Cities are becoming concrete jungles behaving as heat sinks. Trees provide the needed respite but they are too few and far apart. Buildings with focus on sustainability are slowly entering the market and enjoying the position of frontrunner in this segment is M20 Urban Spaces.
In a recent discussion with IE, Suresh Mutha (SM), Director and CEO, M20 Urban Spaces shared plans for the company’s nature-focused real estate projects that prioritises sustainability, wellness and nature integration.
IE: How and why did you get into the property development business?
SM: Our entry was a natural progression from our core business of exporting construction materials. Over the years, we created a land bank as a strategic savings option. Our expertise in sourcing construction materials and deep understanding of the industry, helped us to seamlessly transition into real estate development. The existing land holding, product knowledge and technological capabilities made it easier. Till now we have developed apartments, gated communities, warehouses, schools, etc.
IE: What is M20 Urban Spaces USP?
SM: We present a new approach to real estate development, with focus on wellness and fitness, especially in light of the lessons learned during the pandemic. The core philosophy is centred around creating nature-friendly, eco-friendly lifestyle products, whether residential or commercial. This approach includes using technology that minimises pollution in the development process.
We aim to bring all five elements of nature – air, greenery, light, sunshine, and water – into our projects. Amidst the concrete jungles, instead of simply maximising floor space index (FSI), we look to emphasise on lifestyle aspects.
IE: Wouldn’t this type of construction require more land?
SM: While we may use more land, the focus is on delivering a unique and well-balanced living experience rather than simply maximising space. We closely work with designers to incorporate nature-friendly elements. We might build less in terms of square feet, and therefore, sell slightly less built-up area. There is a market for what we do and individuals are willing to pay for a living environment that offers close connection to nature.
IE: What will be the cost difference?
SM: The value we provide to our customers will surpass that of a standard FSI builder. A 10,000 sq. ft. project would yield the entire area as saleable. In our approach, we might not achieve the full 10,000 sq. ft. in terms of saleable area; instead, we might allocate 9,000 square feet to construction and reserve 1,000 sq. ft. for integrating nature elements and lifestyle enhancements. This added value enables us to sell at a higher price per square foot.
IE: Who are the target audience for these types of residences?
SM: Youngsters want these aspects to be a part of their buildings, whether it’s their house or office. They come with a new thought process, where it is okay to have a smaller office, but natural elements are a must.
IE: How do you find the redevelopment market?
SM: The transformation of existing infrastructure is an ongoing and evolving process. 40 – 50 years ago, the requirements were different. There were no lifts, parking facilities and social community amenities. However, today’s residents have different expectations, and when these older apartment complexes collaborate with developers, they often seek modern amenities. These additions can be made using the additional FSI available now.
IE: What are your thoughts on decongesting cities?
SM: To decongest cities and create more sustainable urban environments, awareness and demand from the public play a significant role. As people become conscious of lifestyle and well-being, they will demand better facilities and living conditions. Government must look into meeting these aspirations.
IE: How do you see cities evolving?
SM: In the past, the city centre concept was predominant. However, this has evolved and people now want everything around their living vicinity. Whether one lives in OMR, Sholinganallur or Tambaram, the goal is to create self-sustained satellite towns with education, shopping, healthcare, transportation and more. Multi-use integrated facilities, offering convenience and a holistic lifestyle, are emerging as the future of real estate development.
At M20 Urban Spaces, we are involved in creating such multi-use asset class that integrate various functions within a single complex. This model, although not very common in Chennai, has gained popularity elsewhere in the country and internationally. The idea is to provide a comprehensive living experience, where residents can “walk to work, school, shop and to entertainment.”
