Buying a home is a financial aim that transcends religion and nationality. Once the proper financial planning is done and savings accumulated, the next question is whether to purchase an apartment or an independent home. Usually, space scarcity and high rates in metros compel most homebuyers to look at apartments as their preferred choice. These come slightly cheaper than separate properties, such as a big villa or an assortment of floors constructed on a plot.
However, there are many important factors to note, like location, accessibility, rent, appreciation, security, the purpose of the purchase, stage of life, etc., before one makes this once-in-a-lifetime investment. A group of independent houses clubbed together, known as colonies, are a common sight in the country. Still, economic factors and urban lifestyle have dealt a death knell for the culture of independent houses, especially in metropolitan cities. The rise in nuclear families, upgrade in compact & chic lifestyles, rise in land cost, and inter-state migration of the population for work led to the practical flourishing of an apartment in the big cities. This growth has extended to shopping malls, multi-storeyed office spaces, and technology parks.
Apartments are a famous type of property across cities in India because of their new looks, modern-day amenities, in-house maintenance services, and best security. These are a good choice for self-use, renting, and investment purposes. These are at par with independent homes in all respects, and as far as customization is concerned, it can be done at a small scale without altering the basic set-up of the apartment.
1. The price of an independent house is much higher than that of an apartment; hence in the case of a home loan, the requirement will increase correspondingly. It would involve the price of the plot, the stamp duty to be paid to the Govt., the clearances required from various authorities, the cost for an electricity connection, raw materials, labor costs depending on the town, and the architect fees in renovation cases. In the case of an apartment, the property builder takes care of the technical formalities, and the buyer has to pay the requisite amount for the apartment and move in whenever one desires.
2. While an apartment property has added values, such as security, enough parking space, power backup, water systems, and fire safety mechanisms, an independent property needs extra effort to set up these services. This would also include an additional cost of 2-3% of the total property value on these amenities around an independent villa. This would involve setting up a small power backup as an inverter, generator, and water mechanism.
3. Banks provide loans for independent properties only after strict scrutiny of borrowers, which is time-consuming and may lead to losing out on the dream property. Loans for apartments are easily available as builders have tie-ups with various banks to make it more hassle-free.
4. Purchasing property needs financial resources and constant efforts for maintenance, cleanliness, and construction & repair. In contrast, a society with apartments has a dedicated in-house maintenance team that takes care of everything and is available round the clock at a reasonable expense due to the pooled resources.
5. Regarding independent houses or villas, capital appreciation is not as high as an apartment. This is mainly owing to the high initial capital involved and the limited demand compared to apartments. For the same reason, it isn't easy to sell an independent house. On the other hand, apartments are always in demand and are easy to sell or rent.
6. If one is an inexperienced new property purchaser, one could fall prey to title fraud and scams when purchasing an independent home. In the case of residential apartments, buyers can check the reputation and record of the builder delivering projects and their quality and also fact-check with the existing residents. This helps in investing hard-earned money in a trustworthy task.
7. Living in an apartment encourages communal harmony and societal living as no discrimination is based on religion or creed. Apartment members from all walks of life are welcomed, lacking in independent home living.
An independent house will be ideally suited for someone with a big family who is particular about the aesthetics of their home, the neighborhood, and its privacy. It has the financial strength to complement such a modern lifestyle. Someone who doesn't want to be troubled with the technical problems of buying a plot and constructing a house can go for an already built independent home. An apartment is the best option for buyers like a modern nuclear family on a budget or seniors looking to spend their retirement in peace. This financial logic has led to tier II modern cities also choosing apartments. The property builders have sensed the demand and are catering to it for every budget and providing all sorts of amenities and facilities to attract such buyers.
There are mainly two kinds of prospective buyers in the real estate market. Some want to purchase a home for personal use, while others want to make the most of a golden investment opportunity. For the former choice, the primary focus should be on the facilities, proximity to business hubs, comfort, and aesthetic beauty of the home. Investors need to look at the recent trend regarding what property rents out the most these days, what expected returns are, what the resale value is, etc. While it is easier to find tenants for apartments due to huge demand, rent yield is higher for independent houses depending on room size and locality.
Housing is a personal choice, and since it involves a lot of money, time, and energy investment and is a once-in-a-lifetime option for many, people take every aspect into consideration before deciding on the type of home they want to dwell in. Everybody, based on their needs, fancies and budget, plans a home. Today all kinds of living options are there in most of the cities of the country - apartments, villas and plots. The builders are also developing modern and elegant housing with brilliant features, architecture, specs, amenities, facilities etc., in any type of housing, making living a bliss for the dwellers. However, apartments are the preferred mode of living for many from any socio-economic background. So apartments are built in budget and luxury ranges to cater to an entire lot of people.
The present trend is that people choose apartments over independent houses. Some of the key reasons why apartment living is trending are listed below:-
Bangalore, one of the crucial IT centres in the country, is no exception. Lavish living has been the trend in the city, where people from various parts of the country migrate to raise their living notches. The metropolis offers abundant work options, cosmopolitan culture, superb infra, multiple facilities and lifestyle choices which attract people to this incredible city. Houses galore in this city with choices of all types as per the demands of the dwellers.
