Mr Srinivasan Gopalam, Chairman, ArisUnitern RE Solutions Pvt. Ltd.
Amidst the fast-growing real estate ecosystem, plotted development is gaining widespread popularity. Plotted developments are becoming extremely popular among homebuyers, and many buyers seeking luxury properties are now opting for plotted developments. Plots are emerging as a promising asset class not just from an investment point of view, but also because plotted developments offer numerous benefits that homebuyers want to leverage. Besides Chennai, Hyderabad, and Bangalore, we’re also observing the rise of plotted developments in locations like the outskirts of Mumbai.
From the buyer’s standpoint, investing in such developments grants complete ownership of the land parcel while entailing minimal construction and approval risks. This assurance offers them a sense of comfort and security. Over the last five years, land prices in these markets have also increased considerably, prompting homebuyers to capitalize on this growing trend.
The simple reason behind this is that plotted developments offer homebuyers a lot of flexibility in terms of space and design, enabling them to construct their dream luxurious abode. This flexibility stands as one of the key demand drivers, and developers are also ready to capitalize on this high tide of demand and growth. From a market share standpoint, the Southern market, especially markets like Bengaluru and Chennai, is witnessing a lot of demand. The real estate market in these regions is on a high-octane growth journey, and the buyer mindset is also very positive.
Besides, due to the region’s economic stability, availability of large MNCs, and job prospects, the population has disposable income to spend on properties. As a result, plotted developments are gaining a fair amount of attraction as plots have greater appreciation potential and can be liquidated easily.
When it comes to the trends driving demand, plotted developments are excelling in design aspects and emphasizing personalization. These upscale housing options are reshaping the luxury segment in Tier-II cities, transcending traditional boundaries and setting new standards for refined living. Premium villas and plotted developments offer a broader canvas compared to luxury apartments, allowing homebuyers to customize spaces to a great extent. Additionally, this provides homeowners with significant flexibility to take an independent approach.
Another trend is the inclination towards a lifestyle away from the hustle and bustle of metros. Luxury plotted developments offer unmatched privacy and spacious living through a low-density approach, ensuring that the quality of living is both fulfilling and luxurious at the same time.
Plotted developments also offer excellent investment potential. As land becomes scarcer in urban areas, the value of well-located plots tends to appreciate over time. Homebuyers who invest in plotted developments have the advantage of securing an appreciating asset that can yield substantial returns in the long run. Additionally, owning a plot provides homeowners with the option to expand their property or even develop it commercially, further increasing its value.
Considering all these factors, it can be concluded that the surge of plotted development is redefining the concept of living. As homebuyers become more inclined towards living a quality life, these reasons reaffirm their preferences and aspirations, drawing them more towards plotted developments.