The township format, although it’s been around for a while, is still not a unified one across the country. However, individual state governments and planning authorities have specified key prerequisites for a project to be called a township. In Gurgaon (Haryana), Maharashtra and Bengaluru, the minimum area for a township project is 100 acres. Besides, there are other norms like minimum road width, percentage of land usage, etc specified by the authorities.
The factors that will drive consumers towards townships in future are likely to be shoring real estate prices and the promise of a better lifestyle. Developers are adding facilities like pre-paid electricity, maximum green belt , shopping complex within the township, with in-house water treatment plants or even direct connectivity to existing city transport services (DLF, for instance, has offered to build a monorail linking its township in Gurgaon to the Metro line) because of the scale that townships offer. “As people get busier and have less time or energy to engage with urban chaos, private townships will be the only alternative. The norms of the government that within the township builders have to give everything like schools, shopping complex, hospitals so we have to provide everything regarding day-to-day needs. Today people not able to find these things in a group housing project. So they are moving towards townships like they are getting various facilities & amenities are:
- High-quality living experience: Compared to a conventional residential space, townships provide bigger open spaces, gardens, and jogging tracks and play grounds which suit the requirements of all age-groups from kids to youngsters towards the elders. There’s additionally a Walk-to-Work possibility which augments work existence balance also.
- Availability of outstanding amenities: Apart from providing comfortable living spaces, townships offer a varied range of best-in-class amenities and comforts. Be it a shopping mall, a mini-theater, party space or a sports area, townships offer numerous comforts under a common roof. Equipped with advanced automation and control systems to ensure safety, townships are being considered as the most secure residential zones. The ability to provide video surveillance systems, CCTVs, and 24/7 monitoring makes these residential properties more livable.
- Better built environment and infrastructure: Most townships given their sheer size are exquisitely positioned away from the city which directly implies – no traffic, better infrastructure, no pollution and no urban chaos, shaping it as a dream-come-true for its residents. A township is often closely knit with the key socio-economic zones defining a city. They offer an easy access to key transport modes, educational institutions, medical zones, financial arms, commercial destinations and refreshment or recreational spaces.
- Strong administration: These townships are managed either by the staff acquired by the developer or from a private agency. They are the force, who run and manage everything inside it. As townships are not directly governed by the government, hence their development and advancement are a matter looked by the administrator. Also, the administration is bound for setting the rules, meeting the demands of residents and bringing a hassle-free living experience.
- Advanced security measures: One of the biggest reasons that people opt for staying in a township is the security, which is par excellence here. The township’s administration never allows a visitor to enter the premises without a security check. They also make sure that no intruder can get the access to the township. Plus, the entire area remains surveillance by round-the-clock CCTV and latest automatic security systems. This is because the chances of theft and burglary are minimum in townships.
- Better care of hygiene and health: Townships are planned developments that are why they are provided with features like lush gardens, sewage treatment, rainwater harvesting, solar energy etc. so that you can breathe in fresh and non-polluted air. Besides, those who are running their shops and business are given strict orders to follow cleanliness decorum in the premises.
- Profitable business for renters and estate agents: One of the biggest advantages of investing in large integrated townships is that the cost of entry is low compared to investing in the city. Most integrated townships are coming up at a distance from the city core and this gives the developer an advantage of lower land cost. Also, since most integrated townships are still at the construction stage, developers do not have a model on which to base their sales on. That tilts the market in favor of buyers.
“Due to changing preferences of customers and the expected higher demand for township homes, these become a better option for investment. Also, since integrated townships are self-sustaining, they are less vulnerable to volatility in the market,”. As compared to standalone buildings apartments in integrated townships offer better return on investments. They also offer handsome potential rental income prospects.
- Maximum livability potential: Open spaces, parks, landscaped gardens, jogging tracks and playgrounds offer maximum living potential. Walk-to-Work possibility has also enhanced work and life balance. It is spacious enough for a lot of physical activities among its visitors and future residents.
So due to these above factors people are going for the townships rather than in a small project. Also they are purchasing property for a lifetime not for 4-5 years. So people are investing more on the lifestyle products rather than for simple 2 or 3 BHK. Today they talk about what extra benefits we are getting. So they are more likely to move towards townships since they are getting everything at one place & that’s why now more builders are coming up with their townships.