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HOW TO BUILD A SUCCESSFUL PLOTTED DEVELOPMENT THROUGH A THRIVING COMMUNITY?



Like other real estate development classes, plotted developments in all major
cities, like Bengaluru, Hyderabad, Chennai, and Delhi, have also evolved in last
2 decades. Most of the residential plotted development in past were just
provided basic infrastructure - overhead water tanks, electricity (overhead/
underground), sewage system and sometimes a club house. However, few of the club
houses were maintained post handing-over of the project. Some developments after
being sold remain as it is with no habitation and giving an impression of ghost
development whereas few of them transformed into a thriving community.

There are different plotted developments – developed by authorities/ societies
and private development companies. In private category, we have different grade
of developments – Grade A properties developed by reputed developers with
amenities and others primarily developed by smaller developers and focused more
for locals, and low-ticket size investments.

Many of the development results into a thriving community and high appreciation.
However, many plotted developments just remain as it is after decades of
developments as well. We all wonder, why does this happen? There are 5 key
attributes for a success of a plotted development - location, economic
activities, amenities, specification, and property management. In this article
we will dwell into this subject to create development of more meaningful.

5 ATTRIBUTES TO TRANSFORM A PRIVATE RESIDENTIAL PLOTTED DEVELOPMENT INTO A
THRIVING COMMUNITY:

1. Location & Accessibility

As we say in real estate it is Location, Location and Location. The same is true
for residential plotted developments as well. If project is in proximity to a
city and established or growing economic hub, it will attract end user to invest
in the property. These development gets life faster and probability of
transforming into a thriving community is high. As the key ingredient – People
are available.

It has been witnessed physical infrastructure development drives growth of newer
plotted developments. Availability of good infrastructure shortens the travel
distance/time and makes the development more feasible for residents.

2. Proximity to economic activities, and social infrastructure

As mentioned earlier, proximity to an established/ emerging economic hub plays
an important role in populating the plotted development project. As per our
experience, plotted development located along the growth corridor gets populated
at the speed of rise in economic activity. The affordability of people working
in said economic hubs dictates the quality and premium of the plotted projects.
Social infrastructure follows economic activities. To have a thriving community
the location needs to have a required social infrastructure as well to support
the needs and aspirations of the residents.

3. Development theme, amenities & activities

This is spine of a residential plotted developments. Many of the premium
developments have different development themes, for example, roman classic,
vernacular, and others. Two aspects of available amenities play an important
role in creating suitable environment for thriving communities: type and
activeness. Different types of amenities are provided including sports
facilities, swimming pool, rooms, activity area and others. The more important
part is how well it is maintained and reman active post completion of the
project.

4. Product mix, specification, and landscape

Buyers are more aware now a days. They are more willing to invest in projects
with good specifications: pavements, lights, site boundary and other features.
Landscaping for entire project plays an important role in these developments. It
accentuates the theme and increase livability in the project.

It is important that based on target segment and their ticket size, plot sizes
need to be developed. For example, if the location supports the investment from
affluent group and developer has decided to target this segment. The plot sizes
need to be of bigger size. But the target segment is mid segment or affordable
market the plot sizes to be determined accordingly.

5. Developer’s reputation and property management

Developer’s reputation supports branding of the project. It is well known fact
that a project from reputed developers attract more interest from buyers and
properties also appreciates higher and faster. Even exit for buyers in a Grade A
project is easier.

As mentioned earlier, property management and keeping amenities functional is
important aspect for community building. It is advisable to hire a professional
firm for managing the asset post completion of the project.

Other factors: Guidance, communication, and regular activities to promote
community

It is important to pay attention to listed parameters for developing
communities. Further, many communities have guiding regulations for development
of units by end users. It helps to create basic familiarity in the developments.
But it is important to define these guiding principles carefully without
restricting individuals’ aspirations. If the guiding principles are restrictive,
one will find difficult to enforce the same.

Communication forms an important part post completion of the project. It helps
to attract buyers to develop their property in near future. Property management
teams need to organize regular activities in the development and developer to
support in whichever way to motivate buyers to develop their plot.

Conclusion

Most of the plot buyers are investors and for them prime objective is capital
appreciation and ease of exit. These two parameters are directly related to the
parameters listed above. If any projects scores high on above parameters will
qualify as good investment proposition for investors.

As per our market intelligence, a growth corridor registers capital appreciation
between 8% and 15% per year over the period of 10 years of holding period. If
one enters in beginning phase of growth, he/she can expect capital appreciation
beyond 15% per year also.

It takes minimum 5 to 10 years to transform a plotted development into a
thriving communities provided location and economic hub developments are
developing fast otherwise it can take longer.



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About the Author



Gorakh Jhunjhunwala, MRICS

Gorakh spearheads Meraqi's overall operations, direction, strategy and growth.
He is a veteran real estate professional and has multidisciplinary experience
across advisory, valuations, capital markets and investment management. He has
advised over 50 clients on numerous consulting assignments and executed
investment transactions valued at USD 100 million.
Gorakh holds a B. Arch from RVCE, Bangalore and M. Tech from IIT Delhi. Prior to
founding Meraqi, he has spent over 15 years in key roles with leading
multi-national real estate service providers.



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