Nishant Kumar, a property buyer looking for a home in Thane, wants to know if he can get a good stand-alone project within a budget of Rs 40-80 lakh. He says stand-alone buildings are ideal for those with money but not very keen on additional facilities which are offered by developers today.
Nishant is not alone. To counter the rising realty prices in Mumbai, buyers seem to be opting for stand-alone buildings to cut down the cost of the property. It also reduces the maintenance charges that one needs to pay in gated communities.
Maintenance charges are directly proportional to the facilities offered. In new projects located in the suburbs and South Mumbai, maintenance charges vary from Rs 6-12 per sq ft per month. On the other hand, it varies from Rs 2-5 per sq ft per month in the extended suburbs,” says Divya Seth, GM, Valuation and Advisory Services Colliers International.
Seth adds, “Owing to no or limited facilities, a stand-alone structure turns out to be cheaper than a gated community. The difference is between 10-15 per cent.”
A survey conducted by Magicbricks also revealed that not all buyers are happy about paying extra for a flat, not only at the time of purchase but also every month in the form of maintenance charges due to the added facilities. More than 60 per cent of respondents said they would not want to pay more than 10 per cent extra for amenities. Moreover, facilities such as balconies and lawns were preferred over club houses and swimming pools which command a premium.
However, most of the stand-alone projects are re-sale properties. Seth informs that old properties in South Mumbai in locations such as Worli and suburban areas such as Bandra and Khar have stand-alone properties. People with limited budgets can also evaluate options of stand-alone projects offered by small city based developers in the extended suburbs of Kalyan and Mira Road.
Thus, for a person who has no option but to live in Mumbai, stand-alone projects can be considered.
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MCHI-THANE has always been very clear that fine housing complexes and shopping malls cannot stand in isolation. A great City is the sum total of great buildings, great infrastructure and great people. MCHI has been committed to growth of the real estate sector and is credited with the harmonious growth and rise in quality and standards of construction in Thane City in the past decade.
Its aim as an Association of Developers has been to seek rational rules and regulations which are uniformly applied across the board as this will to a great extent result in speedy construction, cost reduction, fair pricing and a push for better quality standards at par with the developed world, with a high level of transparency.
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