Human beings have some basic necessity. Having a shelter is one of them and perhaps the most personal one. Living space isn’t just a place to retire after a long day but speaks of the very people who live inside it. It often is a statement that a person or family makes to the world. Whatever be the status of a person, he/she yearns for a space to call his/her own.
With a growing population and shrinking habitation area, the way the homes were constructed have changed since ages. From living in caves to living in smart homes, human and real estate market has come a long way. Caves, palaces, villas, hut, apartments, penthouses, you name them and someone owns it. With the growing concentration of population in the urban areas, the concept of Integrated Townships has been on the rise.
What it Means
A construction project is called an Integrated Township if it is developed as a self-sustainable unit, addressing the basic needs of people such as education, health care and shopping. It is a balanced mix of residential and commercial spaces, along with the well-developed infrastructure of power, roads, water, drainage and sewage. It is developed as a small town within a city or in its outskirts with roadways to the mainland. It is developed as a complex setup with clusters of living spaces and open areas with an emphasis on a sustainable living ecosystem. They provide holistic living.
Why the Shift
While there are many reasons for this paradigm shift in the way real estate is developing livable areas, challenges such as pollution, convenience, open spaces, affordability and traffic top the charts. Moreover, the mainland areas or core areas of the cities are already overcrowded and vertical expansion of buildings is limited. This calls for developing pockets of livable areas in the outskirts which are self-sustaining in nature and yet are well connected to the main city. The Government is also promoting such developments to ease the growing pressure on the cities due to population. These factors have been boosting the development of Integrated townships in Tier I and Tier-II cities.
Benefits
- Being a mini-city it offers all the amenities of a city like a school, shopping areas, hospitals etc.
- Low initial cost due to development is outskirt areas.
- Increased livability due to presence of open areas, parks, play areas, and offices too.
- Sustainable living is possible as such townships have their own mechanism to deal with waste management, rain-water harvesting and more.
- Security is prioritized with CCTV surveillance, security guards etc.
- Better amenities lead to a better lifestyle.
- Integrated townships offer a better return on investment(ROI).
Integrated Townships take a longer period of construction and often have higher maintenance charges which might prove to be a disadvantage for some. But overall the trend is here to stay. More so in Tier-II cities as they still have room for expansion and are comparatively cheaper than Tier I cities. Offering affordable housing and good infrastructure, Integrated Townships are set to make a big impact of the real estate market.
