by Mr. Sanjay Bajaj, JLL India.
Townships are a concept whose time has
definitely come.
In Pune, buyers are now open to
residential property solutions that allow them to circumvent or /
reduce the impact of the city's challenged infrastructure.
The Advantages..!
Integrated townships are, by nature,
self-sufficient and self-supporting in most civic & social infrastructure
aspects, and are patronized by an up-market segment of property buyers.
For these reasons, they also tend to
have evolved and well-equipped medical care facilities within their premises,
as well as linkages to healthcare facilities outside the townships.
The existence of these medical
facilities is a significant value-add for today's health-conscious residential
property buyers.
Apart from self-sufficient infrastructure,
many of the townships in Pune also offer a walk - to -work concept since they
tend of have a mix of office, retail and residential components. They tend to
feature generous landscaping, serene environment, schools within the campus,
big club houses, health club facilities for both indoor and outdoor sports,
multiplexes in the vicinity, health care, restaurants and large swimming pools.
These are rather effective enticements
for those who are evaluating the option of buying into a township against a
smaller residential project.
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| Mr. Sanjay Bajaj, JLL India, Pune |
Not All Easy Sailing..!
The development of integrated
townships is a highly capital intensive undertaking. They are launched in
phases so that the development remains viable to the developers. Capital
generated from sales of preceding phases funds the next phases.
As a result, many newer townships tend
to have a work in progress aura about them. On-going construction can be an
inconvenience in some cases.
Townships take a long time to reach
completion; residential property buyers and investors need to track progress
closely. Only the overall absorption of finished units can give a reliable
indicator of likely completion timelines for buildings still at the planning
stage.
Buyers should also be aware that there
is a 10 to 15 % premium mark up on the cost of homes in integrated townships,
and that annual outgoings for maintenance also tend to be steeper than for
normal properties.
Major Townships In Pune..!
The major existing townships in Pune
are:
Paranjapes 120-acre Blue Ridge in Hinjewadi
City Groups 400-acre Amanora Park Town
The 400-acre Magarpatta City (almost completely sold out)
Kolte-Patils’recently
launched 450-acre Life Republic near Hinjewadi
Kumar
Builders recently launched 102-acre Kul Nation at Manjri
Kumar
Properties and Avinash Bhosale Industries Ltd (ABIL) 150-acre Megapolis at
Hinjewadi (almost completely sold out)
A Note On Plots In
Integrated Townships..!
Townships are planned communities, so
there are usually specific norms about the size, configuration and architectural
style that need to be followed.
Plot owners will usually not be able
to detract very far from the existing norms while constructing homes there,
since the purpose of an integrated township is to provide a uniform,
well-balanced neighborhood.
About the Author..
Mr. Sanjay Bajaj is Managing Director
(Pune), Jones Lang LaSalle India
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