The latest trend has revived the dream of home-seekers to build home on plots, according to their taste and preference.
Building a dream home on self-owned plots is an eternal dream for every home-seeker. However, as cities expand and the people move in search of jobs and better opportunities, that dream gets shelved. Therefore, as population grew, the demand for apartments witnessed a sudden rise, leading to the mushrooming of housing societies as a large section of people moved into these affordable homes for reasons as varied as affordability, connectivity, and development of social and physical infrastructure such as schools, colleges, hospitals, metro rail, highways, etc. However, the latest trend has revived the dream of home-seekers to build home on plots, according to their taste and preference.
The availability of plots will not only re-energize those dreams but also stabilize real estate prices in the region. To know why plots are back in vogue, we must understand the following:
Availability: Your desire to build home on plots can be fulfilled in places like Faridabad as there is limited availability of plots within 10-15 km radius of the Delhi border.
Affordability: At the price of 3BHK apartment or 2BHK apartment in city centres, a 3BHK villa can be constructed on plots available a little away from the areas that are in attention due to the availability of housing societies.
Appreciation: On these plots, a maximum of 4 floors can be constructed, which means your investment will multiply manifold.
Security and Facilities: These plots, which are also available in gated communities, will have a secured gated complex with facilities akin to housing colonies. The government has mandated 10% space for community services.
This has become possible as in the last one-and-a-half decade infrastructure has improved like the advent of metro rail, operationalization of flyovers and expressways. These all have aided in a big way towards the movement of jobs and people into various regions. The government has done good work in Faridabad to develop micro level infrastructure like sector roads, sewage etc. to facilitate developers to build group housing societies. Today, hundreds of group housing societies have been developed or are under-execution in the region, accommodating close to a lakh of people.
For the government to relax norms for plots in order to increase supply and stabilize the property process, the demand of plots has grown with builders coming up with innovative schemes to help fulfill this dream of building own home. The idea of ‘Zameen Apni, Ghar Apna, Poora Hoga Ghar Ka Sapna’ is finding takers. To make things easier for the buyers, many developers have kept the booking amount low, priced it competitively and have facilitated bank loans to help fulfill this dream.
(By Mohit Goel, CEO, Omaxe Ltd)
(Disclaimer: This is the personal view of the author)