Townships are a concept whose time has definitely come. In Pune, buyers are now open to residential 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 and 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 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.
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; 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 10-15% premium mark-up on the cost of properties 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:
- Paranjape’s 120-acre Blue Ridge in Hinjewadi
- City Group’s 400-acre Amanora Park Town
- The 400-acre Magarpatta City (almost completely sold out)
- Kolte-Patil’s’ 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 neighbourhood.