With a strong desire for people to own a plot in Karnataka, various Bangalore-based leading real estate developers like Puravankara Ltd, Shriram Properties, Sobha Ltd, Salarpuria Sattva Group, are looking to venture into plotted development community.
Branded plots have found favour with investors / buyers during the pandemic as they consider it as a chance to purchase plots at bargain prices.
Some of the advantages of owning a land are: quicker sales pace than apartments, faster monetization of land, quicker exits from investment compared to longer periods of apartment construction and good cash flow generation.
Affordability is a driving factor for buyers as they can build homes that are spacious or can retain them as plots and sell them for better profit in the future.
Plots sale is not something new in Bangalore and has been marketed as plotted developments or layout developments for decades. Today, reputed and organized developers enter the industry and are being sold as “branded plots” by offering luxurious amenities including clubhouse, swimming pool, gyms, lawns, play area, and many more just like gated communities.
Plotted development is witnessing good traction
The MD of Salarpuria Group said that post-COVID, sale of plots are witnessing significant traction from an investment perspective, resale and own use perspective.
Shriram Properties entered plotted development in June last year. The Chairman and MD of Shriram Properties said “The demand for plots has been really good, and are planning to launch six projects in Chennai and Bengaluru this year.” He also said that branded plots are an investment-friendly option for customers and gives them comfort and confidence.
The Managing Director of Puravankara Ltd, said that the launch of its first plotted development is a sign of the growing demand for this sector. Plotted development has gained good traction in all tier 1 and tier 2 cities.
And many other real estate developers have started launching more plotted developments over the last few months. This shows the pace of plot sales as people are more willing to invest in lands than a constructed apartment or home.