The plotted development market in Raigad district is projected to experience notable growth in 2024, with expected sales reaching around 900 plots, according to a report by CRE Matrix. The district, known for its appeal to investors from the Mumbai metropolitan region, is witnessing a surge in activity due to numerous new project launches.
As reported by the Money Control, by the end of July 2024, 462 plots had already been sold across various plotted developments in Raigad. This includes popular areas such as Karjat, Khopoli, and the seaside resort of Alibaug, along with several towns and villages in the vicinity. The report highlights that approximately 7,000 units have been launched across 66 projects in the district’s plotted development sector.
The market has attracted a diverse array of investors, including celebrities and high-net-worth individuals. Notable purchases include plots in Alibaug by film actors Amitabh Bachchan and Kriti Sanon, who invested Rs 10 crore and Rs 2 crore, respectively. These acquisitions are part of larger developments led by prominent developers such as the House of Abhinandan Lodha.
The entry of renowned developers such as Godrej Properties, Macrotech Developers, and Mahindra Lifespace Developers has had a significant impact on the market. In Karjat, for instance, the presence of these Grade A developers has led to a marked increase in plot prices. The market, once fragmented with small land aggregators, has seen a transformation due to these high-profile players.
Current prices for plotted developments in Raigad are averaging Rs 1,574 per square foot, slightly down from Rs 1,616 in 2023 but up from Rs 425 per square foot in 2019. Prices had reached a low of Rs 325 per square foot in 2020.
Additionally, developments near the Mumbai metropolitan area are expanding. Rustomjee, trading as Keystone Realtors Ltd, is launching large-scale plotted projects in Kasara, Thane district. The first phase of this project includes 253 plots, with plans for an additional 60 acres and 209 more plots in subsequent phases.
The Raigad plotted development market is set to continue its upward trajectory, providing significant opportunities for both investors and developers in the coming year.