The paradigm shifts from luxury to affordable plotted development projects are in race to launch affordable housing projects under Deen Dayal Jan Awas Yojana in newly developing sectors in Gurugram. The Town and country planning, Haryana has allotted 747 acres in New Gurugram’s sectors and accepted applications of builders to promote DDJAY in New Gurugram region. Such a move encourages the development of affordable plotted housing in world cities like Gurugram. Earlier Sohna- South Gurugram was known for such affordable plotted housing projects. The affordable housing segment was viewed as the most basic form of lodging, consisting solely of four walls. The lack of a car parking place in the project was a barrier, and the addition of one will boost the segment’s attractiveness.
In testing times such as COVID, where project delays, unsold inventory piling up and liquidity crisis have become inevitable the plotted developments have emerged as one of the most hassle free investment tool in real estate. These land portions in an enclosed space, if located near a prime hotspot are mediums of quick monetization, as the investors are also in a flexible position to book their share of land and wait for the nearby plots to develop.
Mr. Pradeep Aggarwal, Founder & Chairman – Signature Global Group & Chairman – ASSOCHAM National Council on Real Estate, Housing and Urban Development, “Despite the fact that affordable housing has the highest demand, many buyers were hesitant, therefore, with Plotted developments people’s demand for mid luxury homes will eventually increase more. The millennial buyer who was previously cautious to invest in a project will now surely going to invest as nowadays they see the value of owning a real estate asset and affordable luxury housing is the most suitable and convenient option for them.”