What it is
A large-scale housing project with mixed land use is called an integrated township project, where mixed land use development refers to both commercial and residential spaces. The project should abide by local by-laws and rules and should have at least 100 acres. Generally such projects offer a minimum of 2,000 dwelling units and accommodate at least 10,000 residents.
An integrated township offers amenities such as shopping areas, schools and hospitals. A well planned township also provides facilities such as clubs, ample parking space and central parks.
Because of their scale and amenities offered, such projects boost the growth of the surrounding area and their prices rise faster than smaller projects around them. Such projects are developed in phases and every new phase is priced higher than the previous one. So if you plan to buy in such projects, do it as soon as possible.
Also, you might save on your electricity bill. Power consumption in such projects is generally lower compared with other projects as they conform to norms laid down by Indian Green Building Council. Such townships will have their own mechanism for solid waste and waste water management, thermal regulation and will naturally conserve energy. Many such projects of late have been abiding by green norms. Moreover, the government also plans to give incentives to developers who stick to green building norms and create a pollution-free township.
Such projects sometimes face delays in delivery because of their scale. Moreover, clearing all the regulatory hurdles often becomes time consuming for the developer. For a large integrated township, a developer needs to get approximately 30-50 regulatory approvals, depending on the size and the location.
Watch out for
As a buyer, you should look at the master plan of the region where the project is located. Knowing about the future development plan of the region helps you understand the appreciation potential of the project. For instance, if there is a sanctioned expressway near the township, chances are that your property value will appreciate in a month or so after you pay the booking amount.