There is a new buzzword in the realm of Indian real estate. This is the integrated township. The new concept of integrated township is fast catching up and has been widely accepted by real estate buyers who wish to receive basic needs like education, shopping infrastructure and health care in a single project. The following article will discuss about these self-sustained residential ventures and their popularity.
What is a Township?
Over the years, India has benefitted immensely from urbanization and industrialization. Now with the increase in population, there has been a tremendous rise in demand for real estate and infrastructure. Earlier, people were satisfied with stand-alone properties but today they want more. They seek homes with added advantages and extra amenities. The concept of integrated townships caters to such needs. Integrated townships are the new wave of trend where a residential parcel is combined with a commercial establishment and entertainment zone and even corporate space. To bring together all important facilities and integrate them into a township, a project site must be spread across more than 20 acres.
The New Wave
Townships are the future of residential real estate. Investors willing to park their money in township projects should look for the right combination of factors that will be useful for them. With the entry of private real estate developers, the Indian property sector is witnessing major changes and is prospering. Modern townships and other development projects by private players have revamped the realty sector. The country is witnessing a new phase of development that is not only restricted to metropolitans but is also spreading to tier II and tier III cities, although the real estate property of Bangalore has been witnessing maximum growth over the last few years.
The altering trends, growing needs, changing habits and the desire to rise socially – all these factors play a crucial role in deciding what a buyer opts for. Integrated townships offer good physical infrastructure and provisions like schools, hospitals, gymnasiums, swimming pools and shopping complexes to improve the residents’ quality of life. Many of these projects also offer technologically advanced services and automated systems for higher levels of comforts.
Townships also decrease the socio-economic divide between the occupants by presenting similar residential units and providing the same facilities to all. They are highly secure as they are a form of group housing societies that offer a healthy and progressive environment for occupants. They are often promoted as an eco-friendly environment and projects with vast open spaces.
NRIs Drawn to Indian Townships
Non Residential Indians have been increasingly giving back to their homeland. They consider it as a safe investment that gives them a sense of security. This trend has massively increased with the downfall of the Indian Rupee. NRIs are making most this opportunity and parking money in the Indian property market. NRIs are also drawn to the larger interest rates on Non-Resident External and Foreign Currency Non-Resident deposits.
Foreign investors seeking to buy a unit in a township project must study all parameters in detail and should remember huge land parcels for townships are rarely available in the midst of the city. But that should not compel you to buy a house in a development that is far away and cut off from the main city. Potential investors who wish to become home owners in one of the residential units of a township can seek financial aid from banks.
The Indian property sector is expected to expand to US$ 90 billion by the year 2015 and FDI is likely to grow six-fold to US$ 30 billion in the following decade, making Indian townships a haven for investment.
Author Bio: The given article has been written by Devika Arora, an avid writer who analyzes and discusses the Indian real estate sector and its trends.