Chennai has come a long way since the 1970s when the apartment culture just started to spread across the city. Before that most residents lived in independent houses only. In the localities like Egmore, Kilpauk, Nandanam etc in Chennai, many apartments were constructed.
The Chennai city housing sector has evolved so much in the last 50 years or so and now many have been living in gated communities and Integrated residential townships etc. Township concept has become highly popular in Chennai as well as in the suburbs now.
What is Integrated Residential Township?
The term refers to large scale development having residential homes and apartments plus schools, shopping centres etc. It is worthy to mention that in integrated residential township the population lives within a larger and better utilised land area. The township would have lots of amenities and facilities etc for the sake of the residents. In addition, it would also have residential houses, row houses, villa and low/high rise apartments etc.
Point is that both physical as well as social infrastructure should be available in the residential townships so that people would invest their hard earned money. Both the developer and the government play their roles in the physical infrastructure development of these residential townships. The developer would be responsible for internal roads, lighting, open spaces, landscaping etc and the government would play its role in the external roads, water/power supply etc.
Decision to invest money and buy homes in the integrated residential townships also depends on the social infrastructure such as the presence of hospitals, schools, colleges, cineplexes etc. Not only these factors, but the investors also consider another important factor that is proximity to their workplaces while investing money to buy homes in the integrated residential townships etc.
Hence, it is the duty of the township developers to get all these factors correctly for the home buyers to make a decision in buying homes in the residential townships etc. By taking all these factors into account only developers would be successful in their projects. To attract the home buyers, the township`s developers would also need to provide recreational areas like clubhouses, gyms, swimming pools etc for the people.
Various benefits that integrated residential townships would provide the buyers are
More choices in large scale development, superb infrastructure, professional asset management plus others like cosmopolitan living environment, higher resale value etc. There are many persons who view their properties as performing assets and for these persons a higher resale value would be a major point of attraction.
It is known that Chennai attracts a migrant population in fields like IT and ITES S etc. People now are more oriented towards seeking rental accommodations in the residential townships when compared to stand alone residential buildings etc.