News: Plot sales in Haryana get a push from Haryana government-11-05-2022
Haryana government has allowed ground coverage of 75 per cent for residential plots up 250 sq m. The current ground coverage was 66 per cent.
Haryana government’s decision to increase the ground coverage and floor area ratio for plots of different sizes further will accelerate the sales of plots, according to developers and property consultants.
“Potential plot buyers will be lured to invest in plots because of the amendmen t brought into the Haryana Building Code 2017 and the selling USP of plots will also be skyrocketing after the legislation,” said Vikas Wadhawan, Group CFO, Housing.com.
Plotted Developments, especially in Gurugram have become a major real estate trend with the demand and supply soaring high in the real estate markets.
Housing.com plot report stated that the prices of residential plots rose by an average of 7% annually across eight major Indian cities since 2015.
Plots have generated higher capital returns in Delhi-NCR, Bengaluru, Chennai, Kolkata and Ahmedabad among others and served as a better source of investment than apartments.
“Plot Buyers will have capacious spaces with bigger ground coverage, and floor areas to sustain better architectural and infrastructural developments and improve the aesthetic appeal of their homes. It will also allow plot owners to build staircases, cut-outs, lifts etc without minimising or hampering the floor area ratio. The allowance of a single level basement for each plot will enhance the selling point of the plots. Moreover, the govt's move will also put an end to unauthorised construction in plotted developments and taking illegal land area and space by compromising rules,” said Pushpender Singh, MD JMS Group.
Haryana government has allowed ground coverage of 75 per cent for residential plots up 250 sq m. The current ground coverage was 66 per cent. This coupled with a maximum floor area ratio (FAR) of 165 per cent for plots up to 100 sq m and 145 per cent for plots between 100-250 sq m and other incentives are part of the amended Haryana Building Code 2017.
“This is a welcome step by the government. There has been a significant increase in the cost of residential land. An increase in FAR will help in moderating the impact very significantly. However, the government should not limit the increase in FAR to smaller plots. If anything, larger plots can absorb a higher FAR more efficiently,” said Alok Mehta, President Product Strategy, Vatika Limited.
A higher FAR in smaller plots may allow larger homes, however, the parking spaces and infrastructure in smaller plots will have to be looked into as despite constructing the stilts there may not be adequate space in small plots to park 3/4 cars.
