It is evident from the figures that the demand for plots and independent floors were hot picks that fueled the market. Fourth-floor addition, Increase in FAR with stilt area for parking, Land being the first option, Opportunity for builders are all these factors responsible for the rising demand of plots in Gurugram increase in demand for plots. Inquiries for plots and residential properties have gained pace in the city as well as in the outskirts areas due to economical range and higher chances of appreciation. When one considers the resale value of the house, most people who are looking for an independent house prefer to buy a plot and construct their own house as opposed to buying a built house.
Recently Haryana government has taken the initiative to pump up the real estate sector by increasing the FAR of the land. To read the new MEMO dated
2nd Sep 2019 (MISC-2266/2019/SD(D)/ 7/25/2019-2TCP) regarding the increase in FAR by Town and Country Planning department CLICK HERE. https://tcpharyana.gov.in/WhatsNews.htm
Certain factors are the reason for the increasing demand for plots in Gurugram:
- Fourth-floor addition and Increase in FAR: Change in the policies to add up the fourth floor was a boost up for the existing plot owners but now revision in FAR from 1.90 to 2.64 has increased the demands for plots even more. Investors are keen towards buying a plot as now you can add up one and a half floors more to your earlier allowed construction of two and a half floors.
- Stagnant prices of Apartment: As for the investors due to the huge supply of apartments prices are either stagnant or declining from past few years, this factor results in turning the eyes of the investors towards plots and now becoming the best option to buy as it creates various opportunities to earn, also one can design and build their own dream house according to their need.
- Land as being the first option of buyers: Buying a piece of land is everybody’s dream in the first place due to the budget constraint some people buy on a later stage and some buy on the first stage and use it according to their requirements. Even the wealthy developers are wealthy due to the lands they own. So I will say by anyhow if you are able to buy it, then buy now and became the proud owner of the piece of land in the form of plot.
- Business opportunities: As I have earlier said owning a plot creates various business opportunities. For example, You can be a builder by building floors and then sell it in the market, you can build a lavish bungalow or even a simple house will do the work and sell it in the market, be a partner of another builder who is already in the business to build floors as you have the most important thing i.e. “The Plot” all these options gives you huge profit in any case or at the last you can also sell your plot with a price appreciation and use the profit to buy another one at right rate at different location.
“Rising demand for plots means a rise in prices results to price appreciation”
If there is any query regarding the above blog please get in touch with me at yourfirsthomes.reality@gmail.com