Introduction to Builder Floor or Independent Floor
Indian residential real estate sector has developed exponentially. Today, we have many options to choose from such as apartments, Villa, Kothi, skyscrapers, builder floor etc. The trend of Builder or independent floor is gaining popularity very fast. The increasing demand for independent living has pushed builders to build builder floors.
Everyone doesn’t want to live in a tall building like a skyscraper but at the same time one cannot afford to buy an expensive villa as well. The solution is a low-rise builder floor.
There is an aspirational aspect to builder floors. There are people who want independent living space and do not want to be part of group housing,” says om ahuja, Chief executive officer (Residential services), Jones lang lasalle, A real estate brokerage.
What is a builder floor?
Builder floors are basically residential flats in a low-rise independent building. The benefits of the builder floors are that they can be constructed on a small or medium piece of land and can accommodate more people. Increased demand for builder floors has incited builders to construct luxury and well-designed builder floor. Builder floors might have different prices for each unit. Builders construct such buildings on their own or with collaboration with the landowner. Builder floors are typically 2-4 storey building.
What are the advantages and disadvantages of buying a builder floors?
- You get an opportunity to live in an independent floor without spending a huge amount like a villa or a Kothi.
- You are not bound to pay any maintenance fees which are normally applicable in apartments and society homes.
- Ensures privacy and safety to the owners as numbers of units are very few as compared to the tall buildings.
- Builder floor offers you separate water and electricity connection resulting in no dispute amongst family members.
- Single family, Group of friends or relatives can buy all units to make a separate community on their own.
- Opportunity to buy Builder Floor in well-developed localities.
- Builder Floors are basically developed by local builders so quality may be compromised sometimes.
- Unlike, High rise apartments, on builder floor, you need to employ your own professionals to check construction quality, property title etc.
- Builder Floors don’t have amenities like swimming pools, Play Ground, health centres, community hall, security and power backup etc.
- Maintenance of building has to be done by homeowners.
What to do before finalizing a builder floor?
- Thoroughly verify property document in local court to make sure property title is clear.
- Check for the reputation of the builder. Mingle with local resident and homebuyers who have already purchased home from the same builder.
- Check the circle rate of the property to avoid any foul play in the registry.
- Visit more than once to check the public amenities such as Hospitals, educational institutions, community centres, banking services and transport.
Builder floor facilitates builders to construct in limited space. Builder floors are very popular in cities like Delhi NCR, Bangalore, Hyderabad, and Chennai. In Mumbai, builder’s floors are not very popular as land cost is very high and restricts to build low-rise apartment.