The latest in real estate is the concept of integrated township. It caught up so fast in the last couple of years and given the rapid acceptance of the concept, most of the projects are being presented to prospective buyers as integrated townships.
But the key question happens to be as to what exactly is an integrated township? What are the key features that get it bracketed that way? Are all these constructions really ones incorporating necessary features to stake a claim for being an integrated township?
Interestingly, some projects that in fact are small standalone residential, also end up adding the baseline of integrated township.
To qualify for that kind of rating, a project ideally has to be self-sustained in most aspects and be able to address at least the basic needs of residents and come up with infrastructure on education, health care and shopping. That is the least.
“The residential parcel should be integrated with commercial and entertainment and ideally also corporate space,” says S. Pochender, Chief Executive Officer, Lanco Hills. For all necessary facilities to come together and integrate into a township, the project site should preferably be spread over around 20 acres. “With less than that, can you develop an integrated township?”
Perhaps in places starved of such land availability, smaller ones could be accepted. “In busy central business districts (CBD), a five-acre site could come up with limited facilities for there is no other way in terms of land availability. But ideally a critical mass of 20 acres is what is needed for an integrated township,” he says.
That way, the city's outskirts where the present real estate activity is centred around has good enough land for such projects.
Ravi Ahuja, Executive Director, Agency, Cushman & Wakefield, defines integrated townships as self-sustained ones having a number of developments that include residential, commercial, retail, educational, as well as industrial areas in some cases.
They should have a balanced mix of residential and commercial spaces along with well-developed infrastructure and recreational amenities besides green and open spaces.
They should encompass all aspects of modern day living within the gated community.
For Mr.Ahuja, to qualify as an integrated township, the minimum size of the land parcel should be 100 acres. They are generally located in the suburbs or outskirts of the city where such lands are easily available. “The cost of units in these townships is comparatively lower because of cheap land available on the outskirts of the city and the huge project size that has a large number of units constructed on mass scale, providing the necessary economies of scale,” he says.
For an integrated township, the key parameters while mixing residential and commercial space, can also have residential properties varying from 1BHK to 5BHK, duplexes, penthouses and even detached, semi-detached villas. “Ideally, those living in these townships should be able to walk down to their offices thereby saving time, energy and cost,” he says.
The associated basic social infrastructure features should include educational facilities, crèche/day care, good healthcare facility and an emergency care, required paraphernalia for recreation and fitness, green and open spaces. They generally should have entertainment in the form of quality cinema or multiplex, well-stocked grocery stores, professional services for beauty and laundry, banks and food courts.
T. LALITH SINGH