Developers eye tier II, III cities for plotted homes

Builders are launching land and villa projects beyond metro cities as demand and prices soar

- Madhurima Nandy

The new locations include Mangaluru, Indore, Nagpur, Prayagraj, Amritsar and Kochi, besides the outskirts of Bengaluru and Mumbai.

(HT)

Real estate developers are launching plotted projects in new locations beyond the metros as demand and prices soar, signalling a new demand trend in the property market.

Plotted projects and villa developments are emerging as a lucrative business opportunity, prompting more developers to explore this new market. A number of such projects are set to be launched in Mangaluru, Indore, Nagpur, Prayagraj, Amritsar, Kochi and peripheral areas of large cities such as Bengaluru and Mumbai.

While major developers such as Godrej Properties Ltd have focused on the top tier cities for residential projects, it has actively purchased land for plotted projects in smaller cities. Plots are usually sold as standalone properties or as part of a larger residential project. Given their price appreciation and lack of construction risk, they are good investment products.