Investments in alternate real estate assets increase by 26% in 2021: Colliers

 January 28, 2022

MUMBAI:

Apart from data centers, there is likely to be more focus on greenfield assets in the industrial sector in 2022 led by strong demand from e-commerce companies, the report added.

There was an almost 26% increase in institutional investments into alternate assets such as data centres, student housing, senior living and co-living in India that witnessed an inflow worth $500 million last year, said a report by Colliers.

Robust technology consumption and data privacy laws will also pave way for further investments in the data centers space, with investors and developers exploring development options, the report added.

The overall institutional investments in real estate fell to $4 billion in 2021 from $4.8 billion in the previous year and $6.2 billion in 2019.

Real estate institutional investment volumes closed at $4 billion in 2021 compared to $4.8 billion in the previous year and $6.2 billion in 2019. Although it is a 17% dip YoY, capital flows came on a broad-based recovery across most asset classes, geographies and doubled in the number of deals compared to 2020, according to the report.

The industrial and logistics sector and the residential sector accounted for about half of the total investments at about $2 billion. The luxury segment accounted for about 35% of the total investments in the residential segment. The office sector attracted the highest investments at $1.2 billion, accounting for 31% of the total investments in 2021.

“The real estate business in India is witnessing significant transformation with a flight to high quality, technology, governance, and customer service. New business avenues such as data warehousing, shared spaces (be it office or residential), and Proptech are emerging with these changes. The confidence in residential is back with improved governance, timely deliveries, a positive sentiment supported by increased liquidity in the sector. Special situation and credit funds are aiding in resolving stressed situations,” said Piyush Gupta, managing director, Capital Markets and Investment Services, Colliers India.

Apart from data centers, there is likely to be more focus on greenfield assets in the industrial sector in 2022, led by strong demand from e-commerce companies. The industrial and warehousing segment saw investments at a five-year high at $1.1 billion.

Green financing through green bonds will also see greater acceptance this year in India as developers, asset owners and investors turn their focus to sustainable development. This trend has further been accelerated by the pandemic across geographies.

The residential sector saw investments of $900 million, the highest in four years. The affordable and mid segments accounted for 64% of the investments, signaling this is where the action is. The residential sector will continue to garner investments, both from private-equity players and Grade A developers looking for distressed properties in good locations.

"Overall, we expect deal-making to pick up post Q1 2022 as concerns regarding the Omicron variant starts subsiding,” said Vimal Nadar, Senior Director and Head, Research, Colliers India.

Source: www.moneycontrol.com

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Property Prices To Increase By 10-15 Per Cent In 2022

 January 31, 2022

MUMBAI:

The rising cost of construction materials as well as the impending demand-supply scenario in real estate following the ongoing Omicron crisis, may result in price hikes in the coming quarters. Read on for industry insiders’ perspectives

For the last few years, property prices in India have remained more or less stable due to the prevailing macro-economic situation. As home-buyers tightened their purse strings, developers began offering irresistible offers to attract home-buyers and inspire sales. During this time, the real estate community also walked the tightrope in battling several challenges beginning with demonetisation, GST implementation, funding crisis among housing finance companies (HFCs), and the Covid-19 pandemic being the biggest hurdle among them all. As a result, property prices barely moved over the last few years. In fact, according to a report by Knight Frank India, which indexed the affordability of homes in major cities across the globe, the total carpet area one can purchase within $1 million has only increased in the last few years.

However, with renewed demand for safety and financial stability, real estate pundits predict a rise in prices as the pandemic enters the third year.

Increase in cost of construction Developers recently floated the idea that property prices may soon rise because of rising cost of construction raw materials and transportation fuel. These rising costs have been impacting building profitability and overall project viability over the last six months.

Harsh Vardhan Patodia, president, CREDAI National, elaborates, “Increasing input costs have put a lot of pressure on developers since the last few months and they are likely to pass this on to home-buyers in the form of a 10-15 per cent price increase. This will be unavoidable if the supply chain gets impacted due to the third wave.”

The recent Consumer Price Index (CPI) is also a point of contention. It states that India’s benchmark inflation rate is at 5.59 per cent y-o-y for December 2021.

Pritam Chivukula, secretary, CREDAI-MCHI, explains, “There is a possibility of a hike in key rates by the RBI to check inflation, which can also drive up interest rates for home financing. Property prices may go up by five-10 per cent in the short-term as developers may not be able to absorb further escalation in prices of raw materials like steel and cement.”

