Gurgaon’s leading real estate developers with large land banks are focusing on launching gated colonies of residential plots instead of sky-high in a bid to cater switch in consumer preference in the wake of the Covid-19 pandemic.
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 disclaimer on internal and external development charges.
DLF, Raheja 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.
“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 astounding response. This was an untouched market in Gurgaon with most of the developers concentrating on luxury segment. The affordable plot scheme has changed the game and more developers will devise the land through this as there is no heavy capital involved and it is less time consuming,” said sources.
In high-rises, construction tends to be slower as buyers prefer ready-to-move properties, said real estate executives. DLF, the country’s largest developer, had told investors during the last quarter earnings call about its plan to construct plots under the scheme of the Haryana govt.
“The difference being that in the last few months, there have been certain policy interventions by the Haryana government which have made the monetisation of these pieces slightly more friendly. And that’s what we are trying to leverage,” said Ashok Tyagi, whole-time director, DLF NSE 1.72 %. “We believe we have the right land bank to be able to launch these projects.”
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.