Skip to main content

High Rise Apartments - What should you buy and why?

High rise apartments are need of hour as the land prices are increasing and it is not possible to find something affordable within city limit as independent home. Not only due to affordable price tag, buyers also buy high rise apartments in hope of living in larger community. But many times such hopes are crashed when the amenities become inaccessible due to larger chunk of people waiting to avail them at the same time. Also the alienation may occur due to large number of people living in there will deprive one of establishing an identity and relationship with residents. So if affordable luxury is what you want then how bigger apartment you choose?



Benefits:
  1. Affordability - Construction cost comes down for high rise as the significant cost of land is shared by larger number. But the cost will increase if you go beyond 12 floors, building would either have to be a steel frame building or be of massive reinforced concrete construction. The higher you go, the higher the cost per square foot.
  2. Location -Most high-rise apartments are located near the center of the city, which may  provide a better commute to work.
  3. Community - Living in the right high rise can provide a real sense of community.  Many large buildings host regular resident events or fitness classes that let you get to know your neighbours.
  4. Amenities - Most high-rise apartments also include a variety of amenities, including laundry services, pools, convenience stores and even small grocery stores located within the building itself.
  5. Support - High-rise apartments usually have live-in supervisors, doormen and concierges who can meet your needs at any hour of the day.
Drawbacks:
  1. Personal Privacy - High-rise apartments will have more people, for people who like privacy, this can be a disadvantage. 
  2. Higher Cost - With the luxurious amenities and superior location, high-rise apartments are harder to find, and they tend to be more expensive. 
  3. Inconvenient - When you live in a high-rise apartment, it takes more time to get to the street, it could be an issue to drive more than a Km just to go in and out of apartment.
  4. Private Space - Private outdoor space is limited or nonexistent as lot of people tend to use it and it comes a public place.
  5. Higher Maintenance - High rise apartments beyond 12 floors cost much more to maintain. Also you need to employ specific labor which is trained to follow stricter safety guidelines.
Conclusion
  • High rise apartments are good if they are below 12 floors to give you cost benefit in terms of purchase and maintenance. 
  • You should look at optimum size of less than 500 residents to give you enough personal privacy. 
  • The open area of the apartment should have at least one mid size green area per 100 people to provide you enough private space. 
  • You should look at options to buy apartments which come with professional maintenance and support to provide 24hrs availability.
CMRS Group makes optimum size apartments at premium location with floors varying from 5 to 10, to provide you best of location, community, amenities and support. You can choose CMRS Mulberry Mist, which is 9 floors with all clearances and approvals, conveniently located at Varthur with 295 apartments.

For any property advice, free legal advice and any other assistance while buying a property, feel free to call at  +91-7676-122-000 or send an mail to info@cmrsproperties.com
Labels:

Popular posts from this blog

How Green is your Luxury Home?

Do you know that a Green Home consumes 25% less water and saves upto 40% less electricity? It means that you will save atleast one fourth of water tankers standing in your villas or apartments and face less diesel crisis in case of longer power outages. Obviously, you also save lot of moolah in your maintenance cost. Luxurious Green India's super luxury homes are now defined by a life with no compromises.  Apart from an address that will make others turn green with envy, they also offer a Green lifestyle along with well equipped gymnasiums, swimming pools and gardens, complete home automation, and advanced home security systems.  Today’s Indian luxury home buyers are willing and able to pay extra premium, for a desire to stand out and be ‘a cut above the rest’, for super-luxurious green homes wherein price is not a constraint. How to Buy Green? First and foremost, look for a builder that has a view point on resource management. A builder like CMRS Group, which is...
1 comment
Read more

Money Matters, Buying a Home, How do you manage high Down Payment?

Buying a home for living would often require you to stretch more than what you can afford in terms of total cost of ownership. Since its for your own living, you would like it to be at best location, with best of amenities and of bigger size. All this adds up and shoots up the total price. But you decide that it is worth the HIGH PRICE, as your income would grow over time and you would feel good about the wise investment at the right time.  But, the big question for many buyers would be to arrange the 20% of down payment which they have to pay today. How can you manage " present " down payment that for a home bought for " future " with price based upon your future income growth? TIPS FOR ARRANGING THE MONEY SAVE, SAVE and SAVE : Save and invest towards the goal when it is atleast two years away. Traditional saving instruments may not grow the money faster, you should look at non-traditional ways like high growth mutual funds or share trading. It may b...
Post a Comment
Read more

Investment : Why should you consider Rental Value, Cost of Property and Appreciation?

You would be surprised that majority of people who buy a property for investment, end up getting very low return on investment. They may get higher appreciation for property, but higher share of loan interest and very low rent to value ratio give them very low returns.  You should be rational and business-minded when buying an investment property than buying a home. Since you don't plan to live in there, you should do your math right and investigate thoroughly before you invest. What's the Return on Your Investment? Your investment appreciates over time, but this alone is not enough to calculate your net returns. To keep a property with you, you incur annual costs such as loan interest, property tax, insurance, maintenance etc. Such costs are called carrying costs of your property investment. But, as you keep the property, you also earn rental income, which adds up to your return on investment. The rental yield is the ratio of real annual rent (Rent - Maintenance) to p...
Post a Comment
Read more