Earlier viewed as possessing a niche proportion in the real estate market compared to high-rise societies and luxury condominiums, plotted developments are in hot demand again, especially post-pandemic, as an urge of building a large, spacious home according to one’s aesthetic sense and tastes has shot up. The market expansion has also led to an increase in the number of buyers.
From statesmen and landlords being traditional and consistent buyers of plots, plots are now being hugely invested in by big-shot entrepreneurs, capitalists, start-up founders, and high-paying corporate employees. These groups of people have the luxury of building a lifestyle suited to their tastes. On many occasions, buying plots and building homes at the location seem to be a more reasonable and sound investment proposition than already-constructed homes.
Security-wise, plots are guarded within gated communities and now are offered with many high-end luxurious amenities like swimming pools, clubhouses, gardens, jogging tracks, parks, lawns, amphitheatres, and tennis and badminton courts. Gurugram, in the NCR region, has become a hub of plotted developments. Some of the best-plotted developments are located in New Gurugram Sectors 95 & 95A and others, which share proximity to the city’s commercial and residential corridors and are aloof enough to mirror a peaceful countryside lifestyle. Community-based amenities such as Aroma Gardens, Butterfly Gardens, Lawns, meditation zones etc elevate the gateways of natural beauty and serenity present in plotted developments.
The DDJAY policy gave various benefits to potential buyers to avail loans of up to 75% of the property value on plots from all towering public and private sector banks.
Another reason why plotted developments make them buyer-friendly is that plot buyers are autonomous to customize, and build their houses as per their preferences. They can build compact homes, independent floors, or luxury villas. They can build anything which resonates with them. Plotted developments are situated in the newly-developed parts of the city, increasing the value of land over time and assuring higher returns in the long run.
In a nutshell, the number of plotted developments has seen a massive increase at the real estate apex, owing to its location, asset longevity, development flexibility, and collective set of amenities. People’s demands are also indicating its popularity both among classes and the masses.
Source : Financial Express
