The tight fisted mid-segment home buyer wants maximum value for his money; a look into where and how to get it
“I have a limited budget and want my money to stretch to buy the best house out there that fits my requirements,’’ says Arpita and Prem Nair, a young couple in their late twenties planning to buy an apartment in Bangalore. The couple wants to move into their own place at the earliest. Their budget is Rs 50 Lakh stretchable to a maximum of Rs 56 Lakh for a 2BHK of around 1250 sq ft.
The 2BHK, in a built up area of around 1200 to 1500 sq ft and in a price range of Rs 40 lakh to Rs 70 lakh, forms the bulk of the Bangalore market.
The mid-segment buyer is still largely the IT professionals and they like to get maximum value for their money. “In addition to a fixed set of requirements, there are a host of offerings out there that prospective buyers can avail of for free, provided they know the what-to and where-to,” quips Surendranath Bokadia, Property Consultant, Bokadia & Sons.
In addition to clear deals and property ownership papers, some of the features to look out for to get more for the said amount include:
Track record of the builder with regards to key-handover commitment
Has the developer a proven track record of finishing his projects on time and keeps his word when it comes to the timeframe to `hand over the key’? “This is a key money saver. A month here and there is alright, however anything beyond six-seven months delay means the buyer must factor in this aspect when planning,’’ says R Amarnath from Vani Estates.
Reduction in wasteful space indoors
“There are several developers today who are adopting the concept of short corridor spaces in the mid-segment. If you can get a developer who actually advertises `no wasteful corridor spaces within’, check out these places carefully. While a washbasin/washing machine space here is good, a cupboard space is not ideal especially if it is a narrow corridor leading to the wash area,’’ says Krishna Bhat, CEO, Srjana Developers and Architects.
Common area with private access
Developers build sturdy fire escapes. These steeps need to be supported with broad beams, extended concrete slabs and railings. Although these areas are actually common areas, it rarely has any footfall. Apartments adjacent to these structures get access to these extended support areas, which the developer maintains.
“One of my clients bought a 1250-sq-ft apartment located in the first floor in the middle of the block. As it was close to a large passage leading to a dead-end where stood a huge glass partition to let in natural light for the common area, the family got a 16 ft by 5 ft area running parallel to their apartment which no one uses, all to themselves,” says Bhat.
