Livability Index- A Deciding Factor Amongst Homebuyers at Piramal Vaikunth

Author: Team Piramal Realty

The concept of Livability is gaining prominence amongst homebuyers and is becoming a new trend with a steady increase in demand for 2 & 3 bhk flats in Mumbai. However, it is essential to understand the term livability and its significance. The concept embraces notions such as sustainability, quality of life, surroundings, the character of a place, and the health of communities. This concept of livability includes the ability of an individual to meet the needs of present without compromising the ability of future generations to meet their own needs.

Overall wellbeing encompasses the basic human need for security, scenic beauty, low congestion, good connectivity, infrastructure development and more importantly, a sense of belonging to the community. It is a known fact that the quality of a home and a community exerts significant influence on human health and wellbeing. A home is a haven that gives an individual a sense of belongingness, and this can be further achieved when homebuyers are given more than they need and desire to attain a good quality life without price becoming a hindrance. The Livability Index becomes crucial for homebuyers, especially in metropolitan cities such as Mumbai where individuals can find solace in spacious 2 & 3 bhk Flats and their surrounding communities. Lately localities such as Thane are gaining prime importance due to its livability factors, which is leading to an increase in demand for residential apartments. Some of the key factors contributing to this are – 

  • Infrastructure Development and Connectivity: The Government’s plan to create seamless connectivity between Thane and important business districts in the MMR Region include the construction of a tunnel road between Thane – Borivali, the metro (line 4 & 5) connecting Thane to MMR, Kalyan and Mira-Bhayandar and the Thane – Sea link Ferry Service. These developments certainly make Thane one of the top places to buy a home as it would aid travel time to connect with different parts within the city.
  • Future Scope of Appreciation: Apart from the improving infrastructure providing easy connectivity with the entire MMR, one of the major attractions in Thane is its first ISKCON Temple complex at the premises of Piramal Vaikunth. It will add as a significant factor that could instigate appreciation of property prices especially in the area around it, a trend that has been observed in the past. Further, there is an upcoming Gymnastic Centre and a 20-acre Grand Central Park which are expected to be one of the largest in India.
  • Spacious Homes: Thane offers spacious 2 & 3 bhk flats at competitive prices, which is a rarity in Mumbai but a desire for homebuyers none the less. This desire has grown even stronger with the ongoing pandemic as it has altered the way we live, think, work, or even socialize with people around us. As per JLL’s Home Buyer Preference Survey 2020, over 90 per cent of prospective homebuyers wanted a study room and an outdoor area resulting in demand for larger homes which is possible in places like Thane.
  • Close to Nature: It has been observed that the increasing rates of urbanization have led us farther away from the natural world. Being able to live so close to nature is an upcoming preferred trend by homebuyers as it offers solace from the concrete jungle in the central city. It is one of the emerging livability factors that people are attracted to. Thane is surrounded by greenery and open spaces which connects people back with nature. Having a home in Thane allows homebuyers to stay away from the hustle-bustle of the city and nestle closer to nature. 

These factors, therefore, make any location preferable for homebuyers. These are nothing, but basic needs that people these days are looking for. With changing times, healthier lifestyles and sustainability are becoming of prime importance. Today homebuyers are more aware, educated and realize that these are elements of significant importance to one’s overall wellbeing.  

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Team Piramal Realty
Founded in 2012, Piramal Realty, the real estate development arm of Piramal Group is one of India's leading developers with 17 mn sq. ft of residential and commercial under development in and around Mumbai. In 2015, Warburg Pincus and Goldman Sachs two of the world's most respected private equity investors invested $235 million dollars for a minority stake in the company. Piramal Realty aims to be the gold standard in design, quality, safety and customer centricity in both residential and commercial real estate. Piramal Realty's developments, while being cutting edge and contemporary, focus on embracing a more intuitive definition of luxury, which celebrates nature, greenery, space, light, ventilation, art, culture and community living.

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