Plotted Developments are scaling up on the real estate horizon and emerging as the hottest real estate trend in India. Basically, plotted developments are scathes of land area that are sold to develop homes, villas, condominiums, offices, retail or any other asset class. It is available within security aided gated communities, with high-end amenities and facilities that are essential for modern-day living.
Plotted developments in India, in general, and the NCR region, mainly shot up in massive numbers due to the influx of demands of a significant proportion of potential buyers in the last five years. Plot purchasers have grown pally with the idea as plotted developments are a much more economical and frugal investment choice rather than completed and constructed homes. The price affordability is within the range of the finances of the home buyers, and therefore, they are constantly gravitating towards buying plots.
The Deen Dayal Jan Awas Yojana was started by the Haryana Government to promote ‘Housing for All’ by stimulating and motivating high density plotted colonies developments in medium and low potential towns of the state. It was one of the major contributors to the large scale plotted developments in many porsche areas of Gurugram. The DDJAY policy also allowed potential buyers to get various benefits like loans of up to 75% of the property value on plots from all towering public and private sector banks. It was one of the significant reasons that drifted buyers toward plot ownerships.
Another advantage of plotted developments that makes them buyers’ favourite is that purchasers have the autonomy to envision, design, customise, and build their houses according to their individual tastes, volition and preferences. Once they have bought the plot, they are free to craft and create their commercial, residential or luxury property. Plotted Developments are usually located in the suburbs, increasing the land value over time with a growing population and assuring higher returns in a long term period. Ultra-Luxury Homes and Vacation Homes are usually at the helm of plotted developments.
The pandemic-induced conditions like social distancing and remote-working set-up have accentuated the sales of plots. More and more people were drifting in favour of plotted developments as it ensured complete Covid-friendly isolation and healthy seclusion from society at that point.
Many recreational and luxurious amenities come in handy, like swimming pools, clubhouses, gardens, jogging tracks, parks, lawns, amphitheatres, tennis and badminton courts for people’s entertainment and relaxation. Plotted Developments foster a sense of community living, an idea that is gaining a lot of traction these days. People have a tendency to reside in places with close-knit communities and a shared feeling of belongingness, which is axiomatically ubiquitous in plotted developments. People feed off of collective communitarian bonding and exude strong support, safety, and security.
To cut a long story short, plotted developments are riding high at the real estate apex, owing to the affordable prices, asset longevity, development flexibility, and high-end amenities. It is catering to peoples’ desires and registering massive sales, reflective of its popularity among the masses.
Source : International News and Views