Land planned: Themed plotted developments catch on among young buyers
These projects allow investors to build homes that cater to their passions, with infrastructure focused on sport, nature, organic farming.
Plots are getting an upgrade. They are no longer just pieces of land connected by basic infrastructure such as concrete roads, water supply, electricity and a park. For those looking to take the plunge, on offer are plots with specific themes such as sports, villages, and resorts.
The plotted developments are getting attention from luxury buyers, IT professionals and Ultra-High Net Worth Individuals (UHNIs). “They no longer buy plots for investment, they want to build their second homes instead of buying templated ones,” says Gulam Zia, executive director of advisory, retail and hospitality at realty consultancy Knight Frank India. “Developers are tapping these micro markets in the suburbs of metros to build plots with specific themes, offering amenities of a luxe residential project to attract customers.”
Such projects are becoming increasingly popular in the larger metropolitan regions around Mumbai, Chennai, and Pune. Developers such as Wings Lifespaces, Puranik Capitol and Century Real Estate are offering plots with themes such as stadiums and European living. “We offer you gated communities with thematic designs, high art and man-made forests,” says Ravindra Pai, managing director at Century.
Alibaug Life has sandboxes, boats and artificial beaches.
The themed plotted development projects have plots with amenities that suit their specific theme. So a sports-themed plot has basketball courts, turfs, a stadium and a clubhouse with indoor games. Malgudi Farms has Warli paintings, farm spaces, and cottages for yoga and acupressure. You get access to the amenities when you buy the plot and pay an annual maintenance fee.
Raj Chattha, 30, a marketer from Bhandup, has invested in a themed plotted development called Century Sports Village in Bengaluru. He says it offers a relatively low buy-in and promises good returns in the long run. “The project has spaces for archery, futsal, cricket and football across 8 acres of space,” Chattha adds. “It also has a clubhouse with indoor games and a gymnasium. I am a sports enthusiast, so the plot is an ideal place to build my second home.” Chattha plans to build a house with an indoor mini-golf course and sports-themed interiors on the plot.
Century Sports Village is one of the three planned plotted development projects by the Bengaluru-based development company. “Our two other projects, Century Artizan and Century Eden, are based on themes of art and sustainable luxury respectively,” says Pai. “The projects are close to the airport and hence ideal for holiday homes, with a focus on lush green spaces, art and well-maintained roads inside the projects. You hence get all the amenities of a high-end residential project with the freedom to build your home the way you want to.”
Wings Lifespaces is offering themed plots in Karjat, Khopoli and Alibaug. Karjat Waters is resort-themed, has a pond and a bird sanctuary. “Our project in Khopoli, called Malgudi Farms, has 17 acres of horticulture and agriculture,” says chief marketing officer Punam Mishra. “And the project Des in Palghar has yoga rooms, an Ayurveda park and Warli paintings.”
First Published: Jul 28, 2018 21:01:24