Sunil Pareek, Executive Director, Assetz Property Group

Amidst the fast-growing real estate ecosystem, plotted development is gaining widespread popularity, with the segment emerging as a promising asset class not just from the point of view of striking an emotional chord with homebuyers and investors.

The Southern Surge

In recent years, the Southern Indian real estate market has witnessed substantial growth, with notable price appreciation in plot values. As per the recent research reports, in the last five years, the plot prices have increased 15-25% across markets like Bangalore, Hyderabad, Chennai and NCR, amongst others. This meteoric rise in land prices has sparked a renewed interest among homebuyers, encouraging them to capitalise on this promising trend.

One of the prime examples of this trend is a fast-selling 26-acre township in Sarjapur belonging to a developer focused on creating sustainable living spaces. This ambitious housing project exemplifies the growing momentum of premium housing developments across various micro-markets in Southern India.

The improving market sentiment has also led this builder to launch apartments and plotted developments in North Bangalore, with over 80 acres allocated for these developments. This acquisition aims to benefit from North Bangalore’s strategic location benefits of expansive open areas, proximity to the airport, ongoing metro development, and escape from the city’s hustle and bustle to create expansive gated communities surrounded by lush greenery and state-of-the-art amenities.

Plot-Based Paradigm: Appealing Factors

Abundance of Space: Plot-based developments offer a spacious canvas for homeowners to craft their dream homes. Plots provide larger areas than apartments, allowing residents to design and construct living spaces tailored to their unique preferences. This freedom is exemplified by a Bengaluru-based developer’s recent project, offering plot sizes ranging from 1,000 sqft to 4,400 sqft, empowering homeowners to bring their dream homes to life.

Investment Potential: With clear titles hard to come by in urban areas, well-located plots have emerged as a sound investment choice. Homebuyers investing in plotted developments secure appreciating assets that promise substantial long-term returns. Additionally, owning a property enables high- and ultra-high-net-worth individuals to own weekend homes or private villas built in the peripheries of cities away from the hustle and bustle of city life.

Urban Retreat: Plotted developments provide a tranquil escape from the urban cacophony, granting residents privacy and serenity. In an era of bustling cities and crowded apartment complexes, owning a plot offers exclusivity and a serene environment, free from the hustle and bustle.

Green Living: Many plotted developments prioritise green spaces and sustainability, appealing to eco-conscious homebuyers. Residents can rely on eco-friendly features such as rainwater harvesting, solar power systems, and landscaped gardens in their homes. This promotes a greener, healthier lifestyle and fosters a harmonious coexistence with nature, along with lower power consumption.

Community Amenities: Contrary to the misconception that plotted developments are isolated, modern projects often feature well-planned community spaces and amenities. Gated communities boasting landscaped parks, jogging tracks, clubhouses, and sports facilities are becoming commonplace. This allows homeowners to relish a close-knit community while enjoying the benefits of individual land ownership.

Cost Efficiency: Plot-based living can be cost-effective in the long run. Unlike traditional apartments, which involve monthly maintenance charges, plotted development residents have greater control over their expenses. They manage the maintenance and management of their properties, enabling them to customize costs according to their preferences and budgets.

The real estate investment market for land is still at a nascent stage of development in a few corridors, with the growth rate of second homes or weekend homes in India expected to grow multiple folds, led by a desire to own larger spaces, customization options, investment potential, privacy, and eco-friendly living. Additionally, the provision of community amenities and cost efficiency further enhances the attractiveness of plotted developments. As more homebuyers seek to shape their dream homes on their land, plotted developments are poised to continue their ascent in dynamic real estate landscape. This trend offers a tangible investment opportunity and represents a paradigm shift in how people envision and construct their dream abodes. With plots of land, the canvas is vast, and the possibilities are endless.

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