Plotted development attracts interest from organised players
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As consumer demand for plotted development increases amid the Covid-19 pandemic, organised players are also foraying into the segment.
Industry stakeholders noted that there has always been a steady demand for plots in India. However, in the post-pandemic phase, people are increasingly looking at staying in individual houses, which has further pushed the demand for this segment.
"Another major shift that has come in the post-Covid times is the entry of organised players. Earlier, in the plotted segment, a majority of the players were unorganised but that is now changing. With interest for plots witnessing an increase, more so after Covid-19, large organised property developers have also entered this space and are even chalking out major plans," said Aditya Kushwaha, CEO and Director at Axis Ecorp.
"This in turn is giving more homebuyers the confidence to invest in the plotted segment. By having a trusted partner or developer onboard, the homeowners don't have to settle for average build quality. In addition, they don't have to endure the hassle of procuring permits or dealing with multiple contractors," he added.
Research by Square Yards showed a steady increase in demand for plots throughout 2020. Demand for plots either went up a little or remained same in the first three quarters, though there was a massive rise of almost 50 per cent in the quarter between October and December last year as compared to the period between July and September.
Noting that plotted developments have become a sought-after choice in this post-pandemic period as there is a growing demand for houses with open spaces and low-density projects, Vinit Dungarwal, Director, AMs Project Consultants, said that there has also been a correction in the prices over the last year which has helped in pushing the demand for this segment.
"The demand for projects that offer build-to-suit concept has increased significantly post the pandemic. In this new normal, everyone wants their needs to be treated with utmost priority. They also want that all aspects should be inculcated faster and in an efficient manner," Dungarwal said.
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