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Corporate realtors are capitalizing on the high value and growing demand for plotted developments and holiday homes. Developers recognize the flexibility and customization options that attract homebuyers. Despite challenges, these ventures offer better returns in the long term. The market is witnessing significant investments and robust response, making it a promising opportunity for corporate developers.
In recent times, there has been a significant increase in the demand for plotted developments and independent houses, prompting corporate and established developers to venture into this segment. These developers aim to provide homebuyers with more transparency and better options. Consequently, there has been a surge in plotted development and holiday home projects in the outskirts of tier-1 cities and exclusive, picturesque locations near metro cities.
Prominent corporate developers such as Mahindra Lifespaces, The House of Abhinandan Lodha (HoABL), Arvind SmartSpaces, TVS Group, and Hiranandani Group have recognized the immense value in this real estate format and have either entered or are planning to enter this segment. Their interest stems from the robust response witnessed by several launches in the past two years.
Meeting the Demand:
Samujjwal Ghosh, CEO of HoABL, stated, “The branded land category has long been overdue, where people needed a secure and liquid investment opportunity for wealth generation. We have addressed this gap by leveraging technology, which has resulted in increased popularity.” HoABL’s inaugural project in Maharashtra’s Dapoli sold out within days, and they have sold over 5 million sq ft in Konkan towns of Dapoli and Anjarle, along with Alibaug, Neral, and Goa, receiving an enthusiastic response from CXOs and businessmen across India.
Benefits of Plotted Developments:
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 of Mahindra Lifespaces, highlighted the promising opportunity that plotted developments offer in India.
As homebuyers’ demand for space, amenities, and an elevated living experience continues to grow, plotted developments provide the flexibility to customize the design and construction of homes. This empowers buyers to create a living space that caters to their individual needs and preferences.
Mahindra Lifespaces, based in Ahmedabad, has already established a presence in this segment and has further strengthened its position post-pandemic. In March, the company sold 150 plots worth ₹100 crore in its Bengaluru project on the day of its launch, following the successful sale of plots worth ₹200 crore in November 2022. Kamal Singal, MD at Arvind SmartSpaces, explained that the post-pandemic era has seen an increased affinity for owning land. The built-to-suit feature in the plotting segment provides additional flexibility to consumers.
Opportunities and Challenges:
According to Singal, large horizontal developments in this segment offer both opportunities and challenges for developers. They must navigate complex land aggregation and regulatory hurdles while maintaining a long-term vision and conviction. However, these ventures yield better returns in the medium and long term due to the benefits of scale and greenfield infrastructure development.
The growing popularity of plotted developments and holiday homes among homebuyers has attracted corporate realtors to invest significantly in this segment. With the ability to customize their living spaces and enjoy elevated living experiences, buyers are embracing these offerings. As developers continue to cater to the evolving demands of homebuyers, the plotted development and holiday home market is poised for further growth and success.
Read the full article here Corporate Realtors See High Value in Plotted Developments
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