Increased demand for plots gears up land development for the better day!
There is a consistent increase in the demand for developed plots in Chennai in the recent years. There is a sharp rise in the rates of plots in various areas in a span of just four years. Investors are going for plotted development projects, inspiteof the stringent plot norms, as they are certain to see virtuous value appreciation for land than for any other assets.
Industry sources state that those who have invested in some of the prominent suburbs of Chennai like Sriperumbudur, Oragadam etc have doubled their investments in a very short span. Nevertheless,locality is one very vital aspect that has to be given due thoughtwhen deciding to make an investment in land. Factors such as connectivity, transport network, impending townships in the neighbourhood, infrastructure development, accessibility to amenities etc seems to be play a key role in spurting land prices in peripheral and suburb areas.
Furthermore, as tractability in norms is added for DTCP approved plots, these lands are well appreciated than the plots that are not regularised. Such a scenario has triggeredaggressive competition among many small scale operators in the market.
The interest of the investors has provoked land promoters to go one step ahead, by offering resale and property maintenance services. Such promising developments in the real estate market have fetched the multitude of NRIs and HNIs to invest in developed plots. The developers have taken to offer construction services as wellfurther to land owners initiating to build houses.
GPS Report identifies Chennai as one of the 12 cities around the globe with the potential to show strong residential property price growth in the next few years making land developers bullish about their projects.
In the recent years, the demand for developed residential plots in the city has increased, and a number of developers are turning a portion of their land bank into plotted layouts.
A majority of micro markets in the suburban and peripheral areas of Chennai don’t have strong apartment culture and plotted developments become important here. They are also popular among HNIs, NRIs and IT professionals.
The suburbs offer plenty of space for growth and developers aim to make plots a fashionable investment avenue.
As a long term investment, land is an inexpensive option compared to an apartment, with land there are no utility bills, insurance is nominal and property taxes are extremely low as well. Features such as roads, connectivity, water, electricity, street lights, pavements, walkways and access to commercial establishments are the amenities to look for today. Ananda green manthra has it all.