A report by real estate data analytics firm CRE Matrix has said that sales of around 900 plots are expected for 2024 in the Raigad district of Maharashtra, a hub for such projects that attract investors from the nearby Mumbai metropolitan region, with extensive project launches being planned elsewhere near the metropolis as well.
The report said that 462 plots were sold till the end of July 2024 across various plotted developments in the Raigad district, which includes hotspots such as Karjat, Khopoli, the sea resort of Alibaug, as well as various towns and villages around it. CRE Matrix estimated that around 7,000 units have been launched across 66 projects in the plotted development space.
A number of investors, including celebrities, non-resident India, high-net worth individuals, and others, have purchased or leased land in the area in recent years at standalone plots or plotted developments. In recent months, film actors Amitabh Bachchan and Kriti Sanon have purchased plots in Alibaug worth Rs 10 crore and Rs 2 crore respectively, at a project launched by the House of Abhinandan Lodha.
While some have used the plots to construct second or holiday homes for their own use, others have built commercial properties such as hotels, resorts, or homestays. Branded developers such as the House of Abhinandan Lodha, Macrotech Developers, Godrej Properties, Mahindra Lifespace Developers, among others, have launched large plotted development projects in the region, the report said.
While prices for plots have been flat for a year in the region, in areas such as Karjat, CRE Matrix's report said that the entry of branded players have caused prices to rise in a previously fragmented market.
"Plots in Karjat have seen a significant appreciation. What began as a unplanned market with small land aggregators selling land plots to individuals, has now completely transformed with the entry of Grade A developers such as Godrej, Kalpataru, Wadhwa, and Arihant," the report said.
Data from the report showed that prices for plotted developments in Raigad are at Rs 1,574 per square ft, compared to Rs 1,616 in 2023. However, the same in 2019 was Rs 425 per square foot, reaching a low of Rs 325 per square ft in 2020.
Elsewhere near the Mumbai metropolitan region, developers such as Rustomjee have launched large plotted development projects, including an 88-acre project at Kasara, in Thane district, with a plan to launch a further 60 acres. Rustomjee, which trades as Keystone Realtors Ltd, has launched 253 plots in the first phase of the project, and plans to launch 209 more in the later phase.
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