Why Young India Is Moving Into Apartments?
Money was not a problem for Saurabh Jain. The 34-year-old banking professional has enough funds to buy a small piece of land and develop his own house there. He opted for an apartment in a housing society instead, a move not much appreciated by his old-school parents in whose opinion a house should have a solid base beneath; it should not be something hanging in the air. They failed to understand what could possibly have led their son to opt for an apartment when he could have built a house of his own.
Jain is one of the many young Indians who prefer not get into the whole business of building things up from the ground. That a house built to suit your requirements, taste and personality is the real deal is a narrative the likes of Jain are not much impressed with. This lot would rather have it easy and book a flat in a housing society.
For starters, who has the time to carry out the whole task? The salaried class is a busy lot and prefers all things ready to use. This also explains the unrest project delays by developers cause among homebuyers. Given a choice, most of us would like to shift to our new homes the day we seal the deal. But as that is not possible, we want to keep the waiting period as short as possible. Now from selecting a land parcel to getting relevant approvals in place, and from hiring a contractor to purchasing building material, the process of building it all from the ground is a tough and long one. The young lot neither has the time nor the patience for that.
And then, there are other considerations, too. When you book an apartment, getting all the paperwork done happens to be a headache. Left to a naïve buyer, this important aspect of house purchase might encounter several hiccups. As we all know, no amount of reading or ground work is enough in matters of property purchase. There are many little things to be considered; there are a thousand things to be done. It is only better to leave it all to an expert — a developer in this case. No, we are not saying that you can blindly trust the developer when you book a flat. You do have to be mindful of many things to guard your interests here, too. But, in case you are on your own while you build a home on a piece of land, the task would be much more difficult and lengthy.
Do not be mistaken that young homebuyers are opting for apartment units only because they want to work less than more. A flat owner also enjoys many incentives as part of community living which an individual can hardly afford. It would cost you dear, for instance, to build a swimming pool all by yourself, a facility most real estate projects offer these days. The same is true of gymnasiums, courts meant for sports, 24x7 security and power back-up services, etc.
Another highlight of community living is the social benefits. In cities, the concept of joint families is fast diminishing. Our busy work schedules further take us away from forming social ties. An apartment building provides you a platform to enjoy that. Housing apartments have the culture of celebrating festivals that bring neighbours close. As a member of residents' welfare association, you help your building mates solve their problems and vice versa. Even if you initially thought this intrudes upon your privacy, you will only get comfortable with this by and by. Man, after all, is a social animal.