The potential of plotted developments
The Hindu
Owning a plot of land within a project means the freedom to choose your own construction materials and enjoy the amenities already there
In recent years, there has been a notable surge in interest among homebuyers towards plotted developments, reshaping the landscape of modern homeownership. This trend is particularly evident in India, where the residential real estate market is experiencing a revitalisation, with property developers witnessing an uptick in land transactions not only in metropolitan areas but also in tier-II and tier-III cities. According to projections by JLL, residential launch numbers this year are expected to be around 3,15,000 to 320,000 units, which is a 9-10% y-o-y (year-over-year) growth. A notable trend in this will be the launch of diversified products such as plotted developments, low-rise apartments, row houses and villaments.
Plotted developments offer homeowners a unique opportunity to exercise unparalleled flexibility in designing their dream homes. Unlike traditional housing options, these empty plots of land serve as blank canvases, allowing individuals to envision and craft their living spaces according to their specific preferences and requirements. From architectural styles to layout designs, the possibilities are endless, fostering innovation and creativity in residential construction.
One of the key driving forces behind the growing popularity of plotted developments is the emphasis on personalisation in modern homeownership. Homebuyers are increasingly drawn to the prospect of tailoring their living spaces to reflect their individual lifestyles and tastes. Within plotted developments, they have the freedom to choose everything from materials used in construction to amenities incorporated into their properties, ensuring that each home is a unique reflection of its owner’s personality and values.
Owning a plot of land within a plotted development offers more than just the opportunity to build a house. With no pre-existing structures or constraints to contend with, homeowners are empowered to bring their vision to life, resulting in residences that are diverse and distinctive.
Aside from the intrinsic value of personalised homeownership, plotted developments also offer tangible financial benefits to investors. Plots typically yield greater returns on investment compared to apartments, with the land value of suburban plots appreciating over time. Moreover, developers often enhance the appeal of plotted developments by incorporating comprehensive recreational environments and essential amenities such as community centres, parks, and public transportation, further enhancing their investment potential.
With their ability to redefine the traditional notions of homeownership, plotted developments stand poised to shape the residential real estate landscape for years to come, providing a compelling alternative for those seeking to build their dream homes from the ground up.
The writer is Chief Business Officer – Residential, Mahindra Lifespace Developers Ltd.
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