Amidst rising demand for plots, some of India's top developers have ventured into plotted developments.
With buyer preference heavily skewed towards established real estate brands, it is a dynamic opportunity for these players. In earlier years, plotted developments were largely offered by smaller developers.
The top cities like Bengaluru, Hyderabad, Chennai, Pune and Gurugram are seeing high demand for plots in the wake of the new realities presented by COVID-19. Some of the leading developers with plotted developments now include DLF Ltd., Mahindra Lifespaces, Raheja Group, Godrej Properties, Century Real Estate, Puravankara’s Provident Housing, Shriram Properties, Goel Ganga, TVS and Alpha Corp, among others.
The minimum size of marketable plots is as low as 550 sq. ft., and goes up to 10,000 sq. ft. In select projects, larger plots are also available. Plot sizes ranging between 1,200 - 2,500 sq. ft. are seeing maximum demand. However, in the southern cities of Bengaluru and Chennai, smaller plots of average sizes 550 - 750 sq. ft. are also generating interest.
Several plotted development projects have also been pre-launched in distant locales of MMR over the past few months. Interestingly, these projects have larger-sized plots than in the southern cities. The minimum plot size starts at 1,600 sq. ft. and goes up to 5,000 sq. ft. on an average.
The starting price for plotted developments in the top cities is as low as INR 14 lakh. Plots priced up to INR 70 lakh currently see the maximum demand, though larger plots are also seeing traction.
Prominent Micro Markets with New Plotted Developments
The peripheries of the top cities have most of the new plotted developments supply:
As Mark Twain put it – ‘Buy land, they’re not making it anymore.’ In India, investment in land is a time-honoured tradition and COVID-19 has further strengthened demand for land as a long-term investment. Some buyers are even considering plots in gated societies and build on and use, as standalone homes are the safest bet in a pandemic situation. The rise of the work from home culture is also closely interrelated here.
Anuj Puri, Chairman of ANAROCK Group is a highly respected industry authority and thought leader with 30 years' experience in leveraging Indian and global real estate opportunities. His company ANAROCK has a staff complement of over 1800 qualified and experienced professional, with offices in all major markets in the country, dedicated services in Dubai and a global footprint with over 80,000 preferred channel partners.