Pandemic casts a gloomy shadow The rising cases of Omicron along with the looming threat of another lockdown is a cause of worry for many and may drive property prices upwards. “The impact of the new variant on the sector depends on the severity and whether a lockdown is eventually imposed or not. As of now, we don’t see any threat to the residential or commercial sector. However, the situation will be clearer in the next few weeks,” says Chivukula.

“Construction activities are not being halted at the moment, but the emphasis is on following proper protocols at project sites,” says Rohit Poddar, managing director of a realty firm.

Further elaborating on the impact of the Omicron variant on buyer sentiment, Niranjan Hiranandani, vice-chairman, NAREDCO National, says, “The impact can be seen in terms of reduced site visits by home-buyers. People are not risking exposure to Omicron and are staying home. This has impacted sales and marketing.”

However, the developer community had worked on their digital presence after the first wave and are currently reaping its benefits in the form of almost completely virtual home-hunting and buying processes.

Home-buying momentum to continue With several project launches in the pipeline; developers currently expect a 15-20 per cent sales growth in the current year. “If the active cases continue to rise, there will be some disruption, but overall, the sector anticipates healthy growth,” says Chivukula.

“The last five quarters have seen positive momentum in home sales starting from Q3 2020. While home loan rates, prices and even ownership attitudes remain stable, the main challenge at present is the health infrastructure getting overwhelmed due to rising cases and consequent lockdown. The restriction in movement could lead to challenges in completing the home buying process and therefore, deferment of purchase decisions. However, we do not see that as a great impediment as the pent-up demand for homes remains strong and will bounce back (should there be a moderate slowdown) to take advantage of the positive buying environment,” concludes Gulam Zia, senior executive director, Knight Frank India.

Source: timesproperty.com

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WFH Continues To Shape Design And Furniture Trends

 January 31, 2022

MUMBAI:

The Indian furniture market has done exceptionally well throughout the pandemic, and is expected to grow steeply by 2023. Here’s a closer look

With a population of 1. 3 billion, India is one of the largest economies in the world that has witnessed remarkable development in recent years. This has, of course, led to an increase in the number of private and commercial establishments across the nation. Furniture holds an important place in homes, offices, schools, institutes and places of entertainment and worship. Practically every establishment requires adequate furniture to run their daily businesses. This increases the demand for furniture and its fittings of various kinds. With a greater number of users looking for furniture that suits their needs, the custom design market in India is flourishing. The Indian furniture market is thus anticipated to reach USD 61. 09 billion by the end of 2023.

Even though the furniture sector in India makes a marginal con- tribution to the Gross Domestic Product (GDP), with a major part of this industry—approximately 85 per cent—in the unorganised sector, the anticipated growth is considerable, thanks to the Make in India movement.

As per a report by an Indian foundation, the global furniture market can be broadly categorised into four seg- ments—domestic furniture, office/corporate furniture, hotel furniture and furniture parts. Globally, domestic furniture accounts for 65 per cent of the production value, whilst corporate/office furniture represents 15 per cent, hotel furniture 15 per cent, and furniture parts five per cent.

Interior designer Suraj Bhatia shares, “Indian houses love their furniture and spend over three-fourth of their home design budget in the furniture segment, which is usually customised as per their needs. Today’s new trends focus on going back to the Mughal era, and uses intricate, handcrafted wooden furniture. This gives the Indian furniture market and manufacturers a boost, which is in keeping with the Make in India agenda. This also means that less furniture is being imported from other countries. ”

Furthermore, according to a study conducted by an international financial institu- tion, the organised furniture industry is expected to grow by 20 per cent every year. As with the global market, home furniture is the largest segment in the Indian furniture market, accounting for about 65 per cent of furniture sales. This is followed by the office furniture segment with a 20 per cent share and the contract segment, accounting for the remaining 15 per cent.

Elaborating on the factors that will boost furniture manufacturing and sales in India, Siddhi Shah, a furniture designer, says, “Increasing disposable income, rapid urbanisation and an expanding retail and distribution network will drive the furniture market in India during the next five years. Also, the anticipated rise in tourism and hospitality sectors will spur the furniture demand in the country through the next decade. This gives Indian artisans and manufacturers a great chance to set up new businesses and expand existing ones in India with support from the government and its business policies. ”

Today, in the era of digital transformation, just like most of the other industries, the Indian furniture industry is also going online. It is not only making a consumer’s shopping experience easier, but also is expected to boost the industry’s growth prospects in the coming years.

