Land ownership is more sought after!
What is the difference between land ownership and a property in a building? Both offer a dwelling place as per customized needs; however, land appreciates in value at a higher rate as compared to buildings. However much one invests in a building, the building always depreciates in value after reaching the equilibrium. Moreover, with the land bill on surface, it is said that one should invest in land to reap higher returns. Real Estate is an ever-changing market and while the buildings are its prime product mainly in metro cities, it is the land that is the true limited commodity and should be aimed for. A building can always be replaced but a land always stays and holds ground. High-rise buildings often cost a whopping amount and weigh heavy on the pocket. There are many amenities, for example, elevators etc., that are an absolute necessity in high rise as compared to being a luxury in land ownership; therefore, the maintenance cost of high rise property exceeds that of a land apartment by huge margin.
With the changing trend of most of the upper-middle class and the elite opting for high rise apartments, Makaan.com asked the Indian homebuyers whether they are comfortable with high rise buildings. The key finding of the research is that people still opt for the traditional land ownership as it proves to be more secure.
Looking at the percentage of residential properties offered in high rise societal complexes, specifically in recent or upcoming projects in NCR, Makaan.com presents a fair comparison between land ownership and high rise buildings keeping in mind the various aspects:
View: Properties situated in high rise buildings offer a picturesque view. The houses offer such scenic surroundings in the populated and polluted metro cities that the purchase seems worth the money. Such view is not offered in the ground level properties; in fact the bunglows/villas often face the disturbance of the traffic.
Security: Security is a very important aspect of any property. In land ownership, the buyer, if very particular, has to hire a personal doorman/security guard and has to pay the entire cost to avoid the possibility of some one breaking into the house; where as the high-rise buildings often offer a security room, the cost of which is shared among all the occupants of the building.
Cost and amenities: Most high rise buildings are well occupied with amenities such as health clubs, gymnasiums, walking and jogging tracks, swimming pools and basic utilities shops. As everything is available within the complex it is like a mini city within itself; such facilities and at the doorstep services are not available in personal houses. However, such amenities do not come free of cost; generally, the homeowners have to pay a mandatory fee for the maintenance of the amenities and this is where the land ownership proves to be cost effective.
Investing in a property is considered to be a milestone in terms of financial investments; therefore, do a proper market research and survey prior to finalizing anything. For more of such poll reports and to cast your vote in a poll, visit: MakaanIQ.