A floor called home

Builder floors can be developed either by an established builder,an individual land owner or as joint venture between both parties.

Builder Floor vs High Rise

There are several differences in the basic considerations of builder floors as compared to high rise apartments.

* In builder floors only a single dwelling unit is provided per floor which implies that a single family has the entire floor to itself providing greater privacy. The high rises have a number of apartments on a single floor.

* The cost of builder floors are inherently higher as only one buyer occupies a whole floor.

* The high rise residential complexes cater to the average middle class who require a budget housing solution with a ready to move in option.

* Economically speaking,the apartments in high rise buildings are much more efficient in terms of cost as well as utilisation of available space.

* High rise complexes with more number of units will generally have more common amenities such as swimming pools,community halls,club houses and children’s parks.

* The social life is also more inclusive in case of the high rise apartments as more families reside in the same building.

Key Benefits

The USP of builder floors is that it allows one to own an independent dwelling unit without having to pay hefty amounts required for independent villas or bungalows.

* Along with the privacy and luxury of an entire floor to you also comes the freedom from paying maintenance fees and other charges commonly applicable in a high rise apartment.

* The builder floors give the buyer freedom to choose a locality in the more developed areas of the city.

* Tying up with independent land or house owners for developing builder floors can work out to be a great deal for buyers.

* This is a better option for friends or like-minded people getting together so as to have a separate community.

* Each floor has its own separate water and electricity connection which helps avoid disputes or misunderstandings which are common in larger communities.

* The returns from the sale of builder floors are much higher in terms of sheer percentages as the entire floor is being disposed at a time.

Problem areas

Along with the luxury of owning a builder floor there are a few associated problems which have to be catered for by the owner all by himself.

* The first among these is the maintenance activities which are taken care by the society in larger residential complexes have now to be undertaken by the owner himself.

* Additionally community facilities which are commonly available in larger societies will be absent in most of the builder floors as only a few families will be sharing the entire complex.

* The quality of construction may not be as good as in the other case. Hence the due diligence and supervision has to be carried out by the owner if required with the help of a qualified professional.

Essential Checks while Buying Builder Floors

While buying any kind of real estate requires the customer to do a few fundamental checks,the situation becomes even more critical and essential in case of builder floors as only a few customers are involved.

* The past record as well reputation of the developer or land owner must be verified carefully in terms of quality as well as commitment to schedules.

* The title of the property has to be individually verified at the local courts or land record offices.

* Check out the market rates applicable in that circle or the base rate fixed by the local authority.

* Consult and discuss with a number of builders,brokers and individual land owners before making up your mind.

Builder floors promise villa-like amenities for the price of a flat. Do factor in the risks and explore before you settle for a purchase.

—The author is CEO,BankBazaar.com