Looking Ahead The Indian furniture market is anticipated to grow at a CAGR of 13. 38 per cent during the period of 20182023. A report predicts that the Indian furniture market will grow beyond USD 27 billion by 2022, representing a huge opportunity for furniture exporters.

Source: timesproperty.com

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Here’s how you save on Home Loan Interest

 January 2022

What is a Home Loan?

Home Loan is a type of financial assistance availed from lenders such as banks or housing finance companies (HFC) for purchasing a house from a seller, or constructing a house independently.

As this loan is for usually a higher amount than a typical car or personal loan, this is granted by lenders after careful assessment of the applicant’s repayment capacity and, analysing the details of the property being bought. This loan has to be repaid over several years through monthly payments called Equated Monthly Instalments (EMI).

Interest on Home Loan

As the home loan repayment is generally spread over 10-30 years depending on the loan amount and repayment capacity of the buyer, the interest paid on this loan is higher than any retail loan in India.

Though the rate of interest is the lowest for a home loan, the total interest paid throughout the loan tenure is very high. This interest rate varies from bank to bank.

For a typical 20-year home loan at 8% interest rate, the total interest payable is the same as the principal amount. Thus, the buyer ends up repaying double the loan amount availed.

In some cases where the tenure is higher than 20 years, or the interest rate is higher, the total interest amount exceeds the principal amount.

Saving Interest on Home Loan

As home loan repayment has a higher interest component, here are some ways by which one can reduce the interest payable on home loan:

• Switching to MCLR based Home Loans:

MCLR stands for Marginal Cost of Funds-based Lending Rate. Under the MCLR option, the interest rates are based on the Repo rates and the bank’s cost of maintaining funds. As the Reserve Bank of India (RBI) revises the Repo rate as per macroeconomic conditions from time to time, the resultant MCLR is also revised in line with the Repo rate. Transferring existing Home Loans to MCLR based interest rate results in lesser interest rates than the home loans based on the bank’s Prime Lending Rate (PLR), or fixed rate of interest.

However, it is to be noted that only banks can offer MCLR based home loans. HFCs do not offer Home Loans based on MCLR as they do not come under the purview of the RBI. In India, HFCs are regulated by the National Housing Bank (NHB) and provide Home Loans based on their internal benchmark rates.

• Home Loan Pre-Payment:

Pre-paying a home refers to paying-off a Home Loan before its original tenure. This pre-payment can be either partial or full. As the pre-payment is done towards principal amount, the interest applicable on that amount for the remaining loan tenure is saved.

However, it is financially feasible to pre-pay a Home Loan during the initial years of the loan (around the first 5 years of a 20-year loan; and around 7-8 years for a 25-year loan) as the interest component is higher in the initial repayment tenure.

You may read here for more information on Home Loan Pre-payment.

• Increase EMI:

An increase in the EMI amount results in earlier repayment of the Home Loan than its original tenure. This in turn reduces the total interest payable throughout the tenure of the Home Loan. For instance, consider Ms. Shah taking a Rs. 30 lacs home loan at an 8% interest rate for 20-year tenure. The EMI amounts to Rs. 25,100. The total interest payable throughout the 20-year period is Rs. 30.2 lacs.

Now, after paying regular EMIs for 2 years, Ms. Shah requests her bank to increase the EMI by around Rs. 3,000 as per her increased income; to which, the bank agrees.

By paying a higher EMI, the remaining tenure of 18 years reduced to around 14.5 years (14 years and 6 months), and also saved around Rs.5.65 lacs of total interest payable.

It is highly advisable to increase the EMI amount every year as and when there is an increase in the documented income, based on the financial feasibility of the applicant.

However, it is at the discretion of the bank to allow any changes to the EMI amount or the total number of EMIs payable as per the applicant’s repayment capacity.

You may read here for more information on the impact of Home Loan EMI amount and tenure on the interest payable.

• Home Loan Transfer:

It is an arrangement where a home loan from an existing lender is taken over by some other bank. It is usually done when the lender taking over the loan has lower interest rate than the existing lender. So in this, the buyer pays off the outstanding principal amount of the home loan with his/her existing lender and takes a home loan with another lender whose interest rate is lesser than the existing lender.

