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High Rise Apartments in Indian Cities

Sunil Kilaru
 


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Sunil Kilaru is an Entrepreneur based out of Bangalore. Sunil Kilaru run’s a Real Estate Company – PRIME Living and an IT Solutions & Services Company - PRIMUS. Mr. Sunil Kilaru is of the view that High Rise Apartments is the need of the hour for Indian Cities.

Mr. Sunil Kilaru, Director of PRIME Living (www.primeliving.in) announced that PRIME Living would be launching two Township’s in Malur, Bangalore in the First Quarter of 2014. One is a 20 Acre Layout Project and the Second One is 50 Acre Villa Project. Both the Projects are Gated Communities with Built in Commercial Space available to make these Project’s Integrated Townships.

India is a huge boom in Middle Class Upward Mobile Population. The high rise residential complexes cater to the average middle class who require budget housing solution with a ready to move in option. Economically speaking the apartments in high rise buildings are much more efficient in terms of cost as well as utilization of available space. High rise complexes with more number of units will generally have more common amenities such as swimming pools, community halls, club houses and children’s park. The social life is also more inclusive in case of the high rise apartments as more families reside in the same building.

At a time when demand for property is tepid and cash is hard to come by, developers are luring buyers with high-rise apartments. Living in a high rise has its advantages. First is the exclusivity. As it takes much more money and time to construct a high rise, it is unlikely that another similar building will come up in the neighbourhood. Other aspects that attract buyers are a better view and a cleaner environment. An important advantage of staying in a high rise, especially in a city like Mumbai, is that we have absolutely zero noise pollution and the air is much cleaner.

High-rise structures need special amenities like double-glazed windows to minimise the impact of sound and heat. The end product is around 20-25 % more expensive than the projects in the same location. Most developers also charge more as you go up for a better view. Also, you get lesser usable area in a high rise compared with that in other buildings.

However, high rises offer better price appreciation compared with other properties. The best time to buy is during pre-launch sales when developers want funds and will offer good rates.

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