Make the right choice : Standalone home vs. flat

 Make the right choice : Standalone home vs. flat

In the bustling real estate landscape of Chennai, here is a guide to help you choose between an independent house and apartment

With its diverse real estate landscape offering everything from luxurious villas to modern apartments, prospective homebuyers in Chennai are often confused with a pivotal decision: whether to invest in a standalone home or an apartment. Each option presents its own unique set of advantages and considerations.

Current market scenario

As per Anarock Research, as many as 28,300 units are available for sale in Chennai as of H2 2023. These include all property types such as apartments, villas, plotted developments, etc. Though apartments are the first choice of property seekers, it’s interesting to know that villas as a property type gained much traction during the pandemic. This was also revealed in Anarock’s Consumer Sentiment survey wherein demand for villas went up across cities. Interestingly, villas were popular among buyers in Tier II and III cities. As per the survey, almost 27 per cent of respondents who are looking to buy in Tier-II and III cities chose villas as their first preference. As for the top seven cities, notably the southern cities have a higher demand for villas. For instance, in Hyderabad, almost 19 per cent of respondents preferred to buy villas, in Bengaluru 14 per cent preferred it, while in Chennai, nine per cent of respondents preferred villas.

Apartment or an independent house: What is the ideal choice in Chennai?

Both apartments and villas depreciate over time in terms of value and strength, as compared to the newer buildings. Buying a home in a new building would always be a tad bit more expensive than the resale market. What one thus needs to consider is the purpose of their purchase. Apartments generally come with lesser work in renovations and repair (water connection, electricity, gas line, etc). On the other hand, if buying a villa, along with the utilities, you may also have to take care of either building the structure or renovating the existing one including the desired type of fencing as everyone’s security needs vary. The stress of ensuring there are no trespassers also lies with the owner in the case of a villa. However, your preferences and needs should be the priority before deciding between the two.

Where to buy a house in Chennai?

“In the past, central regions of Chennai like Nungambakkam, Alwarpet, and Mylapore have typically featured standalone homes. As the city expanded, some of these homes were transformed into apartments due to an increase in the number of buyers and evolving consumer preference for gated communities catering to urban lifestyles. This shift has also been supported by the growth of the office sector, with increasing IT/ITeS firms in OMR in South Chennai and buoyant industrial activity in Oragadam-Sriperumbudur and surrounding locations in West Chennai. Thus, over the recent years, South and West Chennai have garnered a dominant share in launches and sales of housing units. Notably, South Chennai now holds around 60 per cent of the city’s housing stock, with prominent zones such as OMR, GST Road, ECR, and neighborhoods such as Velachery and Adyar. This growth has also been fuelled by urban expansion and increased property values in central areas,” informs Anshuman Magazine, chairman and CEO - India, South-East Asia, Middle East & Africa, CBRE.

What is the best bet for you?

Advantages of apartments:

 Apartments offer convenience and shared amenities. They often come with security features and have maintenance handled by society management. Their central locations provide easy access to various facilities and can be more affordable than houses.

Disadvantages of apartments:

 There are often rules set in place by the building management that can limit how much you can personalize the space. Plus, the resale value of an apartment might not increase quite as quickly as you’re hoping.

Advantages of independent houses:

 Independent houses offer ample space and privacy. They often come with private outdoor areas, giving residents more freedom for gardening and outdoor activities. The resale value can be pretty good, and no shared amenities or restrictive rules usually exist.

Disadvantages of independent houses: 

Apartments come with minimum hassles of maintenance. On the other hand, in an independent home, the owner must go through the hassles of finding plumbers or carpenters, and even take it upon himself to manicure the lawns. Although most of the amenities (pool, and garden) can be built into an individual house, the financial implications are huge. Also, owners have to install CCTV cameras or burglar alarms to monitor the property, which is an additional expense.

– Manju Yagnik, senior vice-president, NAREDCO