In Gurgaon and Faridabad, independent floors are gaining more traction than highrise apartments. This reversal of trend is being attributed to a change in buyer preferences due to the pandemic and other benefits such as shorter possession time, more area and privacy.
As per a report by Anarock — a real estate consultant — the two NCR cities have witnessed launches of as many as 4,500 independent flats in the first three quarters of 2021. This accounts for over a 40% share of the same period’s total supply in these two cities.
Santhosh Kumar, the vice-chairman of Anarock, said the two cities are likely to add more than 20,000 independent floor units over the next year amid high demand.
He said a key benefit for homebuyers is that the possession time for independent floors is much shorter than highrises. “With one flat constructed per floor, families have more space and privacy than the highrise apartments,” he said.
“Besides, the builder floor developers cater to a smaller group of buyers. Therefore, they can incorporate large balconies and windows, high-quality and pre-built wardrobes, as well the electrical and plumbing fittings are superior to apartments,” the report claimed.
Harsh Trehan, the chairman of Trehan Group, said with independent floors gaining importance during the pandemic, even big developers have entered the space with better layouts and amenities due to shorter construction time and faster monetisation in comparison to large projects. The demand is expected to accelerate further during the festive season, he said.
Chairman of Elite Land Base, Navdeep Sardana said the increasing sales of plots during the pandemic show that the people have begun hunting for properties where they can have a healthy and secure life. “Demand for plotted developments has gone up across the country,” he said.
On the builders’ side, the development turnaround time for independent flats is faster than highrises, providing an opportunity for faster monetisation. Also, money generated from builder floors starts flowing in within a year, while highrises take at least four years to pay off.
Pradeep Aggarwal, the chairman of Signature Global, said independent floors are experiencing a boom in demand as these offer speedy and quality construction and are limited to four floors per plot along with a provision of many other premium amenities within a gated complex.