A new segment in residential real estate is gaining ground in Bengaluru. Developers are giving less for more and home buyers aren’t complaining. The right ticket size along with all the premium amenities has made ‘premium affordable’ everything a first-time home-buyer needs. We list the top 5 reasons why these kind of homes may be worth your time and money.
1) A Premium Home At Affordable prices
The entire idea behind ‘premium affordable’ homes is to provide premium homes at relatively affordable prices. An 800 sq. foot ‘premium affordable’ home may cost you a little over Rs 30 lakh compared to Rs 25 lakh for an affordable home of the same size or above Rs 65 lakh or more for a luxury home.
2) It Comes Loaded With Luxury
These premium affordable homes offer amenities like swimming pools, club houses, tennis courts, basketball courts, billiard rooms, libraries and much more, all for the cost of an affordable home. Some projects offer special sports or art-themed townships, giving you and your family access to world-class sports facilities and learning centers.
3) Affordable Doesn’t Mean Low Quality
The myth that an affordable house is low on quality and that it short-changes you on amenities and space can now be put to rest. Some of these homes are built using European style pre-cast technology with typical unit sizes ranging from a 2 BHK of around 800 sq. foot to a 3 BHK of over 1000 sq. foot. While one could argue that these sizes are compressed, there is no denying it is a bargain for the price and facilities being offered.
4) Distance Should Not Be A Problem
Most of the projects in this segment are located towards the outskirts of the city; however with these areas witnessing rapid development, better connectivity along with the social infrastructure to support it is being built and so distance should no longer be a matter of concern. The outer ring road and the NICE expressway can get you to the city within minutes. Moreover, with most IT hubs situated within a 5-kilometer radius, you could actually walk to work.
5) You Can Save On Taxes
The announcement in the budget of an additional deduction of Rs 50,000 for a loan up to Rs 35 lakh if the house value doesn’t exceed Rs 50 lakh is the cherry on top of the cake for a first time home buyer. With most ‘premium affordable’ homes below the Rs 50-lakh bracket, a home buyer can easily use that to his advantage.
Reporter : Stacy Linera Pereira, NDTV
Web Editor : Nikhil Narayan Sivadas, NDTV