However, the processing charges of the new lender, and takeover charges by the existing bank, as and where applicable should also be taken into consideration.

Source: www.magicbricks.com

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Top 10 preferred localities in Thane

  January 2022

Thane- Kalyan and Dombivli most preferred due to low prices and good connectivity

Affordable housing units, excellent connectivity to various employment hubs, along with planned infrastructure enhancements drive the demand for residential homes in Thane. Areas including Dombivli, Kalyan, Ghodbunder Road, Ambernath, Badlapur, Western Thane (Near Teen Hath Naka), Majiwada, Kolshet, Vartak Nagar, and Bhiwandi have been rated as the most popular localities in Jan-Mar 2020 quarter by PropIndex, an apartment index recently released by Magicbricks.

Dombivli

Dombivli is a suburb north of Thane city, known for affordable housing developments, offering a mix of residential, industrial, as well as commercial properties. Dombivli locality has emerged as a major choice of middle- income and budget home buyers in Thane, owing to an excellent social and retail infrastructure comprising of schools and colleges, banks, hotels and restaurant, hospitals, and malls and shopping centres. Further, Dombivli enjoys close proximity and good connectivity to employment hubs within industrial and commercial areas of Dombivli, Navi Mumbai, Kalyan, Bhiwandi, and Mumbai. The capital values in Dombivli range from Rs 4,200- 8,550 per sq. ft.

Kalyan

Kalyan is predominantly a residential suburb adjoining Dombivli, known for low cost housing projects favoured by the low- to- medium- income, as well as budget home buyers. Kalyan has a great social and retail infrastructure consisting of schools and colleges, banks, hotels, hospitals, and malls; along with good public transport infrastructure through Kalyan Dombivli Municipal Transport (KDMT) buses and an upcoming Metro Rail planned between Thane, Bhiwandi and Kalyan. Further, Kalyan enjoys close proximity and good connectivity to industrial and commercial areas of Dombivli, Thane, Bhiwandi, Ambernath, and Ulhasnagar, thus attracting employees in these employment hubs. The capital values in Kalyan range from Rs 3,150- 8,100 per sq. ft.

Ghodbunder Road

Ghodbunder Road is 20 km long road offering excellent connectivity with Mumbai, and adjoining suburbs of Mira- Bhayandar through the Eastern Express Highway and Western Express Highway. Ghodbunder Road locality has emerged as a hotspot attracting home buyers in Thane, ascribed to the adequate social and retail infrastructure comprising of schools, hospitals, banks, hotels, restaurants, malls and shopping centres; along with easy access to employment hubs within Mumbai, Navi Mumbai and Thane. The capital values in Ghodbunder Road range from Rs 7,200- 12,750 per sq. ft.

Ambernath

Ambernath is a suburb in Thane, offering affordable housing developments targeting the mid-housing home buyers. Housing an MIDC industrial area; and proximity to other industrial areas in Thane and Navi Mumbai, Ambernath attracts a large group of home buyers employed in these areas. Further, a good social and retail infrastructure, coupled with a good connectivity through Badlapur- Katai Road, Kalyan-Badlapur-Road, and Kalyan- Shil Road. MSTRC buses, along with a good frequency of auto rickshaws plying in these areas, offer greater connectivity to nearby employment hubs. The capital values in Ambernath range from Rs 3,450- 4,900 per sq. ft.

Badlapur

Badlapur is a suburb in Thane, offering affordable housing developments targeting the low- to mid-income home buyers. The presence of Badlapur MIDC industrial area, and proximity to other industrial areas in Thane and Navi Mumbai, drives the demand for homes in this area. Further, Badlapur boasts of adequate civic amenities, and good connectivity through central line, Badlapur- Katai Road, Kalyan-Badlapur-Road, and Kalyan- Shil Road. MSTRC buses, along with a good frequency of auto rickshaws plying in these areas, offer greater connectivity to nearby employment hubs. The capital values in Badlapur range from Rs 3,150- 4,550 per sq. ft.

