India’s appetite for plots has been growing at a rapid pace, resulting in a significant rise in demand that today stands almost at par with that for apartments, according to the latest Magicbricks Consumer Survey. Demand on Magicbricks reflects that Bengaluru, Hyderabad, Chennai, Pune, and Lucknow have been witnessing the maximum demand. In terms of maximum supply, Hyderabad, Chennai, Lucknow, Gurugram, and Pune top the charts.
Post-COVID-19 consumer trends on Magicbricks suggest that the demand for plots has been on the rise as home buyers look for more space to accommodate the rising needs for a home office. Residential markets with big infrastructure projects such as metro, airport, highway, and rail connectivity are witnessing a huge demand for plots.
As per the survey called, ‘What type of property are you planning to buy in 2021?’, apartments were the most preferred choice with 36% respondents voting for it, while plots emerged as the second most preferred asset with 34% votes. Around 20% of the respondents voted for independent houses and 10% for villas.
In terms of localities, Yamuna Expressway (Greater Noida), Vishweshwaraiah Layout (Bengaluru), Sultanpur Road (Lucknow), Mokila (Hyderabad), and Shamshabad (Hyderabad) have been witnessing a rise in demand. Shadnagar (Hyderabad), Yamuna Expressway (Greater Noida), Devanahalli (Bengaluru), Sultanpur Road (Lucknow), and Sangareddy (Hyderabad) are the localities with maximum supplies.
Commenting on the trend, Sudhir Pai, CEO, Magicbricks, said, “Over the last 12 months, we have seen a demand surge for larger configuration homes necessitated by the fact that home buyers are now either looking to buy or upgrade to higher configuration homes due to the continuance of work from home policies. We have witnessed that most of the demand for plots has been in the range of 900 sqft to 1800 sqft.”
Magicbricks said that those planning to buy a plot need to carefully budget, keeping in mind the total cost of land, taxes, stamp-duty, and registration charges. The buyers also need to get the construction map approved through government authorities, hire a contractor, and arrange funds for any emergency.