India’s desire for plots has been rapidly increasing

Real Estate
Real Estate

According to the study – ‘What form of property are you planning to buy in 2021?’ – apartments were the most popular choice with 36% of respondents, while plots came in second place with 34% of votes. Around 20% of respondents preferred separate residences, whereas 10% preferred villas.

India’s desire for plots has been rapidly increasing, resulting in a considerable increase in demand that is now virtually equal to that for flats, according to the latest Magicbricks Consumer Survey.

Consumer data post-Covid on Magicbricks indicate that demand for plots has been increasing as home purchasers seek additional space to satisfy the growing requirement for a home office. Residential areas next to major infrastructure developments such as metro, airport, highway, and rail links are experiencing a surge in plot demand. According to Magicbricks, the most popular cities are Bengaluru, Hyderabad, Chennai, Pune, and Lucknow. Hyderabad, Chennai, Lucknow, Gurgaon, and Pune are the cities with the most supply.

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Yamuna Expressway (Greater Noida), Vishweshwaraiah Layout (Bangalore), Sultanpur Road (Lucknow), Mokila (Hyderabad), and Shamshabad (Hyderabad) have all seen an increase in demand. Shadnagar (Hyderabad), Yamuna Expressway (Greater Noida), Devanahalli (Bangalore), Sultanpur Road (Lucknow), and Sangareddy (Hyderabad) are the most supplied areas.

Sudhir Pai, CEO of Magicbricks, commented on the trend, saying, “Over the last 12 months, we have seen a surge in demand for larger configuration homes, necessitated by the fact that home buyers are now looking to purchase or upgrade to larger configuration homes as a result of the continuation of Work from Home (WFH) policies.” We have observed that the majority of demand for plots has been between 900 and 1800 square feet.”

“Today’s property seekers demand authenticity when searching for plots, and more than 30% of the supply on our platform has been certified by local authorities, providing reassurance to our consumers. Our plots category provides purchasers with exclusive access to reputable information and the most recent updates, allowing them to make an informed and prudent investment decision,” he added.

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Magicbricks claims to have curated the greatest selection of government-approved plots in the residential markets of Delhi NCR, Mumbai and MMR, Pune, Bengaluru, Hyderabad, and Chennai, as well as Kolkata. Corridors were carefully chosen based on their availability and great growth potential in terms of connectivity, economic development, and social infrastructure development.

Magicbricks’ research team conducted an in-depth analysis of 100 investment hotspots across all 65 important corridors. The development factors and advantages/disadvantages of each of these hotspots are clearly stated to assist purchasers in making an informed decision. Plot searchers are also presented with reputable information and up-to-date information that enables them to perform in-depth study and make informed decisions, resulting in a smooth experience and lowering the time required to search for plots from months to minutes.

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