* 36 % of the respondents voted for apartments while 34% have voted for plots
* Bengaluru, Hyderabad, Chennai, Pune, and Lucknow see maximum demand
* Demand primarily in the range of 900 sqft – 1800 sqft
India’s appetite for plots has been growing at a rapid pace, resulting in a significant demand rise that today stands almost at par with that for apartments, reveals the latest Magicbricks Consumer Survey.
As per the survey - ‘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.
Post-Covid 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. 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, Gurgaon, and Pune top the charts.
In terms of localities, Yamuna Expressway (Greater Noida), Vishweshwaraiah Layout (Bangalore), Sultanpur Road (Lucknow), Mokila (Hyderabad), and Shamshabad (Hyderabad) have been witnessing a rise in demand. Shadnagar (Hyderabad), Yamuna Expressway (Greater Noida), Devanahalli (Bangalore), Sultanpur Road (Lucknow), and Sangareddy (Hyderabad) are the localities with maximum supplies.
Commenting on the trend, Mr. 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 (WFH) policies. We have witnessed that most of the demand for plots has been in the range of 900 sqft to 1800 sqft. Property seekers today are looking for authenticity while searching for plots, and more than 30% of the supply on our platform are approved by local authorities, assuring our customers with a sense of security. Our plots category offers exclusive access to credible information and latest updates that would enable buyers take an informed and a smart investment decision.”
Magicbricks has curated the largest collection of authority approved plots across more than 65 key corridors in the residential markets of Delhi NCR, Mumbai and MMR, Pune, Bengaluru, Hyderabad and Chennai, and Kolkata. The corridors have been carefully selected keeping in mind the availability and significant growth potential about connectivity, economic, and social infrastructural development.
A diagram of a building
Description automatically generated with low confidenceMagicbricks’ research team has conducted a thorough research of 100 Investment hotspots across all the 65 key corridors. For each of these hotspots, the growth drivers and the pros/cons are listed out clearly to help buyers take an informed decision. Plot seekers rare also provided credible information and latest updates that help them conduct an in-depth research and make a smart decision, thus making it a seamless experience and reducing plots search from months to minutes.
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 needs to get the construction map approved through government authorities, hire a contractor, and arrange funds for any emergency. All these challenges can be overcome by using Magicbricks, wherein one can get personalised assistance through plot experts, plot vlogs and expert talks and stand assured with credible advice and trusted expertise.