The perception of Real Estate in India results out of the rational thought process wherein besides Roti and Kapda, Makaan is the final element in the need hierarchy. However, along with rising purchasing power and falling interest rates, customers seem to be inclined to break the conventional barriers and adopt real estate not only as means for satiating basic needs, but also as a tool for catering to improved quality of life and creating capital gains over a long time.
Such changes of preference have become a great influencer in shaping the spread of urbanization. Amidst such evolving and empowered choices, Property decisions are no longer restricted on the size of the house, but factors such as safety & security, convenience, amenities, maintenance, lifestyle etc. are gaining importance in the decision-making process. Effectively, concepts that allow “all u need at stone’s throw away distance” are bound to be the next big thing in real estate. This form of urbanization can be catered beautifully by Integrated Townships.
With the regulatory reforms experienced by the real estate segment in the last 3 years, market has consolidated and acceptance of reputed and big developers by consumers has been established. Notably, big developers who have a customer centric approach command the brand value and possess the investment capacity required for Townships. In Maharashtra, the Chief Minister-led Urban Development department notified revised regulations for integrated township, where the developers will now be permitted to exploit anywhere between 3-3.6 times the existing building rights on green belts, depending on the size of the township in 2018. This provided a huge impetus to the developers foraying for getting involved in the concept of self-sufficient township – a city in itself!
With expanding City limits, reputed developers such as Godrej Properties, Shapoorji Pallonji Real Estate, Adani Real Estate, Solitaire etc. have amassed huge land banks in several cities. Pune has recently witnessed introduction of township projects by Godrej Properties in Western Pune. Nearly 200 acres of township in Mahalunge and Hinjewadi is likely to be developed by Godrej properties, adjacent to established township called Blue Ridge by Paranjape Schemes. In addition, Godrej Properties also launched the first phase of new township in Manjari in March of this year. This township lies in immediate proximity with Kharadi – the new corporate hub. The advent of World Trade Center in Kharadi has provided this part of Pune with an anchor of a unique magnitude which has created the demand for real estate despite established townships such as Magarpatta City and Amanora City.
It becomes easy to project the demand for township projects simply by seeing the demand of the 2 phases (Hillside -1 &2) of Mahalunge and First phase (Boulevard) of Manjari townships launched by Godrej Properties in the last 2 quarters which have turned out to be the best selling projects by Godrej ever. That too, Boulevard sold amazingly well even despite Lockdown in effect due to Covid during the launch period. Megapolis and Blue Ridge in in Hinjewadi are other Townships which are extremely popular with the IT crowd and investors alike.
To list down the various ways in which Township projects are beneficial for customers:
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. ITPs will go a long way in solving all the urbanization issues and meeting all civic needs of an end-user. Overall, ITPs are a great option for home buyers, both from investment and self-use perspective!
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