In cities like Delhi, Mumbai and others, your daily routine
starts from home to office and then back home and the day ends there. This is
because there is hardly any time or energy left to do something else. A regular
person spends 2 hours to commute daily
to work in rush-hour traffic and spent as much time on the journey back home. Even
if he loves driving, given the traffic and related problems, he can think of
hiring a driver. Still, he is frustrated by the amount of time wasted on road
and at the end of the day he never gets time for himself and his family. Thus
evolves the concept of integrated townships, to save people from this
frustrated lifestyle. A township which
has a shopping mall, multiplex, hospital, school, office and most of the
necessary amenities within walking distance.
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| Real Estate Industry |
Integrated townships have made life very easy and comfortable. 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 that is from joint family to
nuclear family, growing income levels have led to a change in consumer profile.
Built away from the rush and chaos of the urban hubs, many people are
interested in shifting to these planned townships. They not only meet their
demand of commercial and residential spaces but also improve their quality of
life. Due to huge demand coupled with
economies of scale, an integrated township offers all these amenities and at a
relatively low and affordable price. More consumers want plethora of amenities;
such as, swimming pools, clubs, landscaped gardens, 24 hours security and
housekeeping, which they do not get in the urban hubs, at least not in easy
proximity.
There is a marked lack of residential density in
fast-growing cities such as Gurgaon, and State Governments are promoting
integrated township projects by proposing the easing of development norms for
such projects. The new plan of all the cities is not to expand the boundaries
of their urban sprawl and provide a more holistic living environment and
prevent the mushrooming of unplanned urban villages.
In the next 2-5 years most of the metros and satellite
cities will experience a fairly well growth of these townships made around.
With the focus of integrated townships towards creating affordable housing as
well as infrastructural development, the model is a prime candidate for being
granted infrastructure status. If and when this happens, it will provide access
to cheaper and more established sources of funds while also providing the kind
of tax benefits to developers that are needed to make this model of development
more attractive to them. The Central Government has already opened the doors
for External Commercial Borrowings (ECBs) in integrated township development.
This provides access to cheap sources of finance and has had a positive impact
on this form of development.
www.cosmicindia.in
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