Builder floor apartments – benefits and things to consider
The real estate market in India has been witnessing a steady boom in the last decade. The purchasing power of the population has grown steadily with people willing to invest in real estate despite high property rates. Today, the focus is not just on buying a house for the sake of living. Property developers are offering a wide range of residential real estate properties. People prefer to invest in high rise building and sky scrapers just as much as they like investing in villas, bungalows and row houses to facilitate independent living. It is all a matter of lifestyle preferences. A new concept popular among investors today is builder floor apartments. Let’s understand what it is, what its benefits are and what things need to be considered while investing in builder floors.
Builder floor – definition and meaning
A builder floor apartment is simply defined as a residential unit that is a part of a low-rise and independent building. Buildings, which typically consist of only three to five storeys, generally house apartments of the same alignment or configuration. Builder floors are ideally constructed on residential plots which are small or medium in size. The builder then sells each floor independently by charging a different price. Let’s look at it with the help of an example.
In case of a regular 5 storey building, there is a fixed price tag attached to all flats. However, in case of builder floor apartments, the ground floor and the top-most floor with balcony or roof rights are generally the most expensive as the demand for these floors is also very high. The builder constructs these floors either on their own or in collaboration with the owner by entering into a joint development agreement.
Advantages of opting for builder floors
There are many advantages of opting for builder floor apartments. They are as under:
You can have the entire floor to yourself: You can own an entire, independent floor on your own and design it the way you like without having to invest a huge sum of money like you would in case you choose to invest in something as luxurious and expensive as an independent bungalow or a villa. As such, you get all the privacy you require.
You don’t have to worry about maintenance fees: Individuals living in a gated community typically have to pay a monthly maintenance fee. This fee is generally applicable in all kinds of developer projects. However, as an owner of a builder floor apartment you do not have to worry about monthly maintenance fees and other such charges.
You can form your own separate community: When you opt for builder floors you also have the freedom to bring in your extended family, close friends or other like-minded individuals to live on the same floor as you. As such, you can have your own separate community on a single floor.
Special amenities for each floor: Owners of builder floors can get a separate electricity and water connection for their floor. This is unlike larger residential complexes where these connections need to be shared, often creating disputes.
Extremely profitable: When you choose to sell this apartment, you can expect a higher premium; especially because builder floors can be sold off in one go.
Things to consider while opting for builder floors
While builder floor apartments can prove to be extremely profitable, you also need to keep a few points in mind before investing in them. These include
Final thoughts: A real estate investment of any kind is a high value investment. It is therefore necessary that you do your due diligence before investing in any property. Before you make the final decision to invest in a builder floor apartment, ensure that you consult your financial advisor.