Generally, homebuyers in Noida are divided into two categories, such as independent houses and residential apartments. As almost every kind of property comes with its pros and cons, it is essential to understand what sells the most in the city before getting a real estate property. There are many residential and commercial properties in Noida that fulfill the needs of homebuyers through apartments, independent villas and built-floor units. Though these options make it easier for buyers to have the best property in Noida, it becomes crucial to understand what is preferred the most to make a good decision.
Comparison: Independent Houses and Apartments
Generally, apartments and independent houses are the two most preferred properties in Noida. As the name suggests, ‘Independent Houses’ consist of builders’ floors and villas. These properties are built by developers that aim to provide stand-alone units. Builder floors are part of the low-rise building, where the entire floor is regarded as one residential part. With this, the floor would consist of common elements such as kitchen, bedrooms, drawing room, and other things. Migsun Vasant Vihar, for instance, consists of luxurious villas of different facilities and usually has two and a half floors.
When it comes to apartments, then they are generally part of a housing society or any high-rise building, while having many individual units on each floor. People usually live together as a part of the same community and share the same common areas. Almost all apartments follow the same design and built structure. However, the only difference is in the number of bedrooms each apartment can have, which usually work as the main price driver.
Pros and Cons
An apartment is considered to be a housing society that assures the safety and security of its residents. Even the maintenance committee of the project is held responsible for providing the monthly upkeep cost levied on the residents. In addition, society also offers many amenities, such as a gymnasium, clubhouse, parks, shops and play areas. With time, a Resident’s Welfare Association (RWA) may also get formed for grievance redressal.
While considering an independent house, the homeowner is responsible for all the maintenance and safety of the property. Unfortunately, independent houses lack add-on amenities, in comparison with apartments. However, the good thing about independent houses is that the price of the property appreciates faster, and the resale value is higher than apartments.
Most investors prefer to have independent houses with the motive of earning high capital returns. While determining the face value of an independent house, the key component considered is the land, which indeed has a high tendency to appreciate.
Not to mention, the land prices in Noida have shown positive growth of around 60% with the ongoing development of the Jewar Airport and expressways. When it comes to evaluating the land price of apartments, then it is less as there are many multiple units constructed on a given land parcel. Generally, service elements, construction, and amenities such as a swimming pool, clubhouse, and garden, increase the prices of the apartments. However, the cost of construction depreciates by almost 5% annually.
The majority of homebuyers usually prefer to have independent houses, yet the sales are higher in the case of residential apartments in Noida. Many middle-class homebuyers prefer to have traditional flats. Due to their budget constraints, they look for decent independent houses that are available within the city. Furthermore, it is also challenging to maintain an independent property as the repair costs are higher than apartments. The supply deficit is another major reason why most homebuyers prefer to have apartments.