Monday, November 19, 2012

Why Group Housing Apartments Are A Big Hit in Indian Real-Estate Sector?

Group housing societies, often the multi-storey buildings developed by the builders have changed the urban skyline in Indian cities. Whether it is the metropolitan cities or the tier II and III cities, all have been the focus of multi-storey real estate development in the past decade or two. Faced with the prospects of rising demand for affordable housing and the big demand-supply gap, the government allowed the private sector to play a major role in the development of the residential spaces for people. The enactment of laws and bye-laws pertaining to the establishment and regulation of the housing societies has made it possible for the people to have clear titles to their apartments, facilitating the development and sale of these units such as Omaxe New Heights Faridabad. Some of the main contributory reasons for these apartments being a big hit in the Indian realty sector are:

1. Existence of vast middle and upper middle class segment which requires affordable housing. The Indian middle class provides a vast market for the sale of products, including the realty products such as group housing apartments, as at Omaxe New Heights. This provides a big opportunity for the realtors to sell their units to the buyers.


2. Concern for security: The people are also driven by their concerns for security for living in these apartments. Presence of a number of security taff, use of electronic and automatic monitoring and surveillance equipment and well established procedures and rules of security management, are some of the obvious benefits of living in a group housing society as against the independent homes.

3. Sky rocketing prices of independent homes which have gone out of reach of many people. The price rise has been disproportionate to the rise in the income levels of the people which has forced many a people to look towards living in multiple storey living spaces.
4. Liking for Community Living: High rise apartments have high density of population. These provide good avenues for people to form groups and live together in a community. It has been seen that the sense of community living is stronger in people living in apartments as compared with those living in independent homes.

5. Modern lifestyle can be enjoyed in vast spaces, which is not possible in all or most of the average independent homes. The modern societies, like the ones coming up in Greater Faridabad region, provide the best opportunity to make use of amenities like spas, swimming pools, play areas, gymnasiums and others within the precincts of the society itself, without having to go out.

6. Limitation of land availability for developing residential real estate horizontally and the increasing demand for residential spaces has made the authorities allow for construction of high rise residential apartments like Omaxe New Heights. This has increased their supply to meet the high demand levels of people.

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