Plotted development is a parcel of land developed in Popularity in North Bangalore by a company that furnishes all the basic requirements for a home. A company purchases large areas of land. The land is divided into portions by qualified staff using suitable measurements. The plots would be given numbers and sizes by the developer. And recently this trend is taking over the real estate market in Bangalore and there are many reasons behind it which we will be discussing now:
Plotted developments provide for the freedom to personalize and create homes according to one’s convenience and preferences. It means one can choose a suitable plot for them by adhering to their desires, needs and requirements without much hassle and that too at their own convenience. For these reasons, it is anticipated that a greater affinity for plots and independent houses would emerge soon and Popularity in North Bangalore.
Residential plot inquiries are rising in Bangalore neighborhoods including Yelahanka, Magadi Road, IVC Road, Devanahalli, Whitefield, Anekal, and Hoskote, and experts predict that this property type will remain popular in the coming quarters as well.
2. Easy To Sell
Purchasing a plot gives you the option to make a significant investment as well as the decision to construct your own home in the future. Plotted developments have a quick and strong appreciation value even though they are deposited into asset banks at a low cost. Compared to other residential properties, resale land can be sold more quickly and easily. Your investment in the planned developments will yield you a larger return with swift liquidity viability in the near future.
Plotted development comes in a variety of space sizes, and one can choose the appropriate size based on their financial limitations. You have the freedom to construct a home that suits your lifestyle thanks to the flexibility of the available space. Since buying a home in a place like Bangalore requires significant life savings, a growing number of people are opting to build their own homes from scratch rather than owning pre-built homes in high-rise apartments. When compared to apartments, plots allow you to develop a single unit while yet taking use of community features like a gated neighborhood. Compared to apartments, a single unit on a plot of land will provide more privacy.
4. Higher Returns
In Bangalore, plotted land offers better returns on investment than flats. It is also a major factor in why potential homeowners choose a plot of land rather than a single structure. Many well-known builders had to provide plotted developments to customers due to the shifting demand patterns of homebuyers. Apartment prices are expected to decrease over time, whereas land investments only increase in value, guaranteeing you large returns over time. A buyer of a house may choose any plot size from 500 square feet to 10,000 square feet.
High-income individuals have been the primary target market for planned development projects in recent years because they choose to live a private and opulent life, providing for all their needs while constructing a home for themselves. The situation has changed due to the nation’s growing IT sectors, which offer competitive salaries for workers. The demand for planned developments has been fueled by the introduction of mortgage facilities by banks for plots in the integrated township.
Due to the presence of the Kempegowda International Airport near Devanahalli, business office parks such Embassy Manyata Business Park, and the upcoming Metro rail project, North Bangalore is in great demand for residential plots. Property values are probably going to be significantly impacted by the metro’s completion.
For instance, because of their proximity to the Kempegowda International Airport, places like Bagalur, Sathanur, and IVC Road are already gaining popularity. Additionally, these locations provide seamless access to the Whitefield and HSR Layout IT clusters.
6. Safe Alternative
Historically, it has been believed that residential land will appreciate more than developed homes, particularly social apartments. A higher rate of appreciation, comparatively cheaper initial outlay, and greater rental possibilities are a few of the elements that have fueled demand for plotted constructions in Bangalore.
Since homebuyers previously preferred community living and the apartment culture was in full swing, the transition appears to be cyclical in nature. While COVID has sparked a surge of backward integration in homebuyer demand, this too will have long-term consequences due to the lack of horizontal growth space in major cities like Bangalore.
7. Stamp Duty Reductions
The demand for residential plots in Bangalore was significantly increased by the fall in stamp duty rates. In 2020, the Karnataka government lowered the stamp duty from 5% to 3% for properties costing between Rs 21 lakh and Rs 45 lakh, and to 2% for homes costing less than Rs 20 lakh. However, investors preferred residential plots over ready-to-move-in flats because more than 75% of properties in Bangalore cost over Rs 40 lakh.
As you can see that there is no single reason for the increased demand in the popularity of Plotted Development in North Bangalore. And the truth is this demand is not ending anytime soon for the next few years. That’s why it’s a good time to join the bandwagon with us by getting your first plot with us at Zaurya.
And the best part is we will help you pick and choose the right plot for you without you having to do any form of research from your side. If that sounds amazing then visit our website today and book a call with us now.