when it comes to investing in his dream home. 

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A recent report by Knight Frank India stated that the housing market in Mumbai is still under pressure and the H1 2015 saw a 47 percent drop in new launches in the city. This raises a fundamental concern with regards to the lack of infrastructure that is plaguing certain parts of the city.

Rohit Poddar, MD, Poddar Developers says, "Infrastructure is obviously key. One cannot live in a standalone residential building, with nothing around it. The livability quotient of a potential home buyer depends on several factors social infrastructure such as a variety of schools, universities, hospitals, entertainment options such as malls, multiplexes, open playgrounds; connectivity roads, traffic conditions, local train, metro, BEST buses, taxis and 3 wheelers; law and order; availability of water and quality of electricity; etc."

Infrastructure plays a critical role to the livelihood of people in any locality. It greatly dominates the choice of a certain residential project over the other. A well planned infrastructure that includes the fine lines of transportation, connectivity and accessibility of social infrastructure, and other utilities, are some of the key factors that a buyer keeps in mind while finalising on an apartment.

While infrastructure is definitely a key aspect, which can make or break the home buying decision of an individual, there is no denying the fact that the livability quotient too cannot be ignored. Aspects like social infrastructure, malls, schools, medical stores, hospitals, restaurants and the amenities that are provided by the builder himself, go a long way in deciding whether a potential home-buyer would be interested in pooling his life savings into buying a home or not.

Siddharth Bhatia, marketing head, The Wadhwa Group outlines the major locations within the Mumbai Metropolitan Region (MMR) that are replete with the livability aspects that are essential for a comfortable living. "Areas like Bandra, Matunga, Worli in south Mumbai, Goregaon, Borivali in western suburbs and Thane, Panvel, Mulund in central Mumbai, have the ideal physical and social infrastructure that is needed for leading a peaceful life."

There is a peculiar paradox of sorts that emerges when it comes to the debate between infrastructure and livability. While there is a certain school of thought that believes that livability is prime, a majority of the players within the built environment feel that infrastructure is prime and everything else follows.

Ram Raheja, director, S Raheja Realty, signs off by saying, "Infrastructure plays a very crucial role when it comes to the life of the common man. It determines the overall productivity, development and quality of life the residents lead in a particular home, in a specific location. Effective growth within a society is directly dependent upon the development and subsequent management of infrastructure in a particular locality. Hence, the mantra of location, location, location and added infra to it, will be most important factors for real estate in Mumbai."

Source - TOI