What's the Wiser Choice: Apartment or Land?
What's the Wiser Choice: Apartment or Land?
With the government's new initiatives in the real estate
sector, buyers have a plethora of apartment choices. However, owning a piece of
land still has an unrivalled prestige value. So, when it comes time to relocate
or invest for a more secure financial future, many of us are caught between two
options. Here we compiled this helpful list that will help you choose wisely!
Investment Factor
One of the primary disparities between a plot & an
apartment is that you'll have to live in your very own house right from the
moment you acquire an apartment & you'll save a lot of money on your rent.
Whereas a plot allows you to create your own customized home, until then you
won't be allowed to live there & you'll have to pay rent even if you invest
in the plot. Also, when you buy an apartment, you can use it as an investment
vehicle as you rent it to someone, but in the case of a plot, it won't be
possible. So, compared to plots, an apartment is a smarter investment choice.
The Hassle Aspect
An apartment is actually a comprehensive package for standard
living; you can select one that would be ready to move into where it contains
all the things that an apartment life demands. Hence, you won't be worried
about any further headaches or strain. A plot that you wish to build on is just
land & you have to build it from scratch & you'll now have to deal with
the troubles & groundwork of building the structure, obtaining legal
permission, & ultimately upgrading it with lifestyle elements to keep it
livable.
Financial Assistance
Finding financial help for the purchase of a plot is more
difficult than for the purchase of an apartment, since financial companies are
hesitant to lend money for the purchase of a plot. So, as a result, there are
limited alternatives for purchasing landed property, as banks often do not
provide financing for the purchase of a land/plot, but it is effortless to get
a bank mortgage for the purchase of an apartment.
Compliance Aspect
In general, the plot is considerably more likely to get
entangled in legal complications & litigation. So, when you purchase a
plot, conduct thorough research on any conflicts, & ensure to keep an eye
on it till you build your home on it. As in India, several issues are raised
regularly relating to illegal land capture. Although these concerns are much
reduced when purchasing an apartment when the buyer is protected by RERA &
he or she has the right to go for a petition for compensating & remedial
action, if the builder didn’t guarantee their promises. Accordingly, as a precautionary
step, today's builders will exceed expectations to guarantee that all legal
& financial requirements are met.
Return on Investment
A plot can be acquired for the intent of constructing a new
structure to get profit, or it could be utilized for other reasons. If you plan
to acquire an apartment, only do so upon assessing the growth prospects of a
specific neighbourhood. Your apartment's ROI will be higher depending on where
it is located. Because of the increased movement of workers from other cities,
an apartment in a desirable location will always have greater rental yields,
providing you with a monthly second income & assisting you in being
financially secure.
Tax Treatment
The tax treatment of plots & apartments differs. As in
the case of an apartment, first-time homeowners are eligible for specific tax
breaks. The tax deduction for interest on plots is allowed only in the year
where construction is finished. Interest accumulated during project
construction can be reclaimed as a deduction across 5 years in equal payments
beginning with the year the work is finished, resulting in a delay in tax
advantages. Holding a plot as an investment is not tax-deductible, but you can
request a deduction for the interest given. Conversely, if the plot remains
barren, it might not be eligible for a tax break.
Value Appreciation
The plot has comparatively better value appreciation than an
apartment. This is mostly due to the scarcity of plots on the market. The value
of a property is determined by its location & proximity to major infrastructure
developments. However, the land market is a cobweb, so when you buy, you must
be vigilant. So the safest choice for individual investors is to buy
apartments; keep it simple & get your 20 or 25% appreciation because the
land is all about where you want to be on the risk-reward spectrum. Also, make
sure to select an apartment from a reliable builder with a good location &
surrounding infrastructure to increase the value of it.
Scope of Resale
Apartments are easier to sell as there is always a huge demand.
Furthermore, apartments provide a variety of facilities as well as security
features. The attraction of plots is that the owner owns the land & can
create a new house to optimize returns. But when you plan to sell it, it may
not be fundamentally enticing to a possible buyer market. He/she may then
either invest more in repairing it or entirely demolish it to create a new one.
This might have a reasonable impact on the price of the house. However, in the
case of apartments, such an issue does not exist as they’re available with a
fixed structure (part of the structure) &, thus, more convenient to sell at
the value without extensive negotiations.
After considering your wants, financial status, & commitments,
take the best alternative. Having a plot implies that you should be careful
with some choices. However, the benefits for apartments may be far greater than
for plots. Because everything is already in place, you may begin earning
profits on the first day. It is critical to seek apartment properties in
affluent locations and, of course, from a reliable builder, so that you'd have
a good chance of making a regular return.
If you are looking for your dream apartment in the heart of Kochi,
Thrissur, Thiruvananthapuram or even in Kozhikode, then do visit Varma Homes,
one of the top ranking and most trusted builders in Kerala. We strive to
enhance top-notch quality construction materials to create apartments that will
stand the test of time. With us, you shall not be disappointed! You will get
the guarantee of quality residential options that provide not just great living
spaces but also a lot of happiness.
