2021 CII and Anarock’s survey reveals that the uncertainty of covid-19 reinforced the idea of investing in property for over 59% of people in India. It further claimed that 57% of people prefer investing in property over fixed deposits, gold, or the stock market. As per a report by an online property major for January-March 2022, the sale of residential units sold in India in the last year grew at a rate of 7%. Interestingly, post-pandemic years have pushed India towards the demand for integrated townships, which are ladened with all facilities and conveniences of a modern and cohesive community. This rising trend may be attributed largely to the new provisions and amenities being offered in these mammoth integrated townships having all amenities of daily living.
Covid catalyzed residential security toward integrated townships
As the economy slowly began to unlock, the Indian job market entered a new phase where hiring happens over zoom calls and the workspace has now gone fully hybrid. This gave rise to a new set of needs among young professionals, who were flocking back to their hometowns in the lockdown to work from home. Ever since reverse migration has become a big factor in the real estate market, new constructions coming up in tier 2 cities, such as Chandigarh-Mohali (Tri-city), Lucknow, and Jaipur have already become the next sought-after locations for offices.
Owing to the evolving market landscape, millennials are realizing that investing in tier 2 realty markets is, after all, needed and wiser. Integrated townships have become the go-to space, owing to their specialty as a luxury housing space that integrates both safety and affordability. These townships are ultra-modern, and offer all necessary amenities in short distances like spacious offices, vibrant markets, reputed educational institutions, clubs, community centers along with comfortable residences.
Integrated townships in tier 2 are cost-effective havens
The reason why Tier-2 cities have become the hub for integrated townships is that they have a huge unexplored plot area to develop these massive townships. Companies and start-ups today are also keen to invest in tier 2 locations given the low cost of doing business. Major tier 2 cities are close to tier 1 towns and have almost equal facilities as their tier 1 cousins. Hence the businesses are encouraged to relocate to tier 2 locations further generating the housing demand as well. The walk-to-work culture and staying close to family in a safe and secure environment have also contributed to driving the growth of integrated townships in tier 2 cities.
Moreover, as these townships have already emerged as new locations for co-working as well as a residence for young professionals, it is a go-to spot for many. Additionally, with the onset of covid, more and more Indian corporations began targeting India’s largely cost-effective yet untapped workforces of tier 2 cities. For this workforce, homes integrated with offices in these closed yet massive townships have become a natural choice to upgrade their lifestyle while staying within the city.
Tier 2 locations offer bigger spaces and green areas for integrated township development
The newly integrated sites in tier 2 are built on sustainable principles and are often better planned as green estates, with a mindfulness toward the changing climate. Tier-2 cities offer cleaner air, a healthier environment, and a bigger land mass for carrying out the development to the liking of the millennials and businesses. The well-being of the residents and ease of travel from home to office in the adjoining tier-1 cities is also not a problem for many. This offers a big opportunity for expanding the concept of integrated townships in the tier 2 cities, given that tier 1 cities are now running out of space. This allays the fears of a lot of consumers about the general affordability of the big city and the cost of buying a house there. Gated societies provide safety and security above all, and within the complex one can find everything that one needs to survive even the worst lockdowns. To top it all, integrated townships put forward doorstep delivery of groceries to life-saving medicine, and these advantages have reinforced the faith of many buyers.
The bottom line
Companies have been quick to understand the new shift, and are expanding into these cities to make full use of the workforce from these regions. Government schemes have become more aware of the potential contribution of tier 2 cities to GDP and the employment opportunities they can generate. Thereby integrated concept of living through the integrated townships is on a rise in tier 2, which not only offer world-class facilities in short distances, free from traffic woes but are an adobe to huge land spaces to carry out massive developments as per new and futuristic building plans.Â
