Integrated residential townships are a growing trend in Chennai

CHENNAI: The term ‘Integrated Residential Township’ commonly refers to a large-scale development comprising residential homes/apartments, schools, shopping and workplace. Housing in Chennai was traditionally limited to independent houses. However, the apartment culture gained momentum and popularity in the early ‘70s in localities that were city-centric like Egmore, Kilpauk, Nandanam, Mylapore, etc. Since then, the city’s housing sector has evolved and moved from independent houses and apartments to gated communities and integrated residential townships. In fact, township living has become a very desirable concept in Chennai, both in the city and suburban areas.

Township living is a community living within a larger, better-utilised land area, with amenities and facilities that make it self-contained or self-reliant. An integrated township project could comprise residential plots, row houses, villas as well as low-rise and high-rise apartments. However, it does not end with developing residential spaces. To attract home buyers to invest and live in these projects, physical and social infrastructure must be also in place.

The physical infrastructure of an integrated township is developed partly by the developer (internal roads, lighting, open spaces, landscaping, etc.) and partly by the government (external roads, water and electricity supply, sewerage connections, etc).

Social infrastructure like schools and colleges, hospitals, malls and other shopping areas, clubs and cineplexes play also heavily influences homebuyers’ decisions.

Likewise, proximity to office hubs is important, because buyers who are willing to invest extra to live in a township will expect this convenience. Township developers who wish to see their projects succeed must ensure that they get all these variables right – both in terms of the location and in providing shopping, healthcare, schools and high-grade office buildings which will attract corporate occupiers.

To provide the expected lifestyle embellishments to buyers, township developers will also include recreational areas like clubhouses, gymnasiums, swimming pools, game rooms and utility areas like convenience stores, ATMs, laundry, party halls and coffee shops.

Some inherent advantages ofa residential township are:

More choices in large-scale development

Better infrastructure

Professional asset management

Cosmopolitan living environment

Higher resale value

The last factor is an important consideration for those who view their properties as performing assets.

Chennai attracts a sizeable migrant population in sectors like IT/ITES.

The trend among those seeking rental accommodations in residential townships as opposed to stand-alone residential buildings is witnessing a quantum leap.

Reasons are safety, convenience and lifestyle factors. From the owner’s perspective, the asset is professionally managed and maintained, thereby attracting better rental yield and capital appreciation.

Although the capital values or price points of township projects may be marginally higher than in standalone residential projects, the amenities and lifestyle conveniences offered more than make up for the incremental cost.

Locations in Chennai which are rapidly developing as township catchments are the OMR and surroundings in the south, Anna Nagar, Mount Poonamallee Road, Porur in the west, and Perambur in the north.

The success of the township living concept in Chennai has attracted property developers to develop township projects on the peripheries of the city.

These projects are being developed in a phased manner, keeping pace with the changing dynamics of home buyers’ preferences of size, configuration and specification.

• SANJAY CHUGH