Releated Blogs
Residential Real Estate In India Set Back To Restore 2019 - 2020
Let's look at the present state of the real estate market so that you can get the best deal for owning an apartment or flat in India. As we know, the real estate market has witnessed a market decline or downfall in the number of people buying residential properties. One of the major cause for this fact that the property prices remain high when it compared to the average income of people. The concept of affordability also affected by an increase in income and interest rates. The rental yield is another factor that determines the level of demand for both investors and end users. Rental yield is the amount of rent paid per annum over the cost of purchasing a property. The demand for real estate started declining from the year 2013. By 2016, it hit an all-time low; the entire market was going through a bearish stage when it was affected by two main black swan events. That is the introduction of RERA in 2016 and then demonetization of Government that demonetized high-value currencies, which in turn washed out 2016 and 2017 for residential real estate. However, the impact of these is only short term and it will not have a long-term impact. I.e., it is true that the residential demand, sales and supply took a hit on the back of uncertainties surrounding RERA and GST. Though, with the improving clarity on GST & RERA, sales are expected to revive across categories and budget segments. Key Reforms In Real Estate Will Lift The Demand Now the change is already visible by the implementation of Government flagship mission “Housing for All by 2022” and its focus on the affordable housing segment. Moreover, the effective implementation of RERA restores confidence among homebuyers and the real estate sector is set to greatly benefit from RERA. Now the Residential real estate in India is set to make a comeback. Demonetisation had a healthful impact on property costs by restricting money transactions and checking speculative evaluation, successively increasing affordability, that may be a key to realize the government's flagship mission of 'Housing for All'. The government has also stretched the credit linked subsidy scheme till March 2020, which offers interest subsidies on home loans for Low Income Group (LIG), Middle Income Group (MIG) and Economically Weaker Section (EWS) under the Pradhan Mantri Awas Yojana. So it is clear that the real estate sector is showing signs of recovery and is in reforming stage where Government put its focus on providing affordable housing, consumer-friendly regulatory reforms and infrastructure to warehousing industry providing a sense of positive market sentiment. RERA and GST are now the prime factors that facilitate a recovery in the real estate sector. Recent evaluations after the implementation of RERA and GST indicate a 6 percent growth in housing sales across some of the major cities in 2018. The growth outlook across both commercial and residential real estate is turning progressive now. Based on estimates, by 2030, the real estate in India become a $1 trillion market. Hence the mess is over, buyers can come across to purchase their dream property without any second thought. Now they need to worry about the only thing that the selection of the best and trusted builder, finding the proper location & amenities while purchasing a ready to occupy or under construction 3 BHK or 2 BHK apartment or villa. Here you can stop your concerns about the selection of the right builder; you can undoubtedly contact Varma Homes, the top builder in Kerala. We have completed and ongoing residential projects in the three major districts of Kerala like Kochi, Trivandrum and Thrissur. Head off, to purchase your dream apartment with the most trustworthy real estate builder like Varma Homes. Find your dream home with us, great experiences are just around the corner!!! Also, read Importance of using RERA website before buying property.docx
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Check Out the Security Features to Consider Before Buying a House
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However, for a positive cash flow, it is a must that you choose a district suitable for real estate investment. Thrissur is a flourishing commercial hub, where thousands of people come in search of a job. Therefore, there is always a demand for real estate properties that people would rent or take a lease of. If you invest in the real estate in Thrissur, you will certainly get continuous cash flow. 2. Return on Investment The very first thing that comes to mind while you think of investing in the real estate industry is the return on investment or ROI. If the investment doesn’t fetch great returns, it will be of no use. With a steadily growing district such as Thrissur, it will be absolutely assured that the growing economy of the district will only contribute into the ROI of your property. When you think of selling the property in the years to come, the price of the property will only increase. In that case, it must be mentioned that the longer you hold on to your invested property, the higher returns you will get. 3. Better profits This is a factor that not too many people realize or understand. However, the fact is that, when you fix deposit a lump sum amount in your savings bank account, it will not fetch you as much of profits as the Thrissur real estate properties would. If there is inflation in the economy, the rates of profit for your fixed deposits will only decrease. Hence, you will get low profits from your long term investments. On the other hand, the price of the real estate properties will only increase with time, making it an assured profit. 4. Long term wealth and peace of mind One of the biggest reasons, why you should invest in a real estate property in Thrissur district is the long term wealth that you will have. It is a great peace of mind that you will have, if you have a property as your asset. In difficult times, you will be able to sell the property and ensure that you do not have to run out of money, when you or your offspring are in need of it. 5. Place of your own If you have been living in a rented house, it is the first priority for you that you buy a place of your own, where you can live without having to spend huge amounts of money as rent for your entire life. Having your own house and that too in a popular district of Kerala, where you will get all the amenities and facilities of a well-developed place, is a great peace of mind. You will not have to worry about where you or your children will have to live. When it is Thrissur, you will get the additional benefit of enjoying the rich cultural environment. From temples, places to practice culture and even institutes for science and technology etc. make Thrissur one of the best investment options in the state of Kerala. 