The plot twist
Themed plotted developments are catching on, with their offer of a lifestyle that revolves around a passion. Investors can thus buy a plot and build their dream home amid sports spaces, manmade forests or farms
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 manmade forests,” says Ravindra Pai, managing director at Century.
Themed plotted development projects come 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 Days has Warli paintings, farm spaces, and cottages for yoga and acupressure.
You get access to the ameni- ties when you buy the plot and pay an annual maintenance fee.
BUILDING BLOCKS
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 Ravindra Pai, managing director at Century. “The projects are close to the airport and hence ideal for holiday homes, with a focus on 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.”
WHAT IS AT STAKE?
Even if 50% of the stalled projects are picked up by NBCC, the resultant construction activities would not get innumerable homebuyers off the hook. Also, if a government entity like NBCC undertakes the construction of stalled projects, the apprehension that banks currently have towards construction finance would ease out.
Most stalled projects have good monetisable assets in the form of land banks and FSI that NBCC can use to fund the construction costs.
Moreover, giving a push to the construction cycle is not only the need of the hour for the residential sector but also bodes well for the incumbent government, which is facing flak for lack of job creation.
Unfettering stuck projects and opening up construction funding will create massive employment opportunities, especially for EWS and LIG segments - the key targets