Home-buying is not an easy task, especially amidst these unpredictable economic changes. If you are a future home-owner looking for a property in Mumbai or any other city, you find yourself standing on the decision-crossroad of ‘plots’ and ‘flats’.
Each has its advantages and disadvantages, but is there a clear winner? We break down the battle between apartments and plots below.
The Functional Difference
Apartments save you the trouble of hiring an architect, seeking approvals and much more. Additionally, they come with a set of amenities and services that you won’t find in local authorities’ plots. However, luxury gated community plots for sale in Pune provide all the amenities of an apartment with the convenience of an independent home.
On the flip side, apartments offer very little privacy. You must live in a pre-made home rather than a tailor-made space. Secondly, you are continually sharing balcony views, corridors and windows with others.
A recent study also shows that the pandemic has created a larger market for land-purchase. If you are looking to work-from-home or live away from the city’s chaos, this is the perfect time to buy properties in Pune and Mumbai.
The Economic Difference
Buying a plot can seem like an overwhelming investment. However, the cost differences will take you by surprise. Here are some facts:
Cost Of Purchase
If we were to consider a flat and a piece of land in the same area, the cost of land would be lesser because of the lack of overheads. Even if you consider the cost of construction on the plot, the value is flexible to your budget and needs. It remains independent of the fees imposed by apartment builders.
Appreciation Of Land
Land in India is a tangible asset, which means your property will always remain on the upward trajectory of appreciation. Apartments are subject to wear-and-tear, dated designs, overcrowding and changing trends; a plot never falls victim to this. Other factors like location development, infrastructure, features of luxury villas, and access will also influence appreciation.
Buying an apartment entails signing up to a lifetime of maintenance costs for amenities like cleaning, parking, security, etc. However, these costs are lower or non-existent when you invest in plots in Pune for sale, especially if they are in a well-established gated community.
Loan and Taxations
In an apartment, loans come from an affiliate bank, and the buyer is entitled to a small tax deduction. In a land plot, the tax deduction is only available when the construction is complete.
However, acquiring a land-purchase loan is much easier because of their value and appreciation. One can easily find bank-approved plots and homes in Pune.
If we finally break this down into black-or-white, it’s evident that plots have a clear upper hand on economics. Banyan Tree Realty in Pune is a perfect balance of gated homes and top-notch amenities.
If you are looking to reestablish your lifestyle, land for investment and quality living are your best options.