Been thinking on the pros and cons of owning/living in an apartment vs. an independent house. Increasingly we are seeing people opting for apartments in the cities; does that mean that there is something superior about apartments?
Not at all. In mature economies like US & UK, people still prefer to live in houses with some land around them as opposed to tiny apartments in highrises. This makes me suspect that Indians are buying apartments because of lack of options, not because it is the better option!
One of the reasons for the increasing popularity of apartments in India is the exorbitant cost of land in the larger cities. Another not so well known fact is that even when land is available, the jhanjhat involved in getting it registered under your name is humungous. Everyone in the registrar office gets a cut on the deal and there are several middlemen as well. If done without the help of a person who knows the system, we can find it extremely difficult to manage.
Most of the immigrants into cities find it easier to buy an apartment from well known builders since the land registration problems are already taken care of. Moreover, the society will look after things like power, water, utilities etc; leaving the apartment owner free from worries on that front.
On the benefit side, apartments do have some perks like in-house gym, swimming pool, health clubs etc. But I have rarely seen these facilities used by the people who live there! An independent house owner will have to pay extra and become a member of some club to get these privileges. The part not well known is that since the house owner pays extra for these facilities, he/she uses them well and besides, the club they go to will be better managed than the in-house facilities of apartments. But of course there may be exceptions.
Part 2 in tomorrow’s post
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In India safety issues also make people opt for flats. But in my case I want an independent house and am unable to but for the 40 lakhs I am willing to spare. Also in independanat houses more janjat of cleaning the compound, house front, kolam etc. I love in andindependant house right now for rent and I enjoy the space for gardening. But…..money money
Yes. Privacy & security are v important considerations while purchasing a home. For 40 lakhs, you should be able to purchase 2 independent houses in tier 2 towns like Vizag, Nagpur, Coimbatore etc. If you are absolutely sure about wanting an independent house, buy one now. It will surely appreciate. You can continue to live in rented acco in major cities.
Hey man I come from coimbatore and land prices were sky high long back. May be you are talking of places on the outskirts of the city which we never thought of as coimbatore
Well.. I got news for you friend. I have actually already purchased a land property (with a house) in Coimbatore about 4-5 kms from the airport and 1-2 kms from the upcoming TIDEL park. It is very much in the city. It costed me just above 20 Lakhs. And mind you this was only about 2 months back.
Real estate market is dull right now, and for those with money to spare, there are probably a few good deals waiting for the taking.. But prices may not go up as dizzily as in the past, that’s for sure..
Hi Williams,
Can u provide me the detils.I am also looking for villa type.Can u please provide me the details.How much is the sqfeet of the land and cost.Where is the exact location??
Thanks
Shri
@ shri
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Land is about 1600 sq. ft. and the house has a floor area below 1000 sf. ft. Land cost per cent would have come slightly above 4 lakhs. That is only an estimate because we don’t price land separately since house was also part of the deal.
Usually negotiation starts at about 5 lakhs per cent for land in that area. It is behind the Medical College in the Vilankurichi area.
Most of the immigrants into cities find it easier to buy an apartment from well known builders since the land registration problems are already taken care of. Moreover, the society will look after things like power, water, utilities etc; leaving the apartment owner free from worries on that front.
Nowadays, there are ample buyers for such one-bedroom flats; the prestigious real estate firms have almost stopped making one-bedroom houses. One has to really make an extra effort to figure out if any well-known builder is still constructing such flats.