Residential plot prices shoot up in big cities amid strong demand

Property consultants and developers say demand is rising owing to an increase in incomes in the IT industry and families preferring independent homes post-pandemic

The prices of residential plots have doubled or tripled in the last two years and, in some cases, doubled in just one year due to strong demand in cities such as Bengaluru and Gurgaon and tourist destinations in Maharashtra, according to property consultants and developers.

They say demand is rising owing to an increase in incomes in the IT industry and families preferring independent homes post-pandemic.

Estimates by Anarock Property Consultants indicate that the sale of such plots has risen by three to four times since the onset of the pandemic.

In Bengaluru, average prices of residential plots have shot up from Rs