a huge step up for developers in terms of scale, size and ambition, be it a commercial area or a range of residential offerings, from flats to exclusive luxury spaces, as well as building schools, hospitals and retail outlets. Says Ashish Jerath, vice-president, sales (Delhi and NCR), Emaar MGF: “Given the scale and size of such developments, townships add value to every development for a company.”
Large corporates are also shifting their focus to consider townships in such cities, which are rated high on maintenance, planning and features. Corporates can also buy or rent residential areas for use by their executives. In fact, one of the earliest townships to be showcased, OneHub Chennai, appeals to industrial concentrations, like Chennai’s auto industry, and is coming up in a location some 55 km from Chennai. This 1,600-acre park, built by Ascendas and a consortium from Japan, will house more than 60 Japanese companies and their employees once completed.
Developers are clearly sold on the idea. Says Pradeep Jain, chairman of Parsvnath Developers: “Township development as a concept was started to make life comfortable for the residents. Considering factors like lack of public transport, longer travelling time to the workplace and poor urban planning across most states; people are hardly left with time for other things in life. That’s where integrated townships come into play and provide all facilities like schools, medicare, sports complex, community centres, road network, electricity, water supply and management, shopping and entertainment facilities, garbage disposal and security. It simply makes one’s life very comfortable, which is encouraging people to invest in such projects. It also provides more scope for developers.” After OneHub Chennai, another joint venture between Japanese giant Sojitz Corporation and Motherson Group, India’s largest maker of automobile parts, is a 200-acre industrial park in Sriperumbudur near Chennai, which will house both Indian and Japanese companies across sectors like automotive, electronics and food processing. The JV is awaiting clearance from the government for the project since the official stand on such projects still remains something of a grey area.
The official view
What is the official definition of a