Builder floor Vs high rise apartment

The Indian real estate has grown significantly over the past decade. The boom in real estate has been driven by the rising incomes of individuals in India combined with easy access to home loans.

This has brought new and innovative options in the residential real estate sector. However, the concept of luxurious, yet comfortable living is gaining much popularity. The builder floors can be developed either by established builder, individual land owners or as joint venture of both the parties.

How is a builder floor different from a high rise apartment?

A builder floor has few specific features when are absent in a high rise apartment building.

Builder floors:

– They are low rise buildings with 4 or less floors.

– A builder floor has only a single unit based on per floor for a single family with privacy.

– A builder floor costs higher when compared to a high rise apartment as a builder floor caters to high end users with better amenities and privacy.

High rise apartments:

– They are residential projects which have large number of floors based on the project clearances.

– A high rise building has 2,3 and 4 BHK apartments on a single floor which can be occupied by more number of people on the same floor.
– A high rise apartment caters to the middle class with a budget housing solution with a ready to move in option. The high rise apartments are quite efficient with a well utilization of the space available.
– A high rise apartment when compared to a builder floor has increased number of amenities like community halls, swimming pools, children’s park, club houses and so on. There is an increased amount of social interaction in a high rise apartment as it houses a large number of families.

Advantages of a builder floor:

– One of the key advantages of a builder floor is that a person can own an independent unit without paying a large amount of money like that of independent villas or bungalows.
– The price of a builder floor is quite less when compared to the price of an independent villa or a bungalow. Builder floor has been attracting a large number of home buyers who prefer a better lifestyle with limited costs.
– A builder floor not just provides the luxury of an entire floor but also gives the owner the freedom to pay the maintenance fee and other charges like that if a high rise apartment.
– Builder floor gives the buyer an option to choose the desired locality in the developed parts of the city. However, a tie up between a house owner and a developing builder floor can benefit the buyer to a large extent.
– A builder floor increases the chances of the like minded people investing in the same unit by buying all the floors of the building and form a community.
– Each builder floor has its own separate water and electricity connection which eventually avoids disputes like that of common apartments.
– A builder floor fetches higher returns when sold. It also gives way to higher premium.

Tips for buyers investing in builder floors:

Along with the advantages, a builder floor also has its own backlogs likewise the maintenance activities has to be solely taken care of an individual owner unlike an apartment society. This can be quite a hassle. Also few additional facilities might not be available in a builder floor as only few families occupy the building. Lastly, there might be glitches in the quality of construction of a builder floor followed by due diligence and supervision being carried out by the sole owner unlike an apartment society. Here are some tips for a builder floor investor.

– It is very important that a buyer has to carry out fundamental checks before investing. In some cases it might be a problem if a builder floor has only few owners.
– The buyer should ensure that he/she checks the past record as well as the developer’s/land owner’s reputation followed by the quality of construction. Perhaps a home inspection might help.
– The buyer should verify the title of the property at the local courts and land record offices.
– The buyer should be aware of the market rates applicable based on the locality and the base fixed rate.
– The buyer should consult other builders or builder floor owners before investing in the project.

Related Real Estate Articles:

The difference between an apartment and a builder floor apartment

What home buyers want in Bangalore: CommonFloor.com Survey

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