Western Thane (Near Teen Hath Naka)

The Western Thane area near Teen Hath Naka is a premium residential and commercial locality, comprising of low, mid and high-rise apartments in the upper mid- segment, majorly driven by a close proximity to Thane’s social and retail infrastructure including schools, hospitals, and malls. This area has emerged as a prime location in Thane owing to its excellent connectivity to the Eastern Suburbs of Mumbai, as well as the employment clusters in Thane such as Wagle Estate, and Olympus Centre (TCS), among other locations, through the Eastern Express Highway and LBS Marg. The capital values in Teen Hath Naka range from Rs 9,150- 19,100 per sq. ft.

Majiwada

Majiwada is an upmarket area in Thane comprising of mid- to high-end residential developments in the recent years. It is favoured by many home buyers ascribed to its excellent connectivity to Mumbai, and industrial areas in Thane district, through the Mumbai Agra Highway (NH3). Further, BEST and TMT (Thane Municipal Transport) buses also ply for enhanced last mile connectivity within Majiwada. Additionally, employment hubs incorporating various companies including IT/ITeS, trading, chemical, industrial manufacturing, and others operating offices in proximity to Majiwada, make it an ideal choice of employees for home buying. The capital values in Majiwada range from Rs 8,400- 13,600 per sq. ft.

Kolshet

Kolshet is centrally located between Thane East and Thane West, offering connectivity to Mumbai, Bhiwandi, and Western Suburbs such as Mira- Bhayandar and beyond, through the Eastern Express Highway, Western Highway, and Ghodbunder Road. Over the years, Kolshet has evolved from an affordable housing area to a high- end locality, owing to a growing preference of professionals towards gated communities. Being a predominantly residential locality, it boasts of a great social and retail infrastructure, along with public transport with good frequency. The capital values in Kolshet range from Rs 8,850 -14,250 per sq. ft.

Vartak Nagar

Vartak Nagar is centrally located between Wagle Estate, JK Gram, and Kapurbawdi. It offers connectivity to Mumbai, Bhiwandi, and Western Suburbs such as Mira- Bhayandar and beyond, through the Eastern Express Highway, Western Express Highway, and Ghodbunder Road. Vartak Nagar comprises a wide range of residential developments from affordable housing schemes to high- end apartments; ascribed to proximity and good connectivity to employment hubs. Being a predominantly residential locality, it boasts of a great social and retail infrastructure, along with public transport with good frequency. The capital values in Vartak Nagar range from Rs 9,100 - 15,150 per sq. ft.

Bhiwandi

Bhiwandi is known as an industrious town near Mumbai, incorporating various textile industries and having the largest number of power looms in the country, along with being a logistics hub housing warehouses of various e-commerce, retail and other companies alike. During the last few years, Bhiwandi has emerged as a secular town with proper civic administration and basic social and retail infrastructure in place, essential for a residential habitat; thus attracting a large number of budget home buyers, as well as employees in the transport, textile, and logistics sectors. It’s close proximity to commercial areas of Thane, Mumbai, Navi Mumbai, Kalyan- Dombivli, and Vasai- Virar, coupled with good connectivity to these places through railways, and MSTRC buses, has driven the real estate market in Bhiwandi. The capital values in Bhiwandi range from Rs 3,400- 5,850 per sq. ft.

Source: www.magicbricks.com

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Builders request Maharashtra government not to raise RR rates, expect boosters

 January 28, 2022

MUMBAI:

Developers in Maharashtra want the state government to keep the Ready Reckoner rates unchanged and help them tide over the slowdown in the past years, particularly after the Covid-19 outbreak.

The property registration department has started discussions on the division-wise revision of the Ready Reckoner (RR) rates, which are announced in April every year. There was no revision in the rates due to the pandemic last year. There was a slight increase (1.74%) in the rates announced in September 2020.

State President of Confederation of Real Estate Developers Association of India (Credai) Sunil Furde on January 27 told TOI that the Maharashtra real estate sector was sluggish since the past few years and the pandemic further affected business.

“The real estate sector is a major contributor to the country’s GDP and an important employment provider, supporting around 200 ancillary industries. The state should not increase the RR. In fact, the state should reduce the stamp duty for a limited period, as done last year, to help the sector revive,” he said.

The developers said the Karnataka government had reduced the stamp duty by 2% on flats below Rs45 lakh. “ Maharashtra should not increase the RR rates. We have urged the state to reduce the stamp duty by 50% on flats under Rs75 lakh,” Furde said.

The developers are expecting some sops in the coming Budget session and have requested the Centre to control the cost of raw material, provide input tax credit on GST and raise funds availability.

