The demand for residential township projects is rising. The city’s housing sector has evolved and moved from independent houses and apartments to gated communities and integrated townships. In fact, township living has become a very desirable concept in Chennai today.
An integrated township project comprises of residential plots, row houses, villas as well as low-rise and high-rise apartments. However, it does not end with the development of only residential spaces. To make home buyers invest in such projects, it is imperative that the physical and social infrastructure is also in place. The physical infrastructure of an integrated township is partly developed by the developer which includes internal roads, lighting, open spaces and landscaping. On the other hand, the government provides the other part of the developed infrastructure such as externally connecting roads, water supply, electricity supply, sewage connections etc. Social infrastructure such as schools and colleges, hospitals, malls and other shopping areas, clubs and multiplexes attract buyers to invest in township projects.
Rohan Agarwal, managing director, Geopreneur Group says, “The area of the property along with location and amenities are some of the key factors a buyer considers. The property types most offered for a township project are spacious and luxurious homes. Home configurations of 1BHK, 2BHK, 2.5-BHK and 3BHK are definitely sell-outs in townships. However, the most demanded are 1BHK homes.”
When one opts for a home in a township project, they get some advantages in comparison to the ones who opt for individual houses. However, the essentials of living outside do not yield lesser glory as the former. The advantages of living in a township include amenities such as gyms, swimming pools, gardens and jogging tracks. A few townships also accommodate educational institutes and multiplexes, thus often making it a self-sufficient unit within the city.
Advantages of moving into residential townships:
– There are more housing choices in a large-scale development. Better infrastructure, professional asset management, cosmopolitan environment and higher investment value are some of the most sought advantages.
– Tenants seeking rental accommodations in residential townships as opposed to stand-alone residential buildings is seeing a quantum leap. Reasons behind this are additional safety, convenience and lifestyle factors offered by large-scale community living.
– For those who view their property as performing assets, the professional management and maintenance of the house that the township offers attracts better rental yield and capital appreciation.
“The advantages range from a club house, to a secure swimming pool, to a well equipped security team, to a garden where one can walk freely. These advantages along with close proximity to shops and schools make living in a township the perfect choice, especially for a family. On the other hand, if one wants to customise your lifestyle and home, an individual bungalow is recommended,” adds Agarwal. Although capital values or price points of township projects may be marginally higher than stand-alone residential projects, the amenities and lifestyle conveniences offered are often considered to make up for the extra charges.
Source: Sukriti Yaduwanshi, Times Property, Magicbricks Bureau/ Chennai