Twist in the Plot: Rising Demand for Land Following the Pandemic
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The real estate segment showed exceptional tenacity in the year 2020, and it continues in 2021 as well. Last year witnessed an unprecedented patch during the lockdown but as soon as things started to open up, the segment clocked a great rebound. The residential segment has been the key driver in this rebound phase. An interesting trend that has emerged from the pandemic is the rise in demand for residential plots.
Residential plots were always a top-of-mind option for homebuyers as they offered a number of advantages. However, due to cost considerations and other factors, most homebuyers opt for apartments. According to a report by Square Yards research, the demand for plots increased by a whopping 50 per cent in Oct-Dec 2020 as opposed to the previous quarter.
This pandemic has given homebuyers ample opportunity to weigh in their choices and now more people are inclined towards a plotted property. As per a FICCI-ANAROCK report, there has been a jump in demand for self-owned houses as it is believed that they offer better social distancing.