For many months, Pune-based Kshitij Nadekar had been thinking of shopping for his own flat. The 36-year-old sales and promoting government wished to try and do this chiefly to save lots of on the rent that he's presently paying—Rs seven,000 for an apartment at Koregaon. He wasn't keen on an enormous house as he lives alone (or with a roommate) and failed to want to require a hefty loan considering the high interest rates.
A month agone, he finally zeroed in on the proper house: a flat at Wagholi cost accounting Rs eight.5 lakh. "The main advantage is that my monthly outgo for the house can stay the same since the EMI can be equal to the rent that I am paying. Besides, i'll own an asset whose price will rise within the future," says Nadekar.
Nadekar belongs to the growing socio-economic class, which wants affordable and manageable houses, one thing that the developers are fast to cater to. Over the past few years, studio residences are cropping up in railroad cities. in step with business estimates, about 1.2 million square foot or fifteen,000 studio apartments are expected to be completed within the next two years.
Most property developers embrace an explicit range of studio residences in their comes as a result of these, along side 1-BHK flats, are usually the first to be bought and, therefore, generate instant assets for them.
Also referred to as bachelor residences or potency residences, studio flats ar little and self-contained units, with sizes starting from 300-500 square foot. this is often why they're the foremost reasonable choices in an exceedingly building project. the most distinction between a flat and a 1-BHK flat is that the previous doesn't have walls delineating the areas within the house. the sole closed space with a separate door could be a rest room. However, if you ar keen to have some privacy for the sleeping space, you'll erect a brief partition.
Should you obtain a studio apartment?
This depends on your would like. Such apartments are best for singletons or couples. "Most people that begin operating or those that have recently got married cannot afford to shop for huge residences, particularly in railroad cities, wherever housing is dear albeit you rent it," says Pankaj Kapoor, manager, Liases Foras, a true estate research and rating firm.
For such folks, a flat could be a good option, particularly if they spend most of their time at work. It's even better if they'll buy one near their workplace because it will help them save on transportation cost. Says Mohammed Aslam, chief operating officer, residential services at Jones Lang LaSalle: "Usually, teens need to remain in an inexpensive place and sell it after they move to a special town for work."
These flats conjointly work for fogeys whose kids ar following pedagogy and should otherwise need to keep in an exceedingly hostel.
Besides the low value, another obvious advantage is that the registration charge and stamp duty for such homes is less. For instance, if you obtain a house value Rs fifteen large integer in metropolis, the stamp duty can be regarding Rs one.2 lakh. However, if you get one that prices Rs thirty five large integer, the taxation are going to be Rs a pair of.8 lakh. you'll check what proportion you wish to pay as taxation by victimization the assorted calculators on land portals, like Propmart and India Properties
If you square measure shopping for a studio housing in a new housing project, be ready to get hold of some facilities whose costs square measure fastened by the developer. These include a parking slot and club membership. However, make sure that the upkeep charge, which you may need to pay, is not a fastened fee and is calculated on basis of the space of your house.
Is it value associate investment?
A studio housing will be a smart investment if you square measure a tiro or conservative capitalist cautious of golf stroke your cash in equity or mutual funds. Most Indians contemplate realty a secure investment possibility, therefore shopping for a apartment, that you would like to pay a loan EMI of Rs half dozen,000-10,000, can be a feasible choice.
Even if you progress to an even bigger house soon, it guarantees a rental financial gain. instead, you might sell the flat and use the sale income to create a down payment for a second house. These homes square measure straightforward to sell because the demand for smaller flats is usually on top of those for larger ones.
According to Hindu deity Vasudevan, vice-president, Indiaproperty.com, studio residences area unit a lovely possibility for land investors thanks to the high capital appreciation and sensible rentals they provide. "Studio residences in business centres, like metropolis, Bangalore, Gurgaon and therefore the western suburbs of Mumbai, area unit in massive demand. These residences have witnessed a capital appreciation of 15-20% a year within the past 4-5 years," he adds.
While shopping for a flat, the foremost vital side to contemplate is location. It ought to be close to a geographic point hub as this can guarantee a gentle stream of tenants or consumers. Studio apartments are in prime demand in and around central business districts and IT centres.
Another sensible possibility is that if it's near a significant medical hub or hospital, because the families of the general public UN agency need to bear long treatments opt to sleep in a flat instead of dole out cash for pricey edifice rooms. decide on a project in {an area unita|a neighborhood|a district|a region|a locality|a vicinity|a part|a section} that has sensible property and wherever new industries are being got wind of. verify if any major government comes area unit developing as this can enhance the selling worth of your house.
If you propose to sell the living accommodations once a couple of years, obtain associate degree unfurnished with one. although developers provide absolutely well-appointed studio residences, they'll not tell you the price of every piece of article of furniture or electrical item. So, it makes a lot of sense to select and pay for your own fittings and furnishing.
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