The residential property market in the National Capital Region (NCR) has undergone a major transformation over the past decade. The type of property sought has changed since then – from affordable 2 & 3 BHK houses in standard residential complexes to luxury 3 & 4 BHK apartments in high-rise, modern projects. Independent floors have gained a lot of attention from homebuyers, especially from those aspiring for a high-end lifestyle. Consequently, the prices of independent homes have skyrocketed.
What kind of independent floor homes are on offer in NCR?
The NCR has an abundant supply of independent floor options in the secondary, as well as the redevelopment market, while the number in primary projects is few. On offer are one-bedroom apartment floors, to as high as four to five-bedroom independent floors. The size usually ranges from 500 sq ft to as high as 3,500 sq ft. In some exceptional cases, floors are built over a size of 5,000 sq ft also. Like any other property, the price depends on the location, the surrounding infrastructure and the amenities. While established areas have abundant supply, satellite cities around Delhi have also seen many such developments.
The availability of redevelopment projects and land from owners has facilitated the growth of this segment. Although many small-scale builders are operational in the segment, premium developers have entered the segment, offering luxury independent floors. So, the options of independent floors remain high for home seekers.
Popular localities for independent floor properties in Delhi NCR
Localities in Delhi
Within Delhi, buyers can find independent homes in the well-established residential hubs of West Delhi such as Janakpuri, Vikas Puri and Dwarka. Average prices for independent properties in Janakpuri range between Rs 25,000 – Rs 45,000 per sqft.
If one is looking for independent homes in North Delhi, Pitampura, Prashant Vihar and Rohini are popular localities. Property rates in these localities range from Rs 12,000 to Rs 30,000 per sqft, depending on the property size, layout and features.
Patparganj and Geeta Colony are sought-after localities in East Delhi where one can find independent properties. South Delhi has many upscale localities offering independent houses, including bungalows. The property rates in this micro-market are quite high. For example, independent properties in New Friends Colony have an average price of Rs 30,000-Rs 50,000 per sqft.
Localities in Gurgaon
Gurgaon, with its strategic location advantages and booming residential market, especially in the premium segment, draws a lot of luxury homebuyers. Gurgaon localities where independent houses are available include Palam Vihar, Sushant Lok, Old Gurgaon sectors, Sector 67, DLF Phase 1, DLF Phase 2 and Sohna. Average prices of independent houses range between Rs 15,000-Rs 40,000 per sqft.
Localities in Noida
Noida is another prominent micro-market of NCR, which is seeing rapid growth owing to fast infrastructure and thriving employment hubs. The property segment for independent houses have evolved from a highly traditional and localized market to well-planned townships. Buyers can find a mix of old family bungalows or Kothis and new, low-rise builder floors in the market. Sector 30, 41, 45, 70, 71, 72, 73 and 121 are localities where homebuyers will find independent residential properties. Noida extension is a developing micro-market, which also offers independent properties for buyers. Prices of residential properties, including independent houses, are affordable compared to Delhi and Gurgaon. The property rate ranges from Rs 10,000-Rs 25,000 per sqft.
Localities in Ghaziabad
Ghaziabad has developed into a prime residential hub in the NCR with areas such as Indirapuram, Vaishali and Vasundhara offering a variety of property options. These areas are also popular for independent houses. The property rates for independent houses in Ghaziabad is around Rs 9,500 – Rs 15,000 per sqft.
Advantages of independent floors
Low rise buildings: Most often, builder floors are built by the developer, after an agreement with the land owner. Due to the floor area ratio (FAR), these are built in a low-rise manner. Hence, it is ideal for those who prefer to live in a low-rise complex, instead of a high-rise, group housing project.
Area on offer: Independent floors are often bigger, in comparison to an apartment unit. This is also because of the low-rise nature of such constructions and the FAR computations.
“Nowadays, builders mostly provide stilt parking and build the floors above the parking. Using the entire FAR, means bigger units,” says Manish Gupta, a property broker based out of south Delhi.
Disadvantages of builder floors
Price and associated cost of infrastructure: The opulence, the cost of land and the size associated with independent floors, may affect the pricing of the unit and escalate the cost significantly, Gupta points out.
Moreover, owners of individual floors, who are not more than 2-4 in number, share the cost of maintenance and facilities within themselves. In comparison to a group housing project, where maintenance and other costs are divided among many residents, the cost is divided among a few, in case of builder floors. Thus, the individual liability can be huge.
Amenities: Independent floors also have fewer or no amenities, when compared to a group housing project, which may have a club house, a garden or recreational area and other common spaces. In addition to the above, it is essential to have a synergy between the owners of the independent floors, for day-to-day coordination for parking, lift services, fire-fighting equipment and its maintenance, use of common areas, etc. In a group housing, these are often maintained by a facilities management firm.
Checklist for buyers of independent floors
If you are a prospective buyer of an independent floor, be prepared to incur the extra cost towards maintenance of the facilities and the common areas. In case you have a bigger family, buying a builder floor may suit you. However, while signing the deal, look at the provisions in the sale deed. The clauses mentioned, should clearly identify the scope of the facilities, common spaces and the role of the residents. In the absence of clear guidelines, there are chances of disputes among floor owners.
It is important to conduct due-diligence before finalising a property. They must check for RERA registration if the house is in a large, gated project.
