Apartments are the most popular property type in Indian cities for contemporary looks, modern amenities, in-house maintenance services, and better security. The apartments are suitable for personal use, rental, and investment purposes. The apartments are in no way inferior to single-family houses and can be individually adapted without disturbing the essential equipment of the apartment.
Single-family homes or villas are preferred by those who want the privacy of a self-contained unit but also want to avoid the hassle of building a house. Some developers even offer premium units in gated communities with individual or shared services. The owner has privacy and control over the design and architecture of the house, as well as the cost-effective use of materials and quality. You can build several apartments and only live in one and rent out the rest, which would be a good source of income but would be taxable.
The cost of buying a family home is much higher than buying an apartment, so with a mortgage loan, the need increases accordingly. This includes the price of the land, stamp duty payable to the government, the necessary permits from various agencies, the cost of a power connection, raw materials, labor costs depending on the city, and the architect's fees in the case of renovations. In the case of an apartment, the builder takes care of the technical paperwork, and the buyer only has to pay the required amount for the apartment and move in at any time.
While an apartment building offers added values such as security, ample parking, emergency power supply, water systems, and fire protection mechanisms, a self-contained property requires an additional effort to establish these services. This would also include an additional cost of 23% of the total property value for these services around a detached villa plot. This would involve installing a small backup power supply in the form of an inverter or generator set and its water mechanism.
Banks only approve loans for independent properties after the rigorous screening of borrowers, which is time-consuming and can result in the loss of the desired property. Home loans are readily available as builders have connections with multiple banks to simplify the process.
Owning a property requires financial resources and constant efforts for maintenance, cleaning and construction, and repairs. At the same time, a housing association has a dedicated in-house maintenance team that takes care of everything and is available 24 hours a day to pool resources.
In the case of single-family houses or villas, the added value is not as high as in the case of an apartment. This is mainly due to the high seed capital and limited demand compared to flats. Selling a single-family home is difficult for the same reason. On the other hand, apartments are always in need and easy to sell or rent.
If you are a new buyer without experience, you could be a victim of title fraud and scams when buying a family home. For apartments, buyers can check the builder's reputation and track record of delivering projects and their quality, and they can also catch up on the facts with existing residents. This helps invest the hard-earned money in a reliable task.
Living in an apartment complex promotes community harmony and life in society as there is no discrimination based on caste or creed. Members of humanity from all walks of life are welcome, lacking independent living in the house.
Prestige Group prelaunch apartment is Prestige Serenity Shores.