Rise of integrated townships

One of the concepts that is quickly changing the country’s real estate landscape is integrated townships. The exponential rise in the number of city dwellers is leading to an ever-increasing demand for housing and urban infrastructure. The housing sector is also undergoing a transformation as more of the urban population is moving from independent homes to gated communities and integrated townships, preferring them because of the higher security, holistic ecosystem and good governance that it offers.

Conceptually at its most basic level, an integrated township is an endeavour to offer the consumers a complete city experience. To that extent, an integrated township comprises various formats of homes, high street retail, office buildings, hotels, convention centres, schools and hospitals offered in a secure, holistic and environment-friendly setting.

Integrated townships are typically built on land parcels measuring anywhere between 40 acres and 3000 acres, depending on the local planning authority’s rules and regulations in that particular region. The struggle faced by developers is to acquire and consolidate large tracts of land in the absence of proper title deeds and the opaque functioning of local revenue departments.

Reasons for emergence

Given the infrastructure constraints and challenges that are being faced by urban residents today and their need for sustainable living solutions in the wake of persistent traffic, congestion and pollution, an integrated township brings value propositions such as space, convenience, affordability and a relaxing lifestyle in one very attractive package to modern urban planning and development.

Interestingly, most of the upcoming integrated townships in Bengaluru are located in the north quadrant which is fast becoming one of the most sought after residential realty markets. Post the commencement of the Kempegowda International Airport and the area slated to become India’s first aerotropolis, North Bengaluru is on the forefront of rapid infrastructure development.

The government is also promoting this investment hotbed on a warfooting setting up various business parks catering to both multinational and private companies. With significant employment generation in the offing, residential real estate activity in North Bengaluru in particular has gained traction which will surely be a boon for new age buyers and investors.

Integrated townships are pegged to be the future face of the real estate sector and Bangalore proving itself to be a resilient economic powerhouse of the country over the years, will surely witness a tremendous demand for this model. As buyers are becoming better versed in global living trends and are constantly aspiring for higher expectations of living standards, integrated townships will be the solution awaiting congested cities in India.

(The author is senior vice-president, Residential Business, Embassy Group)