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Government-led infrastructure initiatives are significantly influencing residential preferences in India, with plotted developments gaining prominence. A JLL study indicates that from January 2022 to October 2023, developers acquired approximately 3,294 acres of land, while Anarock projects around 2,252 acres of land deals in FY-24 for residential, plotted, and township developments. Mumbai and Pune are leading this demand shift, highlighting the growing preference for independent and spacious living. Developers are prioritising community-driven planning and quality construction to meet evolving buyer aspirations. With increasing disposable incomes and a preference for green living, plotted developments are reshaping the future of Indian residential real estate.
Government-led infrastructure projects are playing a crucial role in transforming residential preferences across India. With ongoing suburban and peripheral urban developments, plotted projects are redefining housing trends. This shift is steering real estate towards an era where developers focus on offering open, customisable spaces while fostering sustainable and community-centric urban planning. Given the current market momentum, the future of India's residential sector appears increasingly promising. Advertisement
A study by JLL reveals that between January 2022 and October 2023, real estate developers acquired approximately 3,294 acres of land. Additionally, Anarock reports that around 2,252 acres of land deals in FY-24 are designated for residential, plotted, and township projects. According to the India Plot Market report by Magicbricks, Mumbai has the highest demand for plotted developments, followed closely by Pune. This data indicates a significant transformation, as plotted developments are now becoming a preferred choice for middle-class buyers seeking independence and more spacious living.
Developers are reassessing conventional residential models to align with contemporary buyer expectations. With a focus on quality and community-oriented planning, they are crafting spaces that provide open areas without compromising urban conveniences, especially well-connected road networks.
Mohit Malhotra, Founder & CEO of Neoliv, highlighted that today's homebuyers seek more than just a residence-they desire spaces that reflect their aspirations, lifestyles, and a sense of community. Neoliv has expanded into North India through a development agreement with Royal Green Realty. Its 20-acre Kundli-Sonipat project, located near Maruti Suzuki's upcoming plant, features premium villas, custom-designed plots, and a clubhouse, with a Gross Development Value (GDV) exceeding INR 600 crore. The company aims to establish a world-class, sustainable residential community in the NCR region.
Unlike high-rise apartments, plotted development projects allow homeowners to design their residences according to their preferences while enjoying the security and amenities of gated communities. Their competitive pricing and adaptability make them an attractive option for a diverse range of buyers. Rajat Khandelwal, Group CEO of Tribeca Developers, remarked that plotted developments provide homeowners with the flexibility to design custom residences while benefiting from thoughtfully curated community amenities.
The increasing preference for plotted developments is driven by rising lifestyle aspirations, higher disposable incomes, and a growing inclination towards green, sustainable living. Developers are tapping into this demand by incorporating nature-centric elements into their projects. For instance, Hyderabad-based real estate firm, Stonecraft Group, recently launched Woods Indresham, a 32-acre plotted development in Hyderabad. The project includes 305 premium plots ranging from 267 to 587 square yards and features unique elements such as a one-acre mango grove, a two-acre Miyawaki forest, and seven acres of open spaces to cultivate a vibrant community.
With land values appreciating and infrastructure developments accelerating, plotted developments present a lucrative investment opportunity, not only in metropolitan centres but also in emerging tier-II and III cities. This trend is a response to evolving market demands and a strategic approach towards future-proofing residential projects, paving the way for sustainable and future-ready residential communities.
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