Building townships, creating communitiesLalit Makhijani
Time was when buying a home was a decision of a lifetime and commitment for a lifetime. The sole criterion was one’s budget and the expectations were limited to the four walls of the home. Not so anymore. Today’s global Indian is discerning and resourceful, and when it comes to buying real estate, the decision goes way beyond the dimensions of the home. As incomes and exposure have risen, so have the expectations of the homebuyers. It is not just about buying a home but looking for a comfort zone, moving into a lifestyle.
Booming buyer base
Being among the world’s fastest-growing big economies, India is witnessing tremendous wealth creation across the spectrum and enabling affluent individuals with huge purchasing power. With real estate historically being a preferred investment option for Indians, the booming economy is creating a new wave of home buyers. From enterprising entrepreneurs and highly paid professionals to well-heeled executives and upbeat investors, the real estate sector has attracted many new buyers in recent times. The young man migrating to a new city for work, the newly married couple moving into their own space, the single woman investing in her own home, young parents looking for a secure environment to bring up their child, the greying generation scouting for a post-retirement paradise – these are all big buyers of real estate, each with their unique sets of expectations from a home and with unique needs as a member of the community.
Era of integrated townships
The integrated township has emerged as the ideal housing model, having everything for everybody. Large land parcels, with well-planned layouts, plenty of greenery and open spaces, retail and recreation spaces, every conceivable amenity and a luxury quotient to match - the integrated townships address the needs of different segments of home buyers, emerging as a magnet of urban convergence. As buyers get more discerning and demanding, developers are going the extra mile in anticipating their needs and creating community spaces that make them feel at home. From 24-hour crèches and conveniences to golfing greens and oxygen-enriched homes, offerings are being curated to match the lifestyle of residents. World-class living spaces with high levels of customisation are being created for today’s new set of homebuyers. From compact gated-communities within city limits to sprawling townships on the outskirts, reputed and receptive developers are creating these contemporary spaces across the country.
The community culture
The shifting of preference from standalone residential buildings to integrated townships is underway across the country. While cities like Pune and Bengaluru, which are hubs of new-economy businesses, are leading the way in township culture, even conventional markets like Chennai and Kolkata are now waking up to the advantages of community living in townships. Away from the metros, even tier-II and tier-III cities like Greater Noida, Ahmedabad, Kochi, Jaipur and Amritsar are seeing the development of townships by leading developers, each reflective of the needs of the local residents and designed to their desires. From end-users keen to move in for the lifestyle and community comfort to investors signing up for higher rental returns and better prospects of appreciation, the integrated townships have today evolved into solid real estate opportunities.