Real estate acquisitions will be one of the most significant investments you make in your lifetime: it’s set to reach a market size of US $1 trillion by 2030 in India. And whether or not it’s your first time navigating the home-buying process, it is natural to have conflicting thoughts about choosing between NA bungalow plots in Pune and a ready-to-move-in apartment.
In a sense, you will find several advantages and disadvantages associated with them both. And they can also be dependent on your financial situation and goals. So which one is a better choice – NA plots in Pune or flat? Here are some things to consider before making that big decision.
Cost of Acquisition
One of the striking advantages of buying a plot as compared to flats is the cost of acquisition. A plot for sale in Pune will cost only a fraction of what an apartment is worth in the same area. Additionally, the prices of acquiring NA plots in Pune, plus the amount it takes to construct a villa, will still be lower than purchasing an apartment.
The biggest advantage of plots is that you can grow your land upwards by adding floors, thereby ensuring property appreciation. This type of construction is made even easier with relaxed FSI (Floor Space Index) rules. In contrast, the small, restricted space of a ready flat can’t allow for such modifications, leading to a stunted ROI.
Rising demands and limited land supply will also drive up the value of spacious plots in urban areas. Essentially, the more you can grow your land, the greater your long-term profits.
Flexibility in Construction
Although apartments allow you to move in almost instantly, you’ll be faced with numerous restrictions when it comes to customization. You will have the legal right to customize only the insides of your apartment.
But in the case of plots, you can construct and design your home the way you like. If you purchase a plot, even if it belongs to the row houses in Pune, you can customize anything that comes within your property boundaries.
Post COVID-19 Scenario
Let’s face it. Right now, the real estate market is slightly down due to the effects of the pandemic. Although this is terrible news for the sellers, it is the best news for buyers. If you’re planning to make real estate investments, buying a plot will be the best choice as Pune plot prices are lower than ever.
After the pandemic, your land investments will reap significant returns as more buyers will be introduced to the market. However, in the case of apartments, there won’t be much difference in value appreciation as most builders have halted their construction works.
The Risk Factor
One of the most notable drawbacks of purchasing an apartment is the build quality associated with it. To reduce construction costs and meet the deadlines, builders may compromise the quality of construction—which, in the worst-case scenario, can put your life at risk.
Luckily, even if you opt for a gated community in Pune, you can oversee the construction and inspect the quality of each raw material used. This can help in building a home that will stay durable and liveable for years to come.
Still confused about choosing between a plot and flats? If you want your investment value to appreciate in the years to come and want to construct a home to your liking, choose plots over apartments without any more doubts.
To know more about the best villa properties for sale in Pune contact Banyan Tree Realty, India’s most trusted luxury real estate developers.