Developers are scrambling to launch integrated township projects.
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Buoyed by government incentives and an assured demand even in a depressed market, developers across the country are now scrambling to launch an array of integrated township projects that offer affordable homes with all modern conveniences. Rajesh Kulkarni analyses this growing trend against the backdrop of an acute need for a sustainable solution to resolve the country’s housing woes.
I magine a scenario where your office is within walking distance from your home, or your children cavorting their way to school, just a couple of blocks away. A life without the rigours of a tiring daily commute to office, minus the pollution, traffic jams and the cacophony of blaring horns. Welcome to life at integrated townships or gated communities, a category of mass housing that in most cases incorporates all the necessities of daily life within the same complex.
It’s a concept that is increasingly gaining ground in context with India’s acute housing shortage and as a viable business option for developers battling the ongoing market slump. “The integrated housing model is the residential model of Indian real estate’s future, and the scope is tremendous,” says Gagan Singh, CEO – projects and development services, Jones Lang LaSalle Meghraj (JLLM), the global real estate advisory.
“Generally speaking, the residential sector conditions in many of our metros are on the decline,” she explains.
“There is a general shortage of infrastructure, increased air, water and noise pollution and a rash of illegal and unorganised structures cropping up. Citizens are increasingly facing problems in reaching emergency services, finding adequate parking and traversing pothole-raddled roads. Given this depressing scenario, it has now been established that townships are the most suitable residential solution.”
“Given the acute shortage of approximately 2.7 million homes in the 11th Plan, large townships could play a vital role in reducing the shortage to a great extent,” adds JK Bhosale, COO of the Pune-based City Corporation Limited which is developing Amanora Park town, an integrated township project that will offer about 12000 homes spread across 400 acres on completion.
Bhosale however admits that the ongoing recession has cast a pall of gloom over a majority of realty projects including integrated townships. “But this slowdown is temporary,” he asserts. “Once the psychological barriers like job insecurities and overall business sentiments are corrected, townships which target buyers looking for affordable homes should do well.”
Holistic solution
With premium homes finding few takers, large township projects that offer quality homes while simultaneously ensuring those crucial volumes are very much on the agenda of realty majors like Sahara Prime City Limited (SPCL).
As part of its ambitious Sahara City Homes project, the company has launched a chain of 217 townships to be developed across Tier I, II and III cities with each township spread over an area of 100-300 acres.
With 102 towns pencilled in as part of its first phase, onsite construction has began in cities like Lucknow (200 acres), Nagpur (106 acres) Coimbatore (113 acre), Indore (88 acres), Ahmedabad (104.19 acres) and Gwalior (106 acres), while development work is in progress at other locations like Jaipur, Aurangabad, Solapur and Jodhpur.
“Integrated townships are a holistic solution for sustainable urban development,” says Suryavir Singh, head (strategic planning), Sahara Real Estate Business.
“Today people living in metros are faced with a slew of inconveniences for which townships offer the best possible solution. The concept also serves a dual purpose in terms of being a practical solution to the acute housing shortage while also posing as a viable business option for developers.”
“For example, while the infra development expenses get divided among the sheer volume of residential units, townships also generate recurring revenue through their amenities like shopping malls, multiplexes, hospitals and schools located within their complex.”
Down South, Chennai-based MARG Limited has also announced the launch of the first ever integrated township project at Tirupati (AP). Strategically located on the Tiruchanoor Bypass road at Kotramangalam, about 7kms from Tirupati town, Vishwashakti will come up across 17 acres offering 513 Vaastu compliant homes and serviced apartments in addition to other amenities.
“The project is scheduled to be completed in 4 phases,” explains GRK Reddy, CMD, MARG Group. “Phase 1 will be ready by September 2010 and Phase 4 will be ready with all amenities by January 2012. The project offers 2 bedroom and 3 bedroom apartments ranging from 1165 square feet to 1462 square feet.”
Reddy further adds that the project includes several modern amenities like a school, convention centre, department stores, crèche, library and landscaped gardens to woo buyers in the temple city that is fast emerging as a hub for IT, BPO and healthcare sectors with a population of approximately 10 lakh.
Pune-based Sahil Group is also taking the integrated township route with its upcoming project, Sunfields at Balewadi in close proximity to software parks and the arterial Mumbai-Pune expressway. “The project is positioned as an exclusive residential paradise for young IT professionals and NRIs,” reveals Vinay Phadnis, CMD, Sahil group. “It will feature approximately 280 luxury apartments, 24 bungalows, 30 row houses and about 56 studio apartments.”
Voicing his optimism on the future of such projects despite the negative market scenario Phadnis says, “Even in the current situation integrated townships are a viable option in Tier II cities. The reason being customers are ensured better amenities and features at an affordable cost. Even though the realty market may seem dull currently, I predict that in the coming years the demand for integrated townships is likely to escalate given the increasing number of middle class families in the country.”
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