By S K Narvar
The Indian realty sector is constantly thriving with growing demand and positive market sentiments backed by increased investments, favourable government policies, and improved infrastructure. According to a report by RBSA Advisors, a firm specialised in valuation and consulting, India’s realty sector will likely expand by 15%, escalating from $60 billion in 2010 to a staggering $1,000 billion by the year 2030. Moreover, this sector is projected to contribute 13% of the country’s GDP by 2025.
The realty sector is experiencing significant transformation owing to the buyers’ and investors’ changing preferences. The paradigm shift in the sector is witnessed as the demand for luxury living is gaining healthy momentum. Besides, buyers across age groups are looking to buy spacious homes complemented by open and green spaces boasting holistic living. Consequently, integrated townships are leading the charge in redefining luxury living, presenting a diverse array of home options that span high-rise and low-rise developments, independent floors, plotted developments, and more. This diversity in housing options caters to the varied preferences of different segments of homebuyers, from young professionals and families to retirees and investors.
As per industry reports of 2021, India boasts of around 108 significant integrated township projects spread throughout the country, catering to the evolving needs of homebuyers seeking a holistic lifestyle. This shift is driven by factors such as the pandemic-induced changes in homebuyers’ preferences, the growing demand for integrated living, and the advantages of living in gated communities. Furthermore, these townships, functioning as self-contained mini-cities, offer an opulent lifestyle and an exclusive community, creating a self-sustained ecosystem.
Integrated townships provide a sense of security, exclusivity, and community living. They are designed to have large, landscaped parks, gardens, recreational spaces, swimming pools, sports facilities, meditation centres, and walking and cycling paths, providing residents with ample opportunities for outdoor activities, relaxation, and rejuvenation. These townships also provide a sense of community living, with planned social infrastructure that encourages interaction and camaraderie among residents. Most townships have clubs, community centres, and common spaces where residents can come together for various activities and events, fostering a sense of belonging and community spirit. This is particularly appealing to families with children, as it provides a safe and nurturing environment for their growth and development.
Furthermore, with the importance of physical and mental well-being as a priority, homebuyers are now looking to reside in green and pollution-free locations. These green spaces not only enhance the aesthetic appeal of the townships but also promote a healthy and active lifestyle, which is increasingly becoming a priority for homebuyers.
While townships were initially popular in metros, there has been a significant shift in demand from tier 2 cities and non-metros as well. Increasingly, homebuyers are looking for opportunities to settle down in non-metros due to their serene lifestyle, enhanced security, clean air, green surroundings, and sustainable design, offering respite from traffic and congestion. These green spaces not only enhance the aesthetic appeal of the townships but also promote a healthy and active lifestyle, which is increasingly becoming a priority for homebuyers.
Additionally, the concept of work-from-home, which has gained traction during the pandemic, has made location less of a constraint for homebuyers, allowing them to consider non-metro cities for their home investment or retirement purposes. Furthermore, the robust infrastructural development in these cities has brought them on par with metropolises in terms of amenities and facilities, driving people to relocate there. For instance, Tricity, encompassing Chandigarh, Mohali, and Panchkula, is experiencing surging demand for integrated townships and gated communities, driven by the desire for a private, tranquil lifestyle. These cities offer untapped land for development, and affordable homes with premium amenities to cater to the growing aspirational class.
Integrated townships cater to the changing preferences of homebuyers seeking investments or a peaceful retirement home. These master-planned communities offer a harmonious blend of serenity, convenience, and holistic living. With their carefully curated amenities, seamless connectivity, and sustainable design, integrated townships have become a beacon of refined living, captivating the imagination of those who seek a holistic lifestyle.
Furthermore, townships are emerging as a preferred investment option in developing cities for buyers looking for long-term returns. With the growth of townships and the increasing demand for integrated living, these developments have shown strong potential for appreciation in property value over time. As the demand for luxury living grows beyond metros, townships in tier 2 cities and non-metros are fast becoming popular choices for new-age home buyers and investors alike.
(The author is Group Chairman, Trident Realty. Views are personal.)
