1294449 SIP myths you must know!

People looking to buy flats generally have two options. One to buy a flat in a high-rise society and two a builder floor. What are the advantages and disadvantages of either, let us look at tit here.

In the case of a builder floor, you generally get the entire floor in the building.  Having the entire floor provides buyers with more freedom and privacy.  Buyers have the freedom to use and construct this space according to their own preferences. In comparison to flats in multi-storey buildings, there may be more usable space available in builder floors. However, the common space is less. If you want to make any changes in a flat in a high-rise society, you need permission from the society/maintenance department. Additionally, you cannot make any changes to the external structure.

In terms of amenities, flats in high-rise societies outshine builder floors. Major residential societies in all big cities provide amenities such as lifts, gyms, swimming pools, community halls, clubhouses, markets, and parks or gardens. These amenities are usually not available in builder floors.

The price of a builder floor is generally lower than that of a multi-storey apartment. However, these prices to some extent depend on the location. The price of builder floors in prime locations may be higher than flats in high-rise societies located on the outskirts.

Let’s look at pricing with an example. We used the property portal Housing.com. According to it, the price of a 2BHK builder floor in Sector-62 of Noida is ranges from 30 lakh to 45 lakh rupees. Whereas, the resale price of a 2BHK flat in residential societies of the same sector like Gail Apartments is 75 lakh rupees and Purvanchal Bhagirathi Apartment is 70 lakh rupees. In both cases of builder floor and society flat, the price may vary according to the area.

In terms of security, high-rise residential societies are generally more secure. There are multiple levels of security , guards at the main gate and monitoring through CCTV are present. Separate security guards and CCTV are provided for each tower, common areas, gym, and clubhouse. There is usually no specific security arrangement on builder floors. Buyers can choose to install guards and CCTV for the building if they wish.

There is often a concern about the construction quality in builder floors. In most cases, property owners hand over their property to a local builder to construct floors. After construction, all builder floors are divided between the property owner and the builder. The builder recovers the cost and makes a profit by selling the floor that falls under his share.  It is difficult to determine the quality of construction material used by the builder.

In the case of high-rise societies, renowned builders do not compromise on construction quality because they need to obtain compliance or occupancy certificates from local authorities. Authorities only provide these certificates when all rules regarding construction are followed. Using poor quality materials can also harm the developer’s credibility.

In builder floors, there is no monthly maintenance charge to be paid.  Maintenance is the responsibility of the buyer.  If there is a need for maintenance in the entire building, all floor owners contribute towards it. If there is any defect in a builder floor, the owners will have to fix it themselves. On the other hand, buyers of flats in high-rise residential societies have to pay maintenance charges to the builder or apartment owners association every month. This is used for maintenance of flats, towers, and common areas. It includes a complete maintenance team of plumbers, electricians, and carpenters, gardeners etc. Whether you get maintenance done for your flat or not, you will have to pay the charge.

Whether to buy a builder floor or a society flat,  depends on affordability and what kind of lifestyle you want. Whether to buy a builder floor or a flat, make sure to check the title deed, i.e., registry in the registrar’s office or local authority. Check the builder’s previous projects and credibility. Get the construction quality checked by a structural engineer. Also, make sure there are no outstanding loans or bills on the property.