Plotted developments are witnessing steady demand amongst real estate investors. Buyers are more inclined towards plotted developments for their appreciation potential, their need for more open spaces and overall versatility. After the pandemic, demand has gone up exponentially for plots throughout India’s leading cities like Hyderabad, Bangalore, Gurugram, and Pune, among many others.
Square Yards has reported online search trends where plotted developments took up 21% of online searches for the first quarter of 2022 in comparison to 17% in the last quarter of 2021. Hyderabad had plots taking up 22% of demand in Q1 2022 in comparison to 16% in Q4 201. Pune also saw an increase of 3% for this period in plotted home demand. The Co-Founder and CFO at Square Yards, Piyush Bothra, stated that hybrid lifestyles, WFH and e-schooling were the key reasons driving home buyers towards higher personalization for their properties which cater to these new-age requirements and this is fully possible with plotted developments only. He also added that they also offer potentially superior returns in comparison to builder floors and apartments and this is another reason behind their popularity amongst home buyers. He also stated that with changing demand patterns, many leading developers are coming up with plotted developments for buyers.
Other experts state that more independent living is what is driving buyers towards plotted developments owing to the pandemic. Also, plots come with higher ROIs as compared to apartments. With the passage of time, apartments tend to go down in value owing to depreciation. However, land only appreciates with time. Leading developers like DLF Ltd, Raheja Group, Godrej Properties, Goel Ganga and Puravankara are now coming up with these options for buyers. Plot sizes usually range between 550 and 10,000 sq. ft.
Gurugram has transformed into a new hub for these projects with developers believing that higher income groups are keener on buying plots in order to lead a more luxurious and free life. Buyers are going for row houses, compounded homes, gated villa communities and more. Gurugram’s hottest areas have seen plotted development prices jumping up by 30-35% over the last few months. Demand for the same has also gone up exponentially in Gurugram, with more buyers inclined towards customizing and designing their homes as per their requirements. There is also higher demand for plotted developments by branded real estate players according to several reports.
For a detailed report on this read the articles we were featured in:
Financial Express – https://bit.ly/3boLgZT
Published Date: June 24, 2022
