People have grown skeptical of real estate developers, especially in projects that are still in the planning stages and may take years to finish, since many homebuyers have still to take possession of their flats even after ten years. And for that reason, separate floors are becoming more popular right now.
Demand for independent apartments has increased as a result of the Covid-19 outbreak because homeowners view this asset type as a low-risk, low-capital investment with quick exit opportunities. For developers, selling off land banks to obtain working capital is a clever way to produce immediate cash flows.
The end-user nowadays prefers investing in real estate where there is a visible structure and delivery is just a few months away rather than high-rise developments, which require construction financing and have a drawn-out building cycle.
In NCR cities, developers are lined up to introduce separate floor houses. Over the next 12 months, Gurugram and Faridabad alone are projected to see the debut of up to 20,000 independent floor units.
A larger living area
Independent/builder floor flats are often larger than apartments, and these sizes have been rising over time. In contrast, until the epidemic, apartment sizes were getting smaller.
In Gurugram and Faridabad, separate floor dwellings were a common kind of housing even before the epidemic. These two Haryana cities had an increase of roughly 21,300 independent floor units between 2006 and 2010.
Between 2011 and 2015, the supply of independent floor residences decreased by more than 50% to a little over 10,000 units as high rise flats began to gain popularity.
Rising Demand of Buyers and Sellers Towards Independent Floors
The ability for independent apartments to expand more quickly than highrises, allowing for quicker monetisation, is a significant driver. Additionally, builder floors earn revenue right once, but highrises need at least four years to break even.
Modern homebuyers want speedy possession. Independent floors are available for occupancy much sooner than multistory complexes. Due to the fact that they mix the advantages of both typical apartments and villas, builder floors are also becoming more and more popular. In comparison to a highrise, this form of property gives occupied families more room and privacy because one flat is normally built on a single story.
Developers Preparing Launches For More Independent Floors
Independent floors used to be created by regional NCR developers. Branded competitors including DLF Ltd, M3M, Trehan, Signature Global, BPTP, and Raheja are now involved.
According to DLF, the business released 1.5 million square feet of new residential items, of which more than 1.3 million square feet have been sold. The new goods generated sales bookings of Rs 1,464 crore.
DLF created autonomous floors all around Gurugram, and the market responded well. The business kept making money off of its finished inventory as demand increased in all markets.
2 such latest projects are being launched by CS Realty, Flamingo67 and Roseate63. Both are independent low rise luxury floors, on an ultimate desirable location including all technologically advanced amenities. To know more give us a call, and we will tell you why exactly this can be the next best gift you give your family in the upcoming festive season.
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