Decoding The Concept Of Builder Floors

India is home to a variety of residential real estate ranging from high-rises, skyscrapers, individual homes and now, builder floors. Though high-rises are limited to certain areas of the city, the dwellers in already-established areas still prefer independent living.

To fulfil the rising demand for independent living, many builders are now buying old constructions and empty plots in existing residential localities and rebuilding floors. These building which otherwise would have housed one or two families, after being built could now accommodate more families.

What is a builder floor?

A builder floor apartment is a residential unit in a low-rise independent building. Such a building, which is usually three to five-storey high, houses apartments of the same configuration.

These floors are constructed on a small or medium-sized residential plot and then each floor is sold independently at different price points. For instance, the ground, the first and the top floor with roof rights, are the most expensive due to a heavy demand. Such floors are usually developed by the builder on his own or in collaboration with the landowner under a joint development agreement.

In today's time, when home buyers look for innovative residential options, luxury and independent lifestyle has led the emergence of the well-designed and developed builder floors.

Pros

• It allows you to own an independent floor without having to pay a heavy price when compared to buying a villa or an independent bungalow.  

• Along with ensuring privacy, the home owner also gets freedom from paying maintenance fees and other charges usually applicable in developer projects.

• All floors in one building can be bought by friends, extended family or like-minded people and can have a separate community of their own.

• There is a separate water and electricity connection for each floor, which prevents disputes unlike larger residential communities where floors are shared.

• A higher premium can be expected while selling a builder floor as the entire floor gets disposed in one go.

Cons

• Unlike large residential complexes, where there is a separate team to monitor the maintenance of the community, in builder floors the owners have to take care of the maintenance activities by themselves.

• Additional community facilities and amenities like gymnasium, swimming pool, security, etc. are absent in builder floors due to shortage of space and also, limited number of people residing.

Things to keep in mind when investing in a builder floor

• Verify the past record and market reputation of the developer and land owner in terms of quality and commitment to schedule.

• Thoroughly verify the title of the property at the local court.

• Check the circle rate and base rate of the relevant locality.

• Consult and contemplate before you take a final decision.