Land constraints, zoning laws and the budgetary considerations that govern property buyers in many areas often do not make the integrated township model feasible, opines Anil Pharande is Vice President - CREDAI (Pune Metro) and Chairman of Pharande Spaces.
When you are setting out to purchase the home you always
dreamed of and saved for, you obviously wanted something more than just an
orphaned, anonymous set of walls in some congested city center. The problem is
that’s all that most residential projects in India offer these days.
There is a lot more to the perfect home than good
construction, layout and fittings – a residential property needs supporting
social and physical infrastructure to become a suitable home. Moreover, the beleaguered
city dweller’s heart yearns for the sight of greenery, open spaces and fresh
air.
After all, we want our children to grow up in better
conditions than we possibly experienced at their age…
In Pune, integrated townships have been seen as the answer
to these requirements. However, land constraints, zoning laws and the budgetary
considerations that govern property buyers in many areas often do not make the
integrated township model feasible. A more practical and feasible alternative
is Integrated Residential Projects.
What Are Integrated Residential Projects?
Like integrated townships, this more compact and serviceable
model offers home buyers everything they need for a comfortable and healthy
lifestyle. Children have enough room to play in, and both they and their
parents are free from the stress, noise and pollution of central urban life.
Such projects have schools, shopping and entertainment facilities, healthcare
and easy access to public transport.
Also (very importantly) they are a boon to people who wish
to live in a non-urban environment while attending to their jobs in the
workplace catchments of the city. They get a dream location, excellent
infrastructure and a lot more.
Residential real estate investors, on their part, can capitalize
on the higher demand – and therefore the higher ROI (returns on investment)
that such properties offer. The higher investment potential of homes in
integrated residential projects stems from the fact that they are
self-sufficient and self-sustaining. A direct outcome of this is that the
resale value of such properties is as good as immune to market volatility.
Because of the diversified nature of such projects, they represent a very low
risk to property investors, even while they benefit from the larger upside
potential despite low entry costs.
Unique Challenges For Developers
Builders who cater to the demand for integrated residential
projects face quite few challenges. After all, they have to provide the
advantages of integrated townships while having to forgo the considerable
incentives that the Indian Government offers for the development of larger
townships. Therefore, the initial capital required is extremely steep – right
from land acquisition to the providing of physical and social infrastructure.
The integrated residential project concept is just beginning
to emerge on the Indian real estate landscape. One of the areas where it has
been successfully implemented is Pune’s sister city – the Pimpri Chinchwad
Municipal Corporation. One of the primary reasons for the success of the
integrated residential projects in the PCMC areas of Pradhikaran and Ravet is
the fact that these are located very close to vital workplace hubs such as the
MIDC and Hinjewadi, Pune’s software hub. This, coupled with the advantages of
having ‘everything inside’, has contributed to the demand for homes in such
projects.
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