Gurgaon Developers Focus on Launching Gated Colonies
Gurgaon’s leading real estate developers with large land banks are focusing on launching gated colonies of residential plots instead of high-rises in a bid to cater to the shift in consumer preference in the wake of Covid-19 pandemic. DLF, Raheja, Alpha Corp and Signature Global are among the builders who have turned to plotted colonies as, apart from the surge in demand, there is no construction cost involved and they also avail a tax benefit from the state government. The Haryana government had announced Deen Dayal Jan Awas Yojna (DDAY) for small towns in 2016 and, last year, it extended the scheme to include Gurgaon. Under the scheme, developers applying for licence get tax benefit and waiver on internal and external development charges. At least 10 developers in Gurgaon are coming up with the plotted colonies to avail benefit of the scheme and most of them have received tremendous response. This was an untouched market in Gurgaon with most of the developers focusing on luxury segment. The affordable plot scheme has changed the game and more developers will monetise the land through this as there is no heavy capital involved and it is less time consuming. Also, in high-rises, monetisation tends to be slower as buyers prefer ready-to-move properties. There is a lot of demand and it is also easy to monetise. The plot starts as low as Rs 18.7 lakh with the size ranging between 68 and 144 square yards. This makes the product very affordable for homebuyers.. Under the DDAY scheme, the state plans to promote high-density plotted colonies across Haryana and has made it mandatory that all the projects be completed within a period of seven years from the date the licence is granted.
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