Nisha Nambiar, TNN, Pune

Source: content.magicbricks.com

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Vastu Tips for Commercial Office Space to Earn Higher Profits

  january 2022

Vastu Shastra is a traditional Indian guide that helps people in building positive homes. This architectural science works just as well in office spaces and can ensure the overall well-being of all employees. It helps create an environment that is happy, positive, and motivating. If you’ve been looking for Vastu tips for office, you’ll find some useful ones listed below. Follow them to see the subtle growth that takes place around you.

The Direction of Your Office

According to Vastu experts, the north direction is the seat of Lord Kuber - the God of wealth. For the sake of financial stability, you should ensure that your commercial space faces the northeast, north, or northwest direction.

The Direction of the Entrance

Vastu for Office dictates that the entrance door should never open into a wall. If it does, it may hinder the flow of positive energy. Instead, it should open in the north or east direction, to welcome the rising sun. Additionally, any barriers close to the door should be avoided, as they could also create issues in financial proceedings.

Office Colors as per Vastu

Colors play a significant role in Vastu Shastra for office. Therefore, you should opt for paints that add positivity, while removing negative energies. For starters, avoid dark colors as they can lead to negative feelings among the workforce. As per experts, you should go with blue on the south, green on the southwest, and white on the southeast, northeast, northwest, and east walls.

Staircase Direction

Avoid building the staircase in the middle of the commercial space as it may lead to financial wear and tear. South or southwest are the preferred directions. Also, when painting the stairs, choose lighter colors.

Location of the Reception

One of the most important Vastu Tips for office that you should follow is to create the reception in the east or northeast direction. Doing this can help increase good vibes and jumpstart activities. Make sure that the receptionist sits facing the east or north direction and that the company outline is clamped on the southern wall.

Vastu Compliant Washrooms

Most of the time, washrooms are associated with negative energy. However, you can change that in your office. Pay attention to the direction of this area and make sure that it’s located in the northwest or west corner of the office. Avoid having a toilet in the northeast, east, and southeast directions.

Pantry guidelines for financial eminence

Even if you’re extremely busy, you should never have your food on your office desk. Doing so can have a negative impact as per Vastu for office. Fetch your food from the pantry and eat it in a separate place. Ensure that the pantry is aligned towards the southeast corner of the office. If you can, make sure it’s painted in blue.

Seating Layout for the Owner

According to Vastu Shastra, the owner should sit facing the north or east directions. A few Vastu tips for layout include, never sitting with the back towards an idol or temple and constructing a non-wooden wall behind the primary chair.

Seating Layout for Employees

Employees in your office should never sit directly under a light beam. They should face the east or north direction to improve productivity and performance. According to Vastu Shastra for office, these arrangements can infuse balanced cosmic energies that lead to financial stability.

Placement of Idols

If you keep a holy statue in your office, you should place it at the reception facing the inside of the office. To pay due respect, it is important to not place idols on your workstation.

Now that you’re aware of some principles of Vastu Shastra for office, you can make the changes that you think are necessary. Doing so will increase stability in your office and will also help create financial abundance. Due diligence given to the Vastu tips above will ensure positivity and a proper balance of financial inflow and outflow.

Also read: What does the expert Vaastu Consultant in India advice to have in homes?

Source: www.magicbricks.com

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What is Duplex House - All You Need to Know

  January 2022

Duplex house is a residential dwelling with two living units attached to each other. The duplex house plan is such that the attachment of two units can be either next to each other, like in condominiums and townhouses, or it can be one above the other way.

In most cases, the duplex house design refers to one unit above another. However, with innovations and developments in the architectural trends, both duplex house designs and duplex house plans have changed according to modern times.

What is a duplex House?

A duplex house is a type of house that has two residential units stacked or joined with one another. It can be in a vertical format or a side-by-side style. Generally, a Duplex house consists of residential units spread over two floors with a kitchen and a common area. The duplex house has two floors, and these floors are connected by a staircase.

Here, two residential units can also share a common wall, but they are sold independently. Duplex houses with two floors are generally sold collectively. A duplex house is often confused with a twin home. A twin home is half homes in their own separate lot, whereas a duplex is a property on a single plot.

If modern duplex house design in India is considered, a duplex house plan follows a pattern where a kitchen, hall and a bedroom is on the ground floor, and one/two bedrooms are on the upper floor. A duplex house must consist of two floors only. If a residential house has three floors, then it would be termed as a triplex. If it has multiple floors, then it would be categorised as a Multiplex.

