According to survey by Anarock Group – conducted on the top 7 cities including Bengaluru, Chennai, Hyderabad, Pune, Kolkata, MMR and NCR – the top 3 with maximum appreciation are all in NCR.
The survey further says that Yamuna Expressway saw the highest rise of 38% in average plot prices, followed by Greater Noida (West) at 36% rise and Neharpar in Faridabad at 29% rise over the last 2.5 years.
"Plots have become a hot ticket for property investors on the post-pandemic marketplace. Undoubtedly, well-chosen land offers higher returns on investment when compared to apartments. Average plots prices across India's major cities, and especially in NCR, rose considerably over the last two-and-half years," Anarock Group's Vice Chairman Santhosh Kumar said.
ALSO READ: Greater Kolkata property registrations see 114% YoY jump in June 2022: Report
Based on the data provided by the firm, in Kolkata region, Howrah witnessed a 20% rise in plot prices, while Barasat-Madhyamgram saw a 18% increase and a 24% price rise was seen in Garia area.
In Bengaluru, the top 3 micro markets to see land price growth since 2019 are Devanahalli (18%), Attibele (24%) and Doddaballapur Road (18%). Similarly, in Pune, the plot appreciation saw a rise of 24% in Hinjawadi, 18% in Chakan and Manjri with 18% increase.
In comparison, Chennai's Poonamallee saw 22% growth in average plot prices, followed by Tambaram with 25% growth, and Navallur with 20% growth. While, in Hyderabad the average plot prices in Medchal, Adibatla and Ghatkesar saw 21%, 24% and 26% growth respectively. In Mumbai Metropolitan Region, the top 3 markets to see plot appreciation are Shahapur with 22%, Boisar with 18% and Neral with 17% price rise.
The firm added that unlike previous times, many large developers now offer this property type and have increased the overall supply of this typology. With the advantage of branding, plotted developments have become respectable, and most buyers prefer to deal with the bigger names. The options are now offered by developers like DLF Ltd, Raheja Group, Godrej Properties, Century Real Estate, Puravankara’s Provident Housing, Shriram Properties, Goel Ganga, TVH, and Alpha Corp, among others.
