Home buying is still considered to be one of the most crucial decisions in a person's life. With umpteen options available in the real estate market of Tricity, the end-users have to carefully analyse their home choices, which aligns with their budget and living standards. The trend of high-rise gated societies, townships, and residential plots has managed to co-exist in the Tricity realty market due to the diversity of population residing here.
Some of the primary reasons for choosing residential plots over gated societies can be the future returns and flexibility which plotted developments offer when compared to the gated societies. An end-user looking to invest in plots must be prepared to get these future returns only after a horizon of 5-6 years. The plots come with the freedom of construction and designing of homes as per their taste and preferences. While for the developers too, residential plots take lesser time to fully develop as compared to the hundreds of units in a gated society.
Due to the major lifestyle changes happening in Corona times, residential plots are also preferred choices by many due to the privacy and exclusivity they offer in terms of areas like parking, entrance, pool, garden etc. The influx of end-users in the market is due to the lower home loan interest rates offered by the banks. The majority of the population migrating to Tricity region from Punjab, Haryana, J&K, and Himachal Pradesh has to adjust with the rental accommodations, but a part of them still desire to own a home in the vicinity of the City Beautiful. Regions like New Chandigarh, Dera Bassi, and Kharar are the ideal locations for owning such residential plots.
Key road projects like connecting Kharar with New Chandigarh have begun. Recent announcement related to GMADA starting the land acquisition process to build a 6km, 200-feet wide link between Airport road to Kharar -Landran road will further improve the connectivity and value of the property in these regions. The road is a part of the Mohali master plan.
In present times, as industries are beginning to recuperate developers are still open to offering deferment payment plans, some are even offering comparatively lower booking amounts to cease the deal. This will be a pattern for only a limited time, until the market comes back to its pre-COVID level. Investment in residential plots can be strenuous on homebuyer's financial and emotional health. Therefore, it is very important to purchase plots from reputed developers who have a track record of timely delivery and experience in the business. Scrutinizing and verifying the documents required for a property purchase must always be on priority.
Residential plots are a great option for people who are open to taking responsibilities and appoint staff for the extra care and maintenance, it demands. It is an extremely beneficial purchase in present times looking at the market condition. Property prices will appreciate significantly in the coming 5-6years, as these newly developing regions transform into the next urban hotspots near Tricity.