Hi-tech township policy of Uttar Pradesh Government:A lot of high-tech townships are coming up in Uttar Pradesh after the state government’s policy in 2003 to promote development of high-tech townships with better quality of living, work and entertainment facilities.
Considering the acute shortage of housing and infrastructure services, the state government announced an open-ended hi-tech township policy in May 2006 to promote private investment through development of varying sizes of such townships.
Difference between High-tech Township and an Integrated Township:The first real proposals for high-tech townships started rolling in around 2005. “At first, they were in direct response to the evolving housing requirements of IT professionals in India.
During the height of the IT boom, a home in a high-tech township was considered de rigueur by the upper echelons of the software industry. The concept has evolved since then and has simply come to stand for technologically-enabled lifestyle homes in a more generic sense. These are considered powerful demand generators that have the potential to attract foreign and domestic investment and boost the general profile of a locality.
Success of High-tech Township depends upon employment opportunities:“These townships will attract buyers provided employment opportunities are available, otherwise they will become part of real estate speculation and people will not prefer to stay in them. Hence, to make these viable, the government of respective states and private developers have to ensure that employment is not a constraint,” feels Manoj Goyal, vice-president, strategic planning and group company secretary, Raheja Developers.
Differentiation will be the key to success:Dutt of JLLM who says that it’s definitely not a sellers market for these right now and they will have to differentiate themselves to succeed. “High-tech residential projects will have to differentiate themselves convincingly to cash in on the mid-to-high market. In the current times, buyers are extremely budget conscious. That said, there is still a class of aspirational buyers with sufficient funds, but they have a lot of options to choose from. Differentiation will be the key.” To read more, please, visit Neha Dewan, The Economic Times
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3) Omaxe Ltd.
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