Since 2020, several large and listed developers have been offering plots, leading to growth in demand and prices across major micro markets in the top cities. ANAROCK data shows that the top 7 cities (Bengaluru, Chennai, Hyderabad, Pune, Kolkata, MMR and NCR) have witnessed new plotted developments supply since 2020 and saw decent appreciation over the last 2.5 years.
Out of the multiple micro markets across top 7 cities, the top 3 with maximum appreciation are all in NCR. Yamuna Expressway saw the highest rise of 38% in average plot prices – from INR 1,600/sft in 2019 to INR 2,200/sft by H1 2022-end.
Greater Noida (West) saw a 36% rise in avg. plot prices - from INR 3,300/sft by 2019-end to INR 4,500/sft by H1 2022-end. Neharpar in Faridabad saw a 29% rise in the same period – from INR 3,500/sft by 2019-end to INR 4,500/sft by in H1 2022-end
Santhosh Kumar, Vice Chairman - ANAROCK Group, says, “Plots have become a hot ticket for property investors on the post-pandemic marketplace. Undoubtedly, well-chosen land offers higher returns on investment when compared to apartments. Average plots prices across India's major cities, and especially in NCR, rose considerably over the last two-and-half years.”
Unlike earlier, many large developers now offer this property type and have increased the overall supply of this typology. This is no longer the stronghold of smaller, unorganized players seeking to liquidate land they cannot develop. With the advantage of branding, plotted developments have become respectable, and most buyers prefer to deal with the bigger names.
Today, this option is being offered by developers like DLF Ltd., Raheja Group, Godrej Properties, Century Real Estate, Puravankara’s Provident Housing, Shriram Properties, Goel Ganga, TVH, and Alpha Corp, among others