Having a property of your own in Bangalore is always on the wish list of the people living and working there. With an increase in the population of job seekers as the MNCs and IT companies are providing jobs, people tend to migrate into the city, thus looking for a place to live in.
As the city is expanding, offering a quality of living for the people who are accommodating and turn out to find real estate as a good investment option they are often confused about where exactly they should invest.
So, here is a general overview of the facts which must be first considered while investing in an apartment and plot in Bangalore.
It is always understood that in a long run, land appreciates better than apartments. As the availability of land is limited to a certain extent and its supply cannot be increased as per the needs and requirements of the market, it has more appreciation value than an apartment.
The value of a plot always increases with time but in the case of apartments, it is exactly the opposite. As time goes on, apartments become old, they require heavy maintenance and constant repair. This in turn reduces the value of the apartment.
Apartments are more convenient as the investor does not get concerned about anything that undergoes in the construction of the project as everything including the architect, legal approvals, contractors, and everything is been taken care of by the developers.
They also provide solutions for all the civic problems that cause in a household such as irrigation and electricity issues. In the case of a plot, the owners must do everything starting from buying the property to everything that comes afterward.
Purchasing a plot will give the owner the full freedom to shape, mold, and design it according to their interest and budget. Even if you are not able to afford certain things, you still have the opportunity to build and reshape them in the future.
While buying an apartment, one has to put their creativity at rest to a certain extent as it is a pre-designed construction that may be set according to a particular interest and not everyone’s cup of tea. Customization is often limited in favor of the needs and requirements of the buyer.
The timely delivery of a constructed apartment is always questionable. It may take months or years to get completed.
When the possession is delayed it creates multiple problems like paying pre – EMI interest, losing income tax benefits, losing rental income, and many more. In the case of plots, they are usually ready for possession and they are at a low risk as timely delivery is ensured.
Thus, a plot buyer always benefits from this factor rather than an apartment buyer.
Apartments come with basic to luxury amenities. Power backup, maintenance, security, clubhouse, gymnasium, swimming pool, and many more are available in them.
In the case of an independent plot, all these amenities are not found as they belong to a separate individual and not a community.
Privacy and Security
Plot owner always has their privacy. They do not have to share floor space with others like in apartments or any other living community.
While buying an independent plot, security must concern you if you are investing especially in any outskirts of the city.
If you have all the safety precautions that are necessary then this may not a problem. While an apartment has all the safety and security measures including CCTV surveillance, security guards, alarm, and everything.
Basic facilities are hard to find for an independent plot than in any apartment. If the plot is on the outskirts of the city, it may be more – harder. In the case of an apartment, everything is available at your doorstep. There exists less concern regarding the maintenance of your property.
Buying an apartment or a plot in Bangalore has both its advantages and disadvantages. It will be ideal if you put together your needs and requirements first with your financial stability first before deciding on an option.
If you expect regular returns, invest in an apartment or flat, and if you want a higher future return and want to invest your money safely without any risk opt for a plot that will provide a higher appreciation value.
Prestige Marigold will be the best form of investment for those looking to buy land and build their own dream house or sell it at a later date.