Reshaping India’s housing landscape

Mixed-use townships have spiked in sales following the epidemic when compared to ordinary residential projects

One important feature changing how people live and work in India’s fast urbanising terrain is the incorporation of commercial segments into residential townships.

In the early 2000s, integrated townships, as they are now known, started to take off. Encouraged by India’s economic expansion and rapid urbanisation, developers realised the benefits of creating an all-encompassing residential experience for the growing middle class.

The COVID-19 epidemic kicked off a major move towards remote work, less crowded residential areas with sufficient greenery, the convenience and safety of having necessary retail outlets within easy reach, and small commutes to work. Coworking spaces turned out to be the logical solution to bring down corporate costs, and provide a fertile environment for collaboration, networking and creative engagement.

Not surprisingly, leading property consultants reported that 2021 saw no less than 30% increase in demand for integrated townships over the same period the year before.Compared to exclusively residential projects, mixed-use townships have seen higher residential sales following the epidemic. Here is why:

Sustainable lifestyle

Mixed-use townships lessen the need for driving, and therefore have a lower carbon footprint overall. The more modern integrated townships also offer advanced green features such as wastewater recycling, use of solar lighting and heating, green areas to act as lung space, and proper cross-ventilation in flats to reduce cooling costs in summer.

Profitable for developers

Integrated townships with commercial components are a lucrative proposition for developers. The added appeal and convenience factor of these projects usually makes them more expensive than ordinary residential projects. Indians today are willing to spend more on a sustainable, convenient and hassle-free lifestyle. Also, there is a brand value involved in creating and sustaining modern integrated townships, since such projects require specialised knowledge and considerable capital to build and maintain.

Buyer preferences

The pandemic changed consumer preferences considerably. People are choosing to live in spacious, uncluttered, and health-promoting projects that provide quick access to workplaces and the requirements of daily living. Mixed-use integrated townships negate most of the stresses and health hazards of inner-city life. They are also ideal for remote working scenarios.

The boundaries dividing residential and commercial areas are blurring as urban India develops. More than just a real estate fad, integrated townships are the logical answer to the evolving demands and lifestyles of contemporary Indian society.

The writer is Managing Director, Pharande Spaces. 

Published - November 02, 2024 01:10 pm IST