The news over the past month or so has all been about affordable housing, but the demand for premium housing is not only intact but is also growing at a constant pace. This is demand for luxury homes is not governed by factors such as home loan interest rates, the economy or the latest jobs data!
In our earlier columns, we wrote about multi-storey apartments, studio apartments, builder floors, and plotted developments. In this tutorial, let us delve deeper into the premium housing segment.
In the ultra-luxury segment, there are broadly three property types – bungalows, villas, and row houses. While there are several similarities, it is also imperative to know the difference between these to make a cognitive decision.
What are bungalows?
Have you heard about the Lincoln House, Bhabha Bungalow, or the Cadbury House in Mumbai? Or the Lutyens Bungalow Zone in Delhi? Well, if not, let us tell you that these are not your regular homes. Spreading over thousands of square yards, these iconic bungalows are home to the most affluent people in the country and are priced anywhere in the range of Rs 350-750 crore.
Did you know? The word, ‘bungalow’ originates from the Bengal region in South Asia.
From the Khans to the Bachchans to the Kapoors to cricketers like Virat Kohli and Yuvraj Singh, palatial bungalows are popular among the richest in our society. Thus, bungalows have the ‘posh’ quotient attached to them.
So, what is a bungalow? It is an independent unit that may have multiple floors. In simple words, it is a more traditional form of a villa.
In several cases, bungalows are usually ancestral homes built on independent land. Thus, not many new projects are available in the primary market.
What are villas?
If you are looking for a new house with ultra-modern amenities, then the villa is a better option. Ultra-premium villas offer amenities like private swimming pools, landscaped gardens and terraces, jacuzzis, private elevators, and sun decks, to name a few.
Did you Know? A villa was originally an ancient Roman upper-class country house.
Once known to be the luxurious abode of Roman noblemen, villas, today, are known for their ‘plush’ quotient. In simple words, a villa refers to a private, luxury residence.
Though the villa is an individual unit of residence, the floor plan is often fixed as per the project plan. There is no room for expanding a villa, except that you can add floors to it as per the norms and regulations. It is a great option for those who want to enjoy the amenities of a project but do not want to compromise on privacy.
Over the last few years, the demand for villa projects has increased significantly. In Bangalore, leading developers like the Sobha Group, Prestige, and Concorde Group have launched their uber-luxury villa projects.
What are row houses?
Row houses are defined as “one of a series of houses, often of similar or identical design, situated side by side and joined by common walls.” It is characterised by a minimum of three dwellings in a row with a uniform plan and design. In a row house, one can enjoy the benefits of independent living while staying in a community. Thus, a row house can also be called as a cross between an apartment and a bungalow.
Did you know? The concept of row houses dates back to the 16th century!
Row houses, today, have emerged as luxury housing for high-net-worth individuals. As per RoofandFloor data, there are about 65 row houses projects available for sale in Bangalore. These are priced in the range of Rs 90 Lakh to Rs 10 Crore.
While all the three property types offer the finest living, they are all premium in terms of cost. Also, the undivided share of land is higher in all these property types, which accounts for higher resale value.
Great article…. I am always confused among villa, bungalow, and row house differences.
Hi there ! Great article ! Thanks for sharing it with us !!