Demand for Township Projects in Post-Covid World

Harleen Oberoi, Sr. VP & Head Project Management, Tata Realty & Infrastructure Limited. Due to COVID, there has been a rising desire to have more greenery and larger homes among homebuyers. Will this push the demand for township proj

BY Realty Plus
Published - Aug 4, 2020 5:46 AM

Share It

Harleen Oberoi, Sr. VP & Head Project Management, Tata Realty & Infrastructure Limited. Due to COVID, there has been a rising desire to have more greenery and larger homes among homebuyers. Will this push the demand for township projects? COVID-19 has compelled people to relook at their homes and habitats and aspire for a better home amongst the masses. People have been long confined to the four walls of their house for months now and the impact of this lockdown will be felt over a long period both in our human behaviors as well as our social conduct in life. This uncertainty of immediate future has also triggered people to think about investing or owning a residence in township projects where they can have all the required amenities close to their home, helping them avoid unnecessary travel. Another big advantage of investing in a township is the affordability factor, as most townships are competitively priced than houses in the main city. Work-from-home is the new norm for most people and buyers are willing to invest in properties which are spacious, airy, surrounded by greenery and have a decent connectivity. For example, Tata Housing’s Amantra, situated in Kalyan Junction, Mumbai is one such preferred township that has gained popularity in recent times and continues to attract homebuyers looking for state-of-the-art residences at a competitive price beginning at Rs. 47.74 Lac. How are developers realigning the designs of their township developments with altered buyers’ requirements in the current scenario? Through township projects, real estate developers have remodeled their infrastructure to build a miniature urban ecosystem. Commercial as well as residential buildings are being developed keeping in mind the varied needs of home-buyers. In post covid-world, people are emphasizing on the need to automize and digitize their homes in terms of safety and security. This could mean enabling a system for contactless deliveries within premises or upgrading home security systems. In terms of design, there is a need to customize houses for work-from-home office space and internet access provision. Offices and commercial spaces, too, need to be upgraded to ensure social distancing protocols are being followed. There will soon be a growing demand of ecosystems that provides schools, shopping centers, offices, entertainment hubs and essential services all in close proximity to ensure residents don’t venture far off from their safe havens. Are mixed use developments the way forward for developments in metro cities? Absolutely yes. Considering that massive urbanization and overcrowding were a major problem in metro cities prior to the pandemic as well. Now, more than ever before, it is crucial for people to reassess their living conditions and accordingly take decisions to ensure safety and well-being of their families. Hence, we can expect more and more people to invest in mixed use developments as it is a perfect blend of residential, commercial, cultural, and institutional use. Government measures required to ease the construction/development of large scale integrated townships. Various Governments and Nodal development agencies has also recognized the need of such self-contained townships and are therefore incorporating the necessary changes in their town & country planning schedules and working towards providing better Infrastructure connectivity , Roads , Power and water & sewarge and storm water collection , IT connectivity etc .A host of these plans are working towards ensuring zero discharge and energy balance concepts . Aligned with our Parent TATA Group policy of creating a sustainable Environment , At all of our THDC/TRIL projects we design and construct within the concept of a sustainability deeply entrenched and therefore benefitting the residents /occupants .Allthough there is an incremental cost increase initially , but the returns on this investment always benefits the residents and occupants Which are the current & potential growth hubs for integrated township developments? To understand the potential growth hubs, we first need to acknowledge the purpose of developing the integrated township model. At its very core, its main objective is to reduce the pressure on existing city infrastructure. Hence, it is likely that the well-connected outskirts with established infrastructure adjoining existing cities would be a potential growth hub for integrated township development. Some of these high-potential areas include Kalyan-Bhiwandi, Navi Mumbai, Boisar, Gurugram, Noida, and North Bengaluru area.