If you’ve been exploring alternative and unconventional living spaces that offer more luxury, comfort, privacy and freedom, then this new apartment type might just be what you’ve been waiting for.
Introducing… builder floor apartments.
With more Indians moving upwards to higher income groups and as home loans become more readily accessible – a new and flourishing market for lifestyle and luxury homes has emerged.
The traditional choice for an urban life meant buying apartments either in a skyscraper or multi storied buildings. And if you’d want to live lavishly, then owning a bungalow or villa was the only option available.
However, with residential apartments in multi storied buildings, there is very little privacy. And although villas and bungalows provide for ample space and solitude, they are outrageously expensive.
Builder floors are a new apartment type which provides a middle path combining the benefits of both traditional apartments and villas. The concept is rising to prominence as real-estate builders realise that the market for luxurious living spaces is becoming increasingly popular among upwardly mobile Indians.
What is a builder floor?
A typical builder floor building is a 3 to 4 storied building wherein each family owns a single floor. Since only a single dwelling unit is provided per floor, the family living there can have the whole floor to themselves.
As opposed to this, multi storied buildings have many apartments per floor which are shared with the residents of that floor.
Builder floor apartments are also built on smaller plots in planned residential colonies by local builders. Here are some of the lifestyle benefits of owning a builder floor apartment.
The benefits of builder floor apartments
- A builder floor provides for utmost privacy to the homeowner or the tenant. And in most cases, the construction quality exceeds those of large townships. With less number of people living, you have the benefit of quiet and peaceful surroundings to enjoy a private and luxurious lifestyle.
- As these low-rises are built in clusters, they form a part of a better community living environment. This aids personal exchange among residents in the community. Builder floors also offer more green spaces as opposed to traditional townships and buildings.
- Like high rise apartments, low-rise builder floors also offer 24/7 security system and CCTV monitoring. Since it’s also easier to move and run downstairs, during calamities like earthquakes and fires, you can quickly move out of the building.
- Builder floors are a great alternative to villas, especially with escalating prices, where it is not always possible to purchase a spacious home. These apartments thus serve as an excellent option without having to pay hefty amounts.
- Not only that, each floor has a separate water and electricity connection, which provides privacy and helps in preventing conflicts common in buildings whose floors are shared by multiple residences.
- The sale value for builder floor apartments are considerably higher, and they fetch a huge sum as the whole floor is being sold at the same time.
- Since these are lifestyle homes, builder floors are built with luxury in mind. They are better in terms of ventilation and lighting and tend to come with elegantly designed windows. The balconies are much more spacious, and the wardrobes and doors are manufactured with premium materials and have excellent finishing. Electrical and plumbing fittings are also concealed with high-quality materials not seen in typical apartments.
- You don’t have to pay for maintenance as is common in traditional apartments in multi storied buildings.
The potential problems of builder floors
While builder floors offer multiple benefits, there are also certain things you need to be aware of before you buy one.
- The flip side to builder floor apartments is that they lack common amenities such as a children’s park, gymnasium, swimming pool, clubhouse, power back-up, etc. which are common features found in every township that is available today.
- Since there are no maintenance charges to pay on builder floor apartments, residents have to pool funds together to ensure that building inspections are conducted regularly. Thus the responsibility of maintenance shifts from the society to the few living in these builder floor apartments.
This could turn out to be a more expensive option when compared to traditional apartments where a monthly maintenance fee is charged. And it follows that you have to take care of your building’s maintenance by hiring independent professionals in the absence of a dedicated team meant for support.
- Before making a purchase, ensure that reputed developers are undertaking the project. Otherwise, you may stand to lose as the construction quality might be poor and not the same as promised. So you may need to engage with professionals to have checks pertaining to seepage in walls, unfinished paintwork, inferior plumbing/wiring, faulty doors, and encroaching balconies.
Trends in builder floor apartments
- The trend for builder floor apartments being built on individual plots and sold to people on per floor basis is quickly catching up in upscale areas of main cities.
- The cost of builder floors is inherently higher as they cater to high-end customers who prefer to enjoy more privacy and freedom at an increased cost.
- Today, most builder floors are usually developed by local real estate players. Landowners tend to collaborate with developers to develop these builder floor residential units.
- Since the land prices account for 80-90 percent cost of property in metro cities, the builder gets one out of the four floors.
Builder floor apartments are currently popular in cities like Delhi-NCR, Chennai, Bengaluru, and Hyderabad. This is because the population is less dense and obtaining land is also relatively inexpensive in these areas as compared to cities like Mumbai where land costs are astronomical, and the population is denser.
In Delhi, most builder floors are taken up as redevelopment projects undertaken by builders.
Agreements and laws around the purchase of builder floors
Builder floors usually come with freehold ownership. A lease, for a longer period, typically around 99 years, is also a possible option.
Also, similar to any other property sale, a builder floor must be registered with the registration office. Be sure to check the local laws to confirm that registration of builder floors in your area is allowed. If not, don’t move ahead to fulfil the deal.
Sometimes sellers may use a power of attorney to facilitate the sale of builder floors and this way the sale is made without registration of a sale deed.
However, keep in mind that since a power of attorney does not transfer ownership rights, properties sold through power of attorney are not eligible for home loans from banks. So, builder floors which cannot be transferred through registered sale deeds must be avoided.
Summary
When you plan to buy a builder floor apartment, you need to tread with caution. Seek advice from a lawyer who specialises in real estate deals and find an architect or a property surveyor for inspecting the area.
While builder floors offer the benefits of privacy, peace and luxurious community living, be sure to account for the overheads of maintenance that it adds.
Do you have experience living in a builder floor apartment? Would you like to share any advice with others? Let us know in the comments below.
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