Why Independent Floors are Regaining Popularity Among Homebuyers

Why Independent Floors are Regaining Popularity Among Homebuyers

Real estate has emerged as the most sought-after investment following the corona pandemic. As the world adopts modern technologies, it is apparent that consumer tastes are changing, which leads to an ongoing evolution of architecture and designs. The pandemic serves as a reminder of the value of health in the midst of the developments of the modern world, and today’s homebuyers desire to live independently in an environment that is green, hygienic, safe, and equipped with facilities.

A desire for an indulgent lifestyle with plenty of space, minimal interruption, and amenities tailored to each buyer has led in the shift towards independent floors.

An independent floor is constructed in a low-rise building that is surrounded by a gated community, ensuring privacy and safety. On the same plot of land, there are multiple housing units, giving people the choice to live in luxury, safety, and harmony. Housing here is confined to one floor of a building that usually has three or four floors. A building is thus mostly occupied by three or four families that each reside on one floor. While not being as expensive as villas or separate houses, this type of housing gives the impression of having own home.

Plots and independent floors made a far stronger comeback than apartments. CAGR (compound annual growth rate) has been recorded for residential plot prices. According to the REA India report, CAGR has been 7% across eight major cities since 2015, and apartment rates have risen at a 2% CAGR during that time.

All around the nation, demand for independent floors is skyrocketing, and Haryana is no exception. According to the property consultant Anarock, independent floors are gaining more popularity in Haryana’s main cities Faridabad and Gurugram as a result of the pandemic, which is causing a significant turnaround in the real estate market trend.

In Gurugram and Faridabad, around 10,970 housing units—of which 4,500 are independent floor units—were launched between January and September 2021. In the first three quarters of 2021, the launch of 4,500 independent flats in Gurugram and Faridabad accounts for more than 40% of the overall supply in these two major cities.

Moreover, 20,000 independent floor flats are expected to be built in Gurugram and Faridabad during the next one year. These two cities added around 21,300 independent floor units between 2006 and 2010.

In India, demand for independent floors is primarily fueled by a few key factors.

The benefits of independent floors are attracting an increasing amount of interest from the population, who are eager to invest in the next big thing in residential real estate. Independent floors are preferred by HNIs (high net-worth individuals), young professionals, and corporate executives due to the comfort of living and facilities they provide.
The primary reason for this shift is rising land prices. Independent floors are becoming more and more popular among buyers since they provide plenty of room for personal privacy and allow residents to live close to their loved ones while yet living in the same building. Many people opt to own two or more floors on the same plot for themselves and their close family members.

Another factor that contributes to the favor of independent floors these assets is that they have lesser turnaround times in terms of construction. Today’s discerning consumers looking for a community of like-minded people are attracted to independent floors that offer more space and are less dense.

Additionally, since the pandemic, homebuyers’ preferences and choices have undergone a complete transformation. People are looking for WFH spaces, wide open spaces, entertainment zones, lush greenery, gym, separate reading rooms, CCTV, large balconies, and outdoor sports facilities among other amenities.

Additionally, independent floors are located in gated communities with first-class amenities, allowing workers to achieve the perfect work/life balance. Generations of families can live together comfortably in this type of housing style without sacrificing privacy, providing a hassle-free and old-world charm to living as a joint family.

According to an industry report, NRI individuals invested around $13 billion in the Indian housing market in FY 2021, and the inflow is expected to rise by 12% in FY 2022. They seek for areas that give a comparable way of life to what they are accustomed to and are large, open, and wide. Independent floors are increasingly popular among NRIs because they offer all the conveniences and the benefit of more privacy.

In certain circumstances, buyers obtain possession of their home even after a decade, which causes concern. Independent floors have grown in popularity in recent years as homebuyers see them as a low-risk investment with low capital requirements. It is a way to generate quick cash flows and a strategy to raise working capital for developers.

People have taken a keen interest in independent floors. As the demand for real estate grows following the pandemic, so does the need for independent floors due to privacy, luxury, and quick possession.

Source : Construction Week Online

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