[ecis2016.org] We look at why home buyers and developers are increasingly focusing on township projects and the amenities being offered in such real estate developments
The Indian real estate market is adapting to changes due to the pandemic and is on the road to recovery. While there are multiple roadblocks due to regulations and laws post-pandemic, the market is on the path to progress. Residential, office and co-working spaces, among others, have given a boost to the sector’s growth. This has been fuelled by the Indian audience that has always been looking for new-age technology in every field.
Modern age consumers and their expectations
Consumers, in the modern age, have many expectations, quite different from consumers a decade ago. The modern brands, which are expanding their businesses, are looking to accommodate facilities like Wi-Fi, parking slots, huge plots with underground cabling, multiple rooms and much more. Such facilities have become basic needs for the modern consumers. In this rapidly changing scenario, brands are looking to woo customers with high-class amenities. They are working on both, internal and external aspects of projects.
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Modern townships are fully equipped with tech-savvy facilities that aim to make things easier for the buyers. The workloads inside a township campus are equally distributed between the management and developers, to give full value for money to their customers. The developers are making sure that all the documents are fully completed and kept in safe hands to avoid any kind of untoward incidents and troubles in the future. Developers are also looking to raise the bar, in terms of security, as well as providing more comfort to consumers in every possible way.
Real estate trends among modern brands and developers
Brands are looking to provide early possession of flats to help consumers. This helps to fill the occupancy requirements and also enables such developer brands to make a mark for themselves. Customers are looking to take benefits by getting early possession, as developers attract them by offering discounts on early bookings and possessions. The benefits range from different location preferences, development preferences and other significant things. Such benefits help the brands to do more for the new consumers and to get to know about consumers when they invite them for early applications.
The brands are now preferring township projects as they provide a lot of area in space-starved cities. The developers prefer to reserve a certain amount of space for parks, gardens, gymnasiums, etc., as it helps in creating an environment-friendly atmosphere throughout the township area. Other concepts are also being followed inside the township, like ‘walk to school, in which people drop their kids to schools, as well as do grocery shopping inside the township.
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Amenities being offered in modern townships
Modern townships offer indoor gymnasiums, swimming pools and play soft music inside the society. New centers for meditation are also being developed in many townships, to benefit the society members and provide them mental peace. For special occasions such as festivals, special arrangements are made by the social welfare group for people in the society.
In this way, brands are creating space for extracurricular activities for children, youth and elderly people, so that they can enjoy and interact with one another, creating a whole new big family. Sports facilities like football, cricket, tennis, among other sports events, are being constructed for children which helps to perform outdoor activities and participate in them. Such facilities attract customers as they look for all options and facilities under a single roof with proper safety and security arrangements.
The modern townships not only offer residential space but also office and retail areas. There are many corporate and business parks being built in nearby premises of such townships, which also helps in easy access to offices and other places.
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Modern townships: A meaningful investment
Modern townships are supported by the government and local bodies as they serve many purposes for customers. It is a blessing for most of the occupants residing inside the premises. These projects take a longer time to complete but are a meaningful investment option from all angles, as it benefits both, developers and buyers. It is no wonder that the Indian real estate market is following this trend, as it provides all kinds of facilities required to maintain a good standard of living for people inside the premises.
(The writer is executive director, Jujhar Group)
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