By Faizan Haidar
Copyright indiatimes
Naugaon and Hapur in NCR, Khopoli and Karjat in Maharashtra and Chikkaballapur and Channapatna in Karnataka have emerged as the new destinations for affordable horizontal development where developers are selling plots or farmland.As the real estate in metro cities is becoming expensive, buyers are moving to new destinations within driving distance of the cities.”We are seeing this trend pan-India as land in cities is getting expensive. Construction cost has also gone up, which is why developers are focusing on horizontal development. These projects are doing well as buyers with a budget of ₹50 lakh to ₹2 crore are not able to buy anything in the city,” said Shauzab Kazmi, director at real estate consultancy Moneytree Realty.Bengaluru-based startup Greenlakes, which has completed a 100-acre farmland project near Bengaluru, is executing another project after the first one received a good response.”While post Covid, the demand was mostly from corporates, who were looking to work from a remote location, now people are looking to stay away from city’s crowd for at least a few days of the month. Many organised players are also now exploring the segment with demand coming from both luxury and mid segment,” said Almas Johari, CEO, Greenlakes.Live EventsAccording to Amit Agarwal, founder and MD of real estate firm 2A Company, locations in Hapur are also in demand due to proximity to the highway that connects Delhi.Aranyaka, an NCR-based firm is developing a farmland project in Naugaon in Rajasthan, located 1-1.5 hours from Delhi and Gurgaon via the Delhi-Mumbai Expressway.With a portfolio of four projects, the firm is betting on second homes within driving distance of cities.Realty developer Central Park has also acquired 120 acres in Naugaon for a wellness-focused farmhouse project. NeoLiv, a residential investment and development platform, has entered into a management agreement for developing 47 acres of prime land in Khopoli, Maharashtra, while Godrej Properties (GPL) has acquired an about 90-acre land parcel in Khalapur in Raigad.The segment is also drawing the attention of institutional investors. Add as a Reliable and Trusted News Source Add Now!
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