The Indian economy is booming. Yet as every nation which has been witness to such disrupting changes has shown us, one size does not fit all.
Japan one of the richest counties in the world, houses even most of its wealthy in flats the size of which would make a middle class Mumbai home owner feel claustrophobic. In the United States bigger is definitely better and even an underprivileged citizen of that country could live in accommodations that are larger than those of a wealthy person in Mumbai or Tokyo.
What makes India’s growth story unique is, for whatever reason, the upwardly mobile Indian’s overwhelming preference for apartments and flats in upscale societies over owning a home on their own plot of land. Although many cities like Mumbai have nowhere to build but upwards, others like New Delhi which have ample space also have a predilection for building upwards. The large numbers of upscale apartment building being constructed in NCR aptly shows this. Even tier two cities like Jaipur and Lucknow display this trend for luxury apartments rather than houses.
Don’t get me wrong, I know a standalone house on freshly purchased plot is much more expensive than an upscale flat or apartment. However consider the emergence of super luxury apartments all over the country the price of which would make many owners of standalone property blush.
Despite this, for some only a house on a plot of land that we call our own will do. For them only such a house can ever be a home. So for such conservative citizens who which to buy a house in Pune there is still a vast opportunity, most likely the person selling them the house already has his or her sight set on purchasing 1 or even 2 luxury flats in Pune.
If you are interest in buying a house in Pune, with a large enough corpuses of money you should be able to purchase a 4 BHK house in Kalyani Nagar. It will cost you however, upwards of 4 crores and maybe more depending on how large the house is. Luckily flats in Pune in Kalyani Nagar are much cheaper and far more in abundance, if you are willing to shell out up to 1.5 crores then you may call Kalyani Nagar your new home. 1 BHK flats in Pune at Kalyani Nagar are numerous and considering the quality of life in the city and Kalyani Nagar in particular well worth the money. A 1700 square feet 3 BHK here should not set you back more than 1.5 crores.
I suspect the reason for our love affair with flats may have to do with the relatively simplicity of purchasing one. To be the proud owner of a house you must first scout a trustworthy developer willing to sell plots on land that has been earmarked by the government as suitable for such housing. Then comes the part where you choose a competent architect who will design you dream home, after which you look for a builder who won’t mess up what the architect and you dreamt up.
No wonder people just look for a trustworthy developer who will just give them their dream home, and all they have to do is to keep paying those EMI’s.