With the evolution taking place in the real estate market, an array of options for different apartments, builder’s floors, and multi-stories are available for purchase.
The millennial home buyer at present is exploring a range of options for real estate investment in India and abroad. These investments are the best way to put hard-earned money into use with good returns.
In today’s competitive real estate market, the customer must understand the difference between a builder floor apartment and a multistorey apartment. Multi-storey apartments on one hand provided the residential facilities to a community along with parking and other essential amenities. On the other hand, the Builder Floor apartments are independent floor units in a low rise, plotted, residential colony. A premium choice for buyers looking for independent housing. Looking at the plus sides of the builder floor apartments many millennial home buyers are taking interest in builder floor apartments for investment and housing options.
What are Builder Floor Apartments?
Builder Floor Apartments are low-rise buildings usually with two or three floors. These apartments are constructed by builders on a purchased piece of land and sells them to home buyers. The Builder Floor housing offers an area of more than 1500 sq ft and these are self-contained floor units. Due to independent housing with separate electricity and water supply provisions, these apartments can be rather expensive.
What makes Builder Floor Apartment more compelling for homebuyers?
- Best housing option for independent living and more privacy
The major reason behind the surge in Builder Floor Apartments is the need for independent living and rising income. Many homeowners are re-furbishing their houses into builder floor apartments that bring home better rent prices along with higher privacy options.
- Builder Floor Apartments are Spacious
Many homebuyers with big families require more space for better comfort. Such homebuyers often seek properties to pool in resources on a premium spacious apartment for living. Such space often turns out to be a blessing for people fond of extra space for entertainment and recreational activities. One can freely go redecorating their space without bothering about any permissions from the owner or neighbors.
Many homebuyers consider Builder Floor Apartment a good option for investment because of the leverage they are offered.
- Lower maintenance cost
Some Builder Floor Apartments may have fewer amenities thus affecting the cost of the property. Many builder floor apartments have common space which considerably reduces the maintenance cost. The buyer has a great deal of control over what they need to pay for the common good.
What are Multi-Storey Apartments?
Typically, multi-storey apartments are housing flats that you must share with other apartments. These housing buildings can accommodate 3-4 families on each floor of a high-rise building. Such buildings usually have 5-8 floors or more.
Advantages of Multi-Storey Apartments:
- Affordable Rates
Multi-storey apartments are rather reasonable when it comes to price than builder floor apartments.
The price of a Multi-storey apartment in a metropolitan city may range between Rs. 6000 to Rs. 8000 per sq ft while builder floor apartment will cost around Rs. 8000 to Rs. 10000 per sq ft.
- Registration cost
Apartment registration cost is uniform in almost every state. All the buildings higher than 5 floors are covered under the Apartment Act. The registration cost is pocket-friendly too for any homebuyer.
- Security costs are nominal
Security in such buildings is often reliable as there is a single manned entrance for different apartments. Since the cost of security is shared by the dwellers of different apartments then the cost of the security becomes affordable for every resident.
- Amenities and Community living
Such multi-storey buildings often offer the base for social activities such as clubhouses, swimming pools, parks, etc. These factors compel Millennials in India to opt for multi-storey apartments for housing at affordable prices.
The choice between the type of apartment to buy has become an essential part of housing needs. Based on one’s affordability and required facilities a buyer has an array of options to opt from depending upon the region they’re looking for a residence in.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.