Apartments over independent houses are visible in Bangalore too, and the city is decked with apartments as people quickly buy apartments. From the core to the suburbs of cosmopolis, apartments are everywhere, and there are complexes and townships with the budget to super luxury apartments. All the top realtors of the city are involved in innovating and developing stellar abodes with excellent floor plans, sizes, layouts and budgets. Exquisite architecture, specs, interiors, facilities, features, leisure amenities, landscapes with greenery and open spaces - every aspect is well-planned with apt use of space, nature and technology. One of the new apartment projects to watch out for is Prestige Serenity Shores which is ready for launch by the reputed realtor of South India, Prestige Group. This fantastic set of residences is planned to woo the people looking for homes for that sublime experience with their loved ones.
Prestige has established a more than 30-year legacy and has expanded to include more than 50,000 content families. Among the Top 10 Properties in Bangalore (Flats & Villas), Prestige Serenity Shores is the best. The Prestige Serenity Shores complex of futuristic residential apartments is a part of the Prestige Lakeside Habitat on Whitefield Varthur Road. With floorplans ranging from 905 square feet to 2882 square feet, the location offers luxurious 1, 2, 3, and 4 bedroom apartments. The homes are Vaastu compliant, have first-rate amenities and facilities, are situated on 102 acres, are perfectly ventilated, and are beautifully lit. It is located near the Whitefield - Sarjapur Main Road in the green Gunjur of Varthur Hobli neighbourhood of East Bangalore. It is surrounded by greenery and relaxing surroundings
Prestige Serenity Shores is close to busy commercial areas, employment parks, industrial catchments, hubs for healthcare and education, and shopping centres. The EPIP Zone and International Tech Park Bangalore (ITPB) are near the project sites, which house numerous IT and ITES businesses.
The Prestige Group in Bangalore is developing the futuristic residential development known as The Prestige City, located off Sarjapur Road. On 180 acres, this cutting-edge city is made up of apartments, villas, and plots. A renowned architect designed the smart city, which was reviewed in the best pricing range and is located in a prime location. In Bangalore's Sarjapur Road, Prestige City is a gated neighborhood project with 12 million square feet of construction. 7000 1, 2, and 3 BHK apartments make up this township. The project also houses 808 plots and 140 villas. Elegant villas are located on 20.3 acres, and on 50 acres are superbly designed residential structures.
The Prestige Group is currently developing the futuristic project Prestige Jindal City. It provides 1, 2, 3, and 4 BHK flats and is located on a 32-acre plot of land off Tumkur Road in Bangalore. A residential wonder called Jindal City would provide 3571 dwelling units. The building is on Tumkur Road. The metro station is right close to the most celebrated project, Prestige Jindal, which connects all areas of the city. One of Bangalore's most popular apartment complexes, according to prominent real estate firms, is the best project in West Bangalore. In Prestige Jindal City, there are four different types of apartments offered. 1 BHK, 2 BHK, 3 BHK, and 4 BHK are the four different varieties. 3,571 smartly designed residences are available in various sizes.
An elegantly situated apartment complex by the name of Prestige Primrose Hills is now under construction on Kanakapura Road in South Bangalore. It provides 1680 units of 1 and 2 BHK homes over a 15-acre area. Fifteen buildings, each with 14 stories and 1 and 2 BHK, make up the complex. A 1 BHK Apartment is priced at Rs. 35.45 Lakhs. The well-known builder from South India has now entered Bangalore's market for affordable housing with this modest apartment. This property, which covers a sizable 15.93 acres of land, aims to redefine the phrase "home dear home." In Prestige Primrose Hills, you may select from one or two-bedroom houses that are surrounded by verdant vegetation and a tranquil setting. This new launch project, which spans 15 towers, was masterminded by Venkatraman Associates. In this gated community, there are floor designs with 1 and 2 bedrooms available. Homes with one bedroom range in size from 572 to 589 square feet. Apartments with two bedrooms typically have 867 to 986 square feet. The best amenities have been provided by Prestige Group so that residents can live comfortably. One of the oldest and most well-known real estate developers in Bangalore is Prestige Group. For the residents of Bengaluru, it is credited with building some of the city's most beautiful landmarks.
Prestige Waterford is another venture of the Prestige group. The goal of the futuristically designed Prestige Waterford project is to provide a modern home for someone who desires a high-class lifestyle. Prestige Waterford, which is located east of Bangalore Whitefield, consists of 689 roomy, well-built 3 and 4 BHK apartments spread across a massive 16 acres of land in 7 gorgeous buildings. Apartments with three bedrooms start at Rs. 1.42 crores. Numerous advantages come with this Prestige Group apartment development, including a prime location, a pleasant and comfortable lifestyle, first-rate amenities, a secure environment, and high potential. A luxurious pre-launch property called Prestige Waterford is perfectly constructed on ECC Road in the center of Whitefield in East Bangalore. The Prestige complex incorporates a tasteful and well-planned layout of superbly useful landscapes and surroundings.
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