Bungalows – an ideal investment option

With beautifully crafted and lavishly furnished interiors, bungalows have been symbolizing a grand lifestyle since times immemorial. They usually comprise a single floor and cover a larger space on ground. Thanks to Hindi films, bungalows are perceived as a more attractive alternative for one’s dream home than a simple apartment in a building.

In India, there are two ways in which one can live in a bungalow. The first is purchasing a plot and constructing a house on it as and when you can and second is by booking a home in a large township project by reputable developers. Most people desirous of staying in a bungalow opt for the latter method.

So, why are bungalows an ideal choice for your dream home? Although bungalows cost much more than a flat, they promise a sophisticated lifestyle in a fairly established society, making them totally worth it.

The timeless appeal of bungalows has always kept them in fashion in the real estate markets. A big house in a prosperous locality is sure to enhance your social status and is often viewed as a sign of affluence.

Larger space in a single floor is good for joint families, keeping the culture of togetherness intact. Moreover, bigger outdoor space in the compound allows children to create childhood memories and ease of movement for senior citizen in the comfort of their home.

Bungalows may cost one more than an apartment, but their value appreciation over a period of time is also double over a flat in a building. The value of the property is even higher if it is situated in a flourishing locality. It is better to buy a bungalow in a township as you get a ready-made, ready-to-live home and superior quality view due to the sheer scale of the project.

Choose the best floor for you in a high-rise?

Apart from the important aspects of home buying that include budget, an ideal locality, proximity to work places, schools & other basic facilities; there is one more factor which should be considered now-a-days when multi-storey towers are in vogue. Selecting the best floor to have a dream home is an important decision one has to make while apartment hunting.

If you are contemplating on purchasing a house in a high-rise building, you would like to know the pros and cons of living on each floor before making the final choice. We have attempted to enlist a few here to ease decision making.

Living on the ground or lower floors in the building:

If the building is located in a suburban or rural locality, living on the bottom-most or lower floors is pleasant however, if the area is densely populated, then it is challenging. While the cons of living on ground floors include limited light and ventilation, Insect intrusion, dampness from the ground and latent humidity along with some bit of compromise on security,There are many positives too.

Ground floors remain comparatively cooler throughout seasons reducing power consumption. Besides, loading & unloading of heavy goods is easier. When considering ground floors, ensure that the building has a robust water and sanitary mechanism to avoid dampness and seepage in the long run.

Living on the top floors:   

Apart from the amazing view that some people crave for, the major benefits of having an apartment on the top floors is good light and ventilation along with security. Capital appreciation on higher floors is much faster. But there is a flipside to this – the top floors consume more power, be it human transportation to higher levels via elevators, water transportation via pipes or the high electricity bills during summers because of the increased usage of air conditioners.

So, if you are planning to opt for one of the top floors, make sure that the building has safe provisions for emergency evacuations; appropriate systems to deal with fire outbreaks, etc are a part of the structure. Check for weather proofing, focus on the material used. The windows, the frame should be tough in order to sustain the wind load during extreme conditions.

Living on the middle floors:   

The pros and cons of living on the top and ground floors are balanced on the middle floors. The per capita consumption of power is lesser while the effect of weather remains almost the same. Since staircase can also be used easily, loading and unloading of heavy goods is convenient, emergency evacuations can be done expediently. However, in muddled neighbourhoods, where ambient noise levels are high, it may cause disturbance to the inhabitants.

While a house on the middle floors looks to be the best choice, the only con can be remedied by having well designed window systems that can prevent the outside noise from entering the interiors.

Typically, a price difference is observed in the ground, middle and top floors in high-rise towers that offer sea or any other attractive view from the top floors. In most luxury projects, top levels are converted as special penthouses costing more in terms of per sq ft as compared to the lower floors. This is because developers levy floor-rise charges that acts as a premium for that view you get from the house.

Decided on what floor you want your dream home? Click here for some options to choose from.

Festive season offers

If we will look the business of real estate market at the time of festive season, so we will find that developers and the consultants are on the same side because they are accepting that it will continues to go through a slow time. There are many real estate developers in country which have strong financial support and they tend to challenge or complete the convincing progress of real estate market with their under-construction projects. Unfortunately fact this has been overly hyped by the media and real estate developers that they have strong financial background and they are able to complete their projects on time. But still there is drop in the overall confidence of end buyers because they are worried that if they will commit their money into properties which will not be delivered on time, so it could be problem for them.

Price Correction in Projects:

In last one year, the prices of property in Mumbai has been increased by 3.7 per cent, in Chennai its increased by 15 per cent, but in Delhi or NCR no change recorded in the price of property. All this rise represents the more or less stable scenario and it is expected that it will continue for another 2 or 3 quarters as there are many fence-sitting buyers, who are waiting for the time when real estate prices get correct. But according to real estate experts price correction will be location specific as well as developer and will happen only if there will be nothing to attract the buyers. There are few cities where demand is still sufficient and prices are more or less affordable and in those cities there will be no price correction. Apart from that the regions where people looking for more affordable property certainly price correction will happen in those areas. However; there are much activity to make the real estate market more affordable because developers are actively re-configuring their projects as per market conditions in process to save the cost and pass the benefit to buyers. Much number of real estate projects are about to launch and they all have been at lower rates than those of earlier projects launched in the same locations in such category projects.

Economical Scenario:

In present, economy has not shown any type of perk for which real estate developers are waiting. However; market has definitely improved in comparison of last year. But market is still improving and recently, RBI as cut the interest rates to help the sentiment of buyers and it is expected that it will be factor to drive more sales in real estate market. With the cut in interest rate, the RBI has sent the signal to the real estate market that inflation is under control and buyers and developers can be more confident about economic growth. However; these kinds of signals are positive for buyers and developers as well. If you will show the actual pertinence on property purchase, so it could draw big impact on the savings because impact may not be very significant, in expensive regions such as; MMR, NCR, Delhi and more. If property prices will be expensive in any case, then marginal reduction in the cost of borrowing will not make any big impact. However; the reduction in interest rates will draw a bigger impact on the buying behavior in less expensive markets such as; peripheral locations of tier I and tier II cities.

NRI Investment:

If will take a step towards the domestic real estate consumption and analyze the demand and supply ratio in metro cities so you will understand that outlook looks very upbeat. In present, there are many non-resident Indians (NRIs) who are extremely active while investing in Indian real estate market. In India, NRIs are among top five investor communities who are investing in countries property sector. Apart from that there is natural affinity to India that NRI with high intrinsic value prefer to buy property in India than buying property anywhere else in world. However; sometimes due to weaker rupee value NRIs prefer to invest in India.

This festive season it is expected that buyers will see the mixed bag, but still question remains same, is it a good time to buy? Definitely yes, for end buyers because they have never been more spoiled for choice with bargaining power and lower interest rates. There are many real estate developers who are offering hard discounts registration charges and waive on stamp duty, VAT service tax and on other services such as; floor rise premium, free parking space and more. This festive season is an ideal time to make the best deal of your life and turned your dream home into a reality.