This has resulted in an upsurge in plotted development and holiday home projects in peripheral areas of tier-1 cities and exclusive and scenic locations in close proximity to metro cities.
Corporate developers including Mahindra Lifespaces, The House of Abhinandan Lodha (HoABL), Arvind SmartSpaces, TVS Group and Hiranandani Group have recognised the value in this format and have either entered or planning foray into this segment.
Realty developers are planning significant investments into this segment given the robust response witnessed by several launches in the last two years.
“The branded land category has been long pending, where people needed to start investing in land from a wealth generation standpoint and no one was really providing that opportunity with security and liquidity. We have given this opportunity to customers using technology, which has resulted in the increased popularity,” said Samujjwal Ghosh, CEO, HoABL.The company’s maiden project in Maharashtra’s Dapoli was sold out in a few days. It has sold more than 5 million sq ft in Konkan towns of Dapoli and Anjarle in a couple of weeks apart from Alibaug, Neral and Goa that saw robust response from CXOs and businessmen across India.
“Plotted developments have emerged as a promising opportunity in India, as homebuyers’ demand for space, amenities and an elevated living experience continues to grow. For consumers, plotted developments provide flexibility to customise the design and construction of homes, allowing buyers to create a living space that suits their individual needs and preferences,” said Vimal Agarwal, CFO, Mahindra Lifespaces.The Ahmedabad-based company was already present in this segment and has strengthened it further post the pandemic. It sold 150 plots worth ₹100 crore in its Bengaluru project on the day of launch in March after selling plots worth ₹200 crore in November 2022.
“Affinity to own land also increased post pandemic. Built-to-suite feature in the plotting segment provides additional flexibility to consumers,” said Kamal Singal, MD at Arvind SmartSpaces.
According to him, large horizontal developments present both opportunities and challenges for developers. Besides complex land aggregation and regulatory challenges, this segment needs long-term vision and conviction. At the same time, it gives better returns in the medium and long term due to the benefits of scale and greenfield infrastructure development.
