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The Covid-19 pandemic has brought a shift in consumer’s preference in every sector and real estate is no exception. In a proposition to cater to the transition in demand, Gurgaon’s top-notch developers have now changed the course of their focus from high rise development towards gated colonies comprising of residential plots.
Builders like Alpha Corp, Raheja, DLF and Signature Global are among those who have now transitioned towards plotted colonies which will induce no construction cost and will also give them an additional benefit of tax deduction from the state government.
The Deen Dayal Jan Aawas Yojna (DDAY) for small towns announced by the Haryana Government in 2016 gives tax benefits and waiver on internal and external development charges to the builders applying for licence. This DDAY has been extended to involve Gurgaon since last year.
According to Anckur Srivasttava, chairman of the real estate advisory GenReal Property Advisors, “ Up till now most of the developers were focusing on the luxury segment and hence plotted colonies was an untouched segment. There has been an incredible response to the developers who have come up with this new trend to avail benefits of the scheme. More developers will monetise land through the game-changing affordable land scheme as apart from being less time consuming there is no massive capital investment involved.”
As per the real estate industry executives, buyers prefer ready-to-move-in properties and hence, high-rise development gives slower cash returns.
Pradeep Agarwal, Chairman Signature Global Group states that “ The affordable housing and land market has seen an incredible demand surge. Plots ranging from 80-150 meters in sizes are being sold. Since developers can build four floors and sell them independently, at some places we are selling floors as well.”
Nayan Raheja, executive director of Raheja Developers said, “ Plots ranging between 68 and 144 square yards are available starting from just 18.7 lakhs rupees.”
Raheja Developers have given two projects under the DDAY and applied for more licenses.
During the last quarter earnings call, DLF, the country’s biggest developer had told its investors about the company’s plan to monetize plots under the scheme by Haryana Government.
According to Ashok Tyagi, whole time director, DLF “Monetization of plots have become easy due to certain policy interventions made by the Haryana Government in the last few months. We are trying to leverage this and as we possess the right land back we will be able to initiate these projects.”
The State plans to promote high density plotted colonies under the DDAY scheme across Haryana and has made it compulsory that all the projects should be completed within the period of seven years from the date the license is allotted.
Santosh Agarwal, CFO Alpha Corp explained that their company has projects in Karnal and Meerut and to avail benefits of the scheme, its Alpha International City, Karnal (AICK) in Haryana will offer gated colonies with small plots. The township will be built keeping in mind the needs of its residents. Now that the township will have connectivity with Delhi through rapid rail, they expect a lot of investment from NCR buyers.
Resource: https://economictimes.indiatimes.com/industry/services/property-/-cstruction/developers-in-gurgaon-focus-on-plots-as-covid-19-changes-consumer-preference/articleshow/78022210.cms
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