By Kruti Jain, Director, Kumar Urban Development Ltd
The real estate market in the country is constantly evolving, with homes buyers’ tastes and preferences undergoing rapid transformation. Developers need to innovate and come up with new offerings to keep pace with the changing times. Integrated townships have become the new buzz word in the real estate sector in India today. Nowadays, more and more home buyers are opting for township projects because of the numerous benefits on offers at affordable rates.
A “city within a city,” integrated townships encompass all aspects of modern day living within a secured gated community. Township projects maximise the density of an area, which is extremely important in congested cities such as Mumbai and Pune. Nowadays, with hectic life and busy schedules, home buyers prefer to have all their needs met within the periphery of their residences, and integrated townships cater to this increasing segment of population.
An integrated township is a self sustained township with all facilities of modern living with vast open spaces with greenery all around, wide roads, swimming pools, gymnasium, jogging track, fitness centres, hi-tech security systems, playgrounds for kids etc., all within the township. Township projects provide residences that are in close vicinity to other important infrastructure like offices, shopping malls, entertainment hubs, schools, etc. Some townships also contain essential services like a police station and fire station. A home buyer in an integrated township can be assured of a vastly improved quality of life. He can lead a healthy lifestyle, away from the maddening chaos that is city life. Integrated townships promote holistic living, and stand to appeal to every age group-the young, middle-aged and the elderly.
Today, not just home buyers but developers are also increasingly opting for township projects because of the vast benefits on offer. As compared to other projects, a township project provides the highest return on investment to developers. Moreover, the risks involved in developing a township project are much less and distributed than standalone projects. Based on demand, developers can even restructure a township project in the future. All this makes townships a win-win proposition for developers.
Integrated township projects are slowly gathering momentum as the concept of walking to work is picking up among city dwellers. Apart from the change in family structure (from joint family to nuclear family), growing income levels have led to a change in consumer profile. More consumers want a plethora of amenities such as swimming pools, clubs, landscaped gardens, 24 hours security, housekeeping, etc. Due to huge demand coupled with economies of scale, an integrated township offers all these amenities and at a relatively low and affordable price.
Since such projects have their own infrastructure, they do not depend heavily on amenities provided by the local municipal corporation. These townships usually have their own sewage management, water supply and overall maintenance of the immediate surroundings. The maintenance of integrated townships is centralized and managed very well. Furthermore, since such residential projects have strong security measures to protect the entire area under township, people are assured of much higher levels of safety for themselves, their families and possessions.
Developers understand that in order to attract customers, they have to provide housing with all the required amenities in its periphery. Integrated township projects are indeed redefining the quality of living in urban India.