In duplex house trends in western countries are observed, it is seen that a duplex house is rented to more than one family. It is done to get better rental returns out of a single duplex house. However, in such cases, the entrance for the upper portion is separate.

Types of Duplex House

Duplex house design and duplex house plan differ from country to country. Broadly, the duplex house can be classified into the following types-

Ground Duplex House

A duplex house, which is built on the ground floor of an apartment, is known as a ground Duplex. In this type, the lower floor of the duplex faces the garden, while the upper portion houses a kitchen and a living room.

Ground Duplex House is generally preferred by homebuyers who prefer to have an open garden attached, which can serve their pets as well.

Standard Duplex House (Most common)

This type of Duplex house is the most readily found duplex house design. In this, two floors are built vertically, one over the other. In this modern duplex house design, the lower floor generally consists of a kitchen and a living room, while the upper floor houses two bedrooms or a single bedroom with a children's room.

Low-rise Duplex

This state-of-the-art modern duplex house design includes spacious balconies on the upper floor. The area of this duplex house is generally smaller than other duplex house designs. This type of modern duplex house design is a challenge for the architects, and they have to make sure of the optimal utilisation of the space available.

Duplex House: Different meanings in different countries

A duplex house bears different meanings in different parts of the world. While, in general, a duplex refers to a house with two entities, it is denoted in a slightly different way at different places. For instance, in Chicago (USA), a duplex house is a single residential unit spread over two floors and connected by a staircase internally.

If we take the case of the United Kingdom, a duplex house is a flat or an apartment on two floors. It is also referred to as a ‘Maisonette’. Whereas in Australia, a duplex house is generally a residential building with two homes, and they share a common wall. These two parts can be called mirror images of each other.

What are the advantages of a duplex house?

Duplex houses offer a series of advantages in terms of privacy, affordability, and accommodative quotient. Here are a few advantages of a duplex house.

1. Privacy-
A duplex house is ideal for joint families where everyone wants to lie under one roof but wants to have his/her own privacy. The space can be utilised to ensure optimum space for every inhabitant.

2. Affordability-
It is a fact that duplex seems to be a costly proposition; it is not that expensive. In comparison to the flats of similar price range and area, they are only a bit on the higher side. If you can manage the finances a little, a duplex can be afforded easily

3. Accommodative-
After all, a duplex has the advantage of having two units inside a single home. Therefore, in terms of housing capacity, a duplex house can easily accommodate two families independently.

4. Sourceof Additional Income-
As a duplex house has an additional unit for housing a family, it can easily be rented to earn additional income. However, to rent a part of a duplex house, it is better to have a separate entrance.

5. Additional Space for Home Office-
If you want to run a business from home, a duplex can be an ideal solution for that. You can set up a dedicated office or meeting room on the ground or upper floor and work from home without leasing or renting an expensive office.

Disadvantages of a Duplex House

There are a range of disadvantages associated with owning a duplex.

• Usually, a duplex comes with a common wall. This can turn out to be a cause of concern for the inhabitants as noise may transmit to the other part of the duplex. A similar issue can crop up in a traditional duplex where families living on either floor might get disturbed by the activities of others.
• If the duplex is connected by an internal staircase, it might be very difficult to house a tenant as they will use the internal area for commuting. An additional part of a duplex house can be rented easily only if it has a separate entrance.
• Duplex houses are common in areas where there is less congestion and ample land bank. Finding a spacious duplex within city limits can be a task and might create a hole in your pocket if you find one.
• A duplex house is generally privately owned. This brings a load of maintenance and gardening to the landlord. It might get difficult to manage a large duplex on your own.

The construction cost of a duplex house in India

The construction cost of a duplex house or any residential dwelling, for that matter, depends upon a host of factors like location, material used, area of the land and furnishing material cost, among others. In general, a duplex construction will cost Rs 1200-1500 per sq ft in India.

The construction cost of a duplex house depends upon the following factors-

• Type of construction,


• Choice of finishes,


• total area to be constructed in one go,


• Time consumed


• Availability of finances,


• Experience and expertise of the contractor


• Availability of construction machinery


• Availability of construction material required


• Prices of steel, cement, bricks, wood, labour


• Distance of construction site from the market etc.


