What is the Concept, Advantage and Disadvantage of Builder Floors in IndiaSamar Javed10 August 2019
High-rise are impressive to many people in India. But not everyone likes breathing in super tall buildings. However, independent housing can be expensive. Builder floors offer a compromise between the two options. Property owners can use this new builder floor concept to renovate or expand their houses and free up some part of the capital value of their property.
What is Concept of builder floor?
A normal builder floor building usually has three or four floors. In this building,one floor is owned by one family. Since there is only one builder floor apartment, in each floor, the family living in that apartment can have the whole floor to themselves.
In contrast to this, multi-storied buildings have multiple apartments on each floor, which residents of that floor occupy.Builder floor apartments are also built on relatively smaller plots in planned residential areas by local building developers.
Builder Floor Practices
Builder floor apartments are gaining popularity in places like Chennai, Delhi-National Capital Region, Bangalore, and Hyderabad. Expensive locations like Mumbai have high land cost, and this makes low-rise apartments less feasible.
Mostly small local real estate developers build these builder floors, often in collaboration with the land owners, dividing the equity. Typically, the builder invests the money for development, while the owner provides the land.
The builder usually gets one builder flat in the building in metro cities because of higher land cost. The builder gets a bigger pie of the property in non-metro cities because of lower land cost.
Sometimes, builder floors are made by redeveloping an existing structure. More floors may be added by the original owner and then sold off.
Advantages of Builder Floor Apartment
Here are some lifestyle advantages of a builder flat:
- A builder floor provides maximum privacy to the owner or the tenant. Also, the construction quality is better than that of large townships. You can enjoy quiet and peaceful surroundings because of less people around.
- Because these buildings are built in clusters, they have a better community living environment. They also have more greenery than traditional apartments.
- Builder floor buildings also offer 24x7 security system and CCTV monitoring. You can easily exit from the building in the event of earthquakes and fires.
- Builder floors are a great alternative for people who want to live in a villa, at a much lesser cost.
- Each floor has a separate water and electricity connection, and this helps in preventing conflicts common amongst the residents of the building.
- The market value of builder floor apartments is higher, and they fetch more money because one entire floor is sold.
- Since these are lifestyle homes, they are luxurious with premium décor and design. There is more space, and the fittings are all from expensive brands.
- There is no common maintenance fee like traditional apartments in multi storied buildings.
Disadvantages of Builder Floors
There are a couple of disadvantages of builder floors you should know about:
- They lack common amenities like children’s park, clubhouse, gymnasium, swimming pool, power back-up, and so on which are common features in every apartment complex.
- Because there are no maintenance charges to pay, residents have to pool money together to ensure that the building is maintained. The responsibility to maintain the building falls on the residents.
If you are considering a builder floor apartment, think about the pros and cons before you decide and book one!