Developers are eyeing an opportunity in walk-to-work concepts as economic loss due to long commutes by workforce in Indian metropolis causes economic and productivity loss, according to Colliers International India.
Developers are eyeing an opportunity in walk-to-work concepts as economic loss due to long commutes by workforce in Indian metropolis causes economic and productivity loss, according to Colliers International India.
"The average one-way travel time for an office employee in Bengaluru is around 45 minutes, which means one and half hours of non-productive time on the road in either direction. To address this pain point, Tier-I developers are focusing on integrated developments. Some of the most successful examples of integrated developments are Prestige Shantinikatan and Brigade Metropolis in White field, World Trade Center in Yeswanthpur. More developers are aspiring to join the league," said Goutam Chakraborty, senior director, office services (Bengaluru), Colliers International India.
Magarpatta City in Pune is also another such example of a sustainable development model integrated with commercial zone, residential developments, institutions, healthcare facilities and recreational spaces.
"With the next generation workforce increasingly exposed to international standards and practices, they value jobs where commuting time is reduced, and better-quality life can be afforded by way of planned real estate development within not just the workplace but also the overall environment including transportation, social and civic amenities," said Rishav Vij, Director, office services (Pune), Colliers International India.
As a solution, the real estate developers should also focus on mixed-use developments at city peripherals or beyond the city limits to house the overspill population of the urban region to counteract population explosion in major cities, mentioned Colliers report.
This planning approach will not just reduce the burden of urban infrastructure but also drive affordable housing as it remains as a distant dream owing to the high land cost in over built city areas.
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- They should focus on mixed-use developments to counteract population explosion in major cities
- This planning approach will reduce the burden of urban infrastructure and drive affordable housing
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