6. Easy to buy and easy to sell Real estate is an easy option to invest on. You will get a number of options to buy one for you and you will also get the convenience of selling it, whenever you are in need of money. Buyers and sellers of real estate properties, especially the ones in a popular place like Thrissur, where there is a constantly growing demand of properties for real estate investors, are available in abundance. Hence, there will be no trouble on your part to sell the property, whenever you need to. 7. Pride of ownership This is something that cannot be explained in words. The pride of ownership is something that only the owner will realize. If you purchase a property in Thrissur district, you will be able to enjoy the beauty of this place from a close proximity. With so many reasons as well as benefits of investing in Thrissur Real Estate Properties, you will be able to make sure that you never have to worry about your financial security in the years to come. ABOUT VARMA HOMES Varma Homes, the best builders in Kochi are good at what we do, building living spaces. The art of design is a craft only a few are blessed with. It takes passion, drive, and immense courage. On a mission to Construct Happiness, Varma Homes, the best home builders in Kerala is on the path towards pioneering exquisite lifestyle. Taking into consideration the uniqueness and the sophistication of affordable luxury homes in the finest of the locations, Varma Homes have gone all out to constructing happiness. Varma Homes takes the deepest plunge to make happiness possible. Buying a house, be it for living or as an investment, it is one of the life’s biggest decisions, which is why it is very much important that you choose the right property with care. Varma Homes, we are the best home builders and property builders in Cochin offering new luxury flats, apartments, and residential projects in Kochi, Thrissur, and Trivandrum. Varma Homes are the top builders in Kochi, Kerala for flats & apartments, and we assure you the best end results possible. Everybody is good at something. For Varma Homes, it's building living spaces. To build a place where one can find all the comforts and finally call it home is what they do best at its best. And we are good at building workspaces too. To build an ambiance fit for work is quite a task, which is why one should let the experts do it. Varma Homes is one among the top builders in Kerala offering high quality and luxury apartments in Thrissur. We always create the best living spaces meeting the requirements of clients. If you are looking forward to buy apartments and 2bhk flats in Thrissur, then contact us today. Call +91 9539 29 33 33 for more details.
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How does Varma Homes always complete projects ahead of time?
With your busy lives flying by, what you wish for everyday is to have more time at your disposal. So when an expression such as "on time" appears with regards to your dream project, won’t you just jump ahead? But when buying a brand new apartment, there are two prime points that you must take into account: the time of completion and the quality of your unit. For this purpose, getting to know the detailed completion history of the builders you assign as well as the steps they take to ensure the quality and safety of your home is very crucial. Readiness is the keyAt Varma Homes we have driven "ahead of time" to realise and make dreams a reality. With years of experience in the construction field, we have vowed to deliver the best apartment projects across Kerala. The technical team at Varma Homes works round the clock to plan and execute assignments ahead of schedule. And advancing beforehand does not mean compromising the values and standards we have set forth as a team. We have successfully completed 6 projects within a span of 5 years prior to the expected time. Talented workmanshipWith our skilled consultant team, that includes architects, structural engineers, PCP, fire and safety, etc., we go the extra mile to implement competitive plans with keen foresight. Because of our professional approach and a passionate stance, we were able to confront challenges with ease. We have ensured that the highest quality products are produced at all stages. This is done through check-lists, proper staff training, and examining that the preferred commitment is thoroughly brought about in every aspect of the apartment. KRERA - Prospering the real estate futureThe Real Estate (Regulation and Development) Act 2016 was enacted by the Indian government, and the Kerala government established the Kerala Real Estate Regulatory Authority (KRERA) to regulate and promote the real estate business in the state. KRERA is the latest champion for the real estate sector, promoting accountability, citizen-centric policies, and improved financial discipline, all while protecting the consumer's interests. We at Varma Homes understand buyer’s requirement & concerns therefore all of our projects from the year 2019, are K-RERA approved, following the industry norms and is delivering as per given commitments. We consider RERA as an opportunity to comply with a rule that warrants the hard-earned investment of many. Varma Homes has successfully established itself as one of the most trusted builders in Kerala since its foundation. We began with residential projects in Kochi and have since expanded to Trivandrum and Thrissur. Our significant launches will take place in Calicut and other major cities very soon. We've made it our full-time objective to create the best service and quality in our price range, and we've done so consistently. At Varma Homes, we have no stalled projects, because of our belief in constructing happiness both deep within our team and for our stakeholders.
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