The demand for affordable housing has always been a consistent aspect of the real estate industry. What has evolved as a striking feature in recent years, is the rise in demand for the land or plots, especially at a time when apart from affordable housing, all other units of real estate sector were showing a sluggish trend.
Careful consideration of both the options is essential to arrive at a decision which is both pragmatic and beneficial. The first thing that one should consider is the cost of buying a plot/flat and to what extent the buyer can invest or arrange funds.
It is also important to consider the potential or expected value appreciation of the property. Considering the same location and dimensions, the increase in the value of the land will be higher and faster than a flat. However, in a space-crunched posh location, the value appreciation of a flat will be equally fast. Financial assistance is another relevant factor - it is easier to get loans for flats, as opposed to land.
Demand for rental housing options is prevalent in every Tier I and most of the Tier-II cities. For example, the sale of affordable flats in Pune has seen a tremendous increase in recent times. Projects like Shapoorji Pallonji Joyville are meeting the residential demands of the people with its range of amenities and has evolved as a prudent option for the investors and home-buyers alike.
Additional Read: How Investing in a Property a Good Idea?
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