• Comparison of a duplex house with other house formats

Here is a comparison of a duplex house with that of other common houses-

Difference between Duplex house and penthouse

Penthouses are a peculiar kind of residential dwellings that are located at the top of a multi-story building or apartment. At the same time, a duplex house is a double story house that can be present on any floor of an apartment or can be there as an independent unit. Penthouses are generally expensive, as they offer a grand view and are generally the sole unit on that floor.

Difference between Duplex house and independent house

An independent house is a broad classification covering even a duplex. It is used interchangeably to refer to large houses, villas, duplex etc. An independent house can be a duplex, a large bungalow, farmhouse, but the duplex essentially has two floors.

Difference between Duplex and townhouse

A duplex is a two-floor structure (either side-by-side or vertical) that is generally privately owned. However, a townhouse houses several dwellings with shared walls, and it has multiple owners.

Difference between Duplex house and a two-storey house

A duplex house essentially means a two-storeyed structure, but all two-storeyed buildings might not be categorised as duplex houses. In duplex house design, both the floors are internally connected through stairs; a two-storeyed building might be independent and might or might not be internally connected like a duplex.

Difference between Duplex house and villa

The term villa is generally reserved for a large house, and it is usually larger than a duplex. It is usually dearer than a duplex too. The villa as a house type has been around for centuries, but duplex is a relatively new concept. Villas in a gated community are offered amenities such as a gymnasium, community centre and security services, among others. With a duplex, these services are generally not present.

Conclusively, a duplex house is essentially a two-storeyed dwelling with a living room on one floor and bedrooms and a children room on the other. The modern duplex house design may offer different layouts for interiors and space optimisation as per the latest trends.

Source: www.magicbricks.com

Get To Know About: The home buyers’ guide to choosing the right amenities

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The home buyers’ guide to choosing the right amenities

 January 2022

Should you buy a house with a swimming pool, a gym, or a park? We tell you how to evaluate the necessary amenities, from the avoidable ones

Amenities are an important part of any real estate project, which builders use to woo home buyers. While some amenities are essential, like a security system, elevators, etc., property sellers may, at times, also highlight amenities to hide flaws in the project flaws or to propel the sales momentum.

Each buyer’s need is unique, points out Vinod Rohira, managing director – commercial real estate and REIT, K Raheja Corp. “Buyers should first evaluate their needs and compare it against the services available in the micro-market and then look at the amenities provided in the project. This is the best way to choose a product,” suggests Rohira.

Amenities and its influence on home buyers

Experts believe that it would be wrong to say that amenities do not influence a buyer’s decision. However, if a project has an indoor/outdoor swimming pool, a gym, or a park, it will require consistent maintenance and add to the home owner’s overall monthly expense. Despite this, many buyers nowadays ask for such amenities, while buying a project.

“Home buyers should make their own list of ‘essential’, ‘not so essential’ and ‘not required’ amenities and do a comparative cost analysis of selected projects, before paying up for something that they may never use in their lifetime,” advises Surabhi Arora, senior associate director – research, at Colliers India.

Important versus avoidable amenities

The budget and the segment that the home buyer belongs to, also play an important role in deciding whether certain amenities are essential or avoidable. An affordable home buyer may feel satisfied with a basic home, without any extra facilities, whereas a luxury home buyer may want more than the amenities that are already provided in a project. For example, a swimming pool, gym, club house, spa, bar, etc., can come under the avoidable list, for affordable home buyers. However, for home buyers in the luxury segment, these could be the basic requirements.

Which amenities to opt for?

The list of amenities that are broadly recognised as essential or discretionary for the home buyers are:

Essential amenities:

• Car parking


• Security services


• Water supply


• Elevators


• Power backup


• 24-hour maintenance

Discretionary amenities:

• Walking/Jogging track


• Play area


• Club house


• Swimming pool


• Gym


• Rooftop garden


• Open deck


• Sky lounge


• Spa and salon


• Concierge services


• Restaurants


• Party hall


• Temple and religious activity place


• Cinema hall


• Wi-Fi connectivity

Don’t take what you don’t understand!

The choice of amenities, should be evaluated on the basis of personal preferences, requirements, availability, affordability and exclusivity. Experts recommend that buyers should only opt for something that they are completely aware of and not be lured by rosy pictures painted by home sellers. Amenities always add some fixed or variable cost to the property and this may impact the resale value of the property.

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Source: housing.com

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