Plots were always considered a good investment option for buyers. But they were not always the first choice. With the onset of Covid-19, plotted land developments have become a sought-after choice for aspirational home-buyers and property investors alike. They are also getting attention from ultra-high net worth individuals and IT professionals – who want to build their second homes instead of buying templated ones
What are plotted land development projects? Instead of apartments, real estate developers sell small plots with basic amenities for development of houses, villas, and other housing options. The development can be either done by an individual landowner or the developer or under a joint development model by a developer and the landowner.
Demand for such projects is witnessing a sharp increase across top realty markets in India. The changing preferences in the purchase behaviour of consumers can be attributed to the changing lifestyles brought about by the pandemic and the subsequent lockdown.
With remote or hybrid work models becoming the new norm, home buyers are looking out for spacious independent homes with private outdoor spaces that can accommodate both their personal and professional lives. Plotted developments offering premium facilities and nestled in suburban areas - away from the hustle and bustle of the city centre - fulfils these requirements.
These projects within gated communities and with access to basic infrastructure including sewerage line, underground water, and landscaped gardens, not only offers seamless access to diverse amenities like gyms, sports facilities, parks, specially curated themed gardens, and convenience stores but also open spaces and larger areas to live, work, and entertain in. While these projects allow homeowners to design and participate in the aesthetic development of their homes, they give landscaping professionals a chance to show off their creative skills.
Also, the projects foster ‘a sense of togetherness’, social well-being and a better-assisted living. This holds especially true for families with elderly folks and children. It is extremely comforting and fulfilling to live in a society of familiar faces as there is a better sense of support, safety, and security.
State governments and municipalities are also promoting plotted townships spread over 100-to-200 acres in the suburbs. Going forward, they will invest heavily in infrastructure facilities and connectivity across cities to accommodate the increased migration to the satellite towns the creation of a self-sustainable neighbourhood. This, in turn, will improve the overall real estate climate, increasing the demand for plotted developments alongside.
Our Utsodhaara Teesta Township in Siliguri offers a complete urban system with healthcare facilities and educational institutes spread across 81 acres. We have forged an agreement with Satyaa Homes to develop a township over a 72-acre land parcel in Kolkata’s New Town area. The township christened Udishaa will encompass plotted developments as well as units for EWS (economic weaker section).
The popularity of plotted developments among the investor community is the immediate high appreciation it promises, as land value never decreases. They offer potentially higher returns on investment than apartments or floors primarily because of the lower entry size in terms of capital invested. On the other hand, age can have a negative impact on the value of apartments or floors which tend to get dilapidated over a prolonged period of time, if not maintained well.
Some investors choose to rent out the property as a vacation home, retirement abode or villa for resale and earn a steady income on a regular basis. Many people are also turning towards investing in plotted development projects because of the number of benefits doing so offers them. They are:
*They are ideal for first-time property buyers, who would like to start with a low capital investment; *There is no difference in the actual plot measurement versus actual plot. Unlike an apartment, there is no confusion between built up and carpet area;
*There is mostly no risk of commercial or illegal developments next to the plot one owns or in the whole community for that matter, because these communities are controlled by the developers themselves with strict guidelines and bye-laws;
*There is no urgent need to construct on the plot. Demand for themed plotted complexes has also increased manifold, as they allow homeowners to develop homes that cater to their hobbies and passions. For example, sports enthusiasts will opt for a sports-themed plot as the project will have basketball courts, a stadium and a clubhouse with indoor games
In India, plotted land developments have been a trend for quite some time now. Covid-19 has further strengthened the demand for land as a long-term investment. I would like to end with a Mark Twain quote – ‘Buy land, they’re not making it anymore.’
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Expansive greens, picturesque landscape, spacious apartments, pristine private lake, serpentine floral gardens, a plush club – Utalika Luxury is more than a home. It is a luxury retreat you retire to every day. One of Ambuja Neotia’s signature projects, this condominium is built in compliance with its natural surroundings.
Alongside the perennial trust and assurance of Ambuja Neotia, what makes Utalika a unique world is a seamless blend between nature and modern amenities. The project is designed artfully – 34% building footprint and 64% open spaces – to add value to your living. Thus, crafting a niche keeping environment and aesthetics at the core of its philosophy.
Large open-to-sky spaces, the landscaped greens bridging the gap between four towers and the two natural lakes adjacent to the property create a micro-climatic condition generating a draft all day. The adjoining 4-storey residents’ club – Club de Ville – adds to the panache; with its array of amenities starting from banquet halls and party terrace to swimming pool and outdoor activities. When you come back to Utalika Luxury, you come back to a space crafted to celebrate community living and togetherness. Visit utalikaluxury.com for details