Benefits Of Investing In Smaller Projects
Not many view the small size of a housing project as a positive. Surely, housing projects spread in a bigger area have a great deal of scope to offer facilities that might not be possible in one that covers a comparatively smaller sphere. If the planners of a small housing project wanted to create a swimming pool or a bigger parking space in the future, for instance, the space limitation would hinder all their plans.
Pricing is another issue here. Similar units in a big and a small housing project would cost the buyer differently, mainly because of the maintenance charges. In a big housing society, the monthly cost is divided among a greater number of people, resulting in lighter individual burden. Fraught with issues as they might be, investing in smaller projects still makes sense, especially in the current environment when project delays are more of a norm than an aberration.
Smaller housing projects often face no delays
Makaan.com data shows that the Chennai residential market sees fewer instances of project delays when compared to the Mumbai property markets in Mumbai and the national capital region (NCR). This has largely to do with the project size, show studies.
Since the project is spread on a smaller piece land, there are fewer people to deal with when it comes to land acquisition. Unlike big projects, fewer number of government approvals are also required to start the project. Obviously, the builder can also develop a small project with a lesser investment as compared to developing a bigger project. On account of the above reasons, chances of the project getting delayed are lower.
Buyers get a bigger share in small societies
In an apartment complex, each buyer has a share in the land, which is awarded to them in the form of a share certificate. In a smaller housing project, the individual share of a buyer would be higher.
For instance, a housing society with only 50 residents would divide the entire land value on 50 equal parts. Similarly, a housing society with 500 residents would divide the entire land value on 500 equal parts. This would be fair enough if both these projects were developed horizontally. Since most big housing projects grow vertically, the bigger project might not be horizontally sufficient for such a division.
Community building is easier
Researches show that depression and anxiety are on the rise among the Indian population, especially in urban areas. Apart from other factors, this increase also has to do a good deal with loneliness. Large housing societies fail to offer residents the same sort of community building environment that smaller housing societies do. Since there is a limited number of people you live with, it becomes easier to meet and befriend them.