Wednesday, November 7, 2012

Are independent floors higher up the value chain than flats?

Independent floors are constructed on a piece of plot and the whole of the built up area of the floor is developed as a single residential unit. Before the major housing groups dwelled into the construction of these projects, it were the individual builders who would take up a plot of the land, build it completely into a multi-storey home and then sell each of the floors to different people. With the entry of construction groups in the independent floors niche, such as BPTP Park Floors, the usual association of these units with the individual builders underwent a change and the association was now more with the housing groups that had initially focused on developing multiple storey flats.

Since the movement of construction for independent floors was from the independent homes, which were dearer than the flats, the former were considered to be higher up in the value chain than the flats since these provided more satisfaction than living in a flat. These were generally taken to be more luxurious since these were dearer and spacious than the normally flats. At the same time, these paved the way of low-density housing with better utilization of resources and, hence, these provided a better quality of life. There was a definite upward movement in the value chain as compared with the flats. Do these BPTP Park Floors apartments still provide good value?

As the real estate market has matured and there has been entry of the private players, there have been a lot of variants of these floors. On one hand, there are projects such as BPTP Park Floors Faridabad are no longer carrying the luxury tag or are being made in the spacious plot sizes. These come to you in the same area as a flat would come. And, BPTP is not an exception to this rule which is now being widely practiced. In the plot sizes equal to the area of a flat, the developers are constructing the independent floors. On the other hand, there are floors-projects which offer an ultra-luxurious lifestyle to the people. These are far higher up the value chain. So, there is no fixed pattern on whether more or less of value is added by these types of residential units. However, some features such as greater levels of privacy, common security and maintenance as a society and other similar features, all common to all variants of this type of project from the various builders.

Growth of niche segments of population, who prefer to lead a more quality life, with higher privacy and security and in a lower-density neighborhood than that of flats, has given the impetus for the construction of these floors.

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