Vertical expansion in the form of multi-storeyed apartment complexes seemed to be the only option to create housing within dense urban cities before the pandemic. However, with homebuyers preferring larger apartments in less crowded spaces on the city’s peripheries, and some even opting for plotted developments, there has been a visible dent in the previously soaring popularity of high-rise apartments.
There is a clear shift in homebuyer preferences towards independent floors in key metropolitan cities. The trend in southern cities of Bengaluru, Hyderabad, and Chennai is towards plotted developments. The supply share of high-rise projects has been on a year-on-year decline since 2019.
The new demand realities of low-saturation housing projects aside, both the completion timelines and capital requirements for smaller projects are much lower.” Hence, there is no doubt that smaller-sized projects are increasingly being preferred by both, homebuyers as well as developers.
Vertical expansion has grown rapidly due to rise in land cost & scarcity
Despite buyers’ preferences for low-density housing projects, there’s no doubt that housing supply within the city centre is usually met through high-rise apartments due to serious land scarcity. Vertical growth in metros is primarily due to land scarcity. However, this also comes with added advantages like lower air pollution levels and increased potential to harness wind and solar energy in these buildings. Vertical growth reduces urban congestion levels too. Low-rise constructions are good for city peripheries where there is ample amount of land available for construction.”
Regarding the cost implications of high-rise construction, Cities has the highest concentration of high-rise projects due to geographical limitations and land scarcity with continuous migration of workforce to the city. Constructing high-rises requires complex compliances related to fire and safety norms, Floor Space Index (FSI) and building height permissions, all of which ultimately raises the cost of construction. When buying a property in a high-rise apartment, some people prefer corner flats with premium views. In such cases, floor rise charges or preferential location charge (PLC) is levied on the customer.”
Quality of life has utmost important
The decision to buy in a high-rise or lower-density apartment complex depends on the family’s needs and budget. Experts asserts that buyers should not compromise on their quality of life in either offering. “Cost factors like low home loan interest rates, supportive government policies, and rising consumer awareness have all contributed to increasing the value of real estate assets. Homebuyers have found real estate as an attractive option to invest, and it has historically proven to be a strong and safe investment option, giving stable returns and high capital appreciation. Metros have witnessed a surge in new-age constructions. But there is a cost implication considering that floor rise charges increase proportionally with every added floor along with additional amenities, as the builder’s cost increases via higher construction costs and premium charges. One of the benefits in high-rise apartments that we are seeing today is the presence of shared workspaces in such projects. Next-gen homebuyers have started buying homes with co-working spaces, this trend is likely to continue in coming years. What started as a necessity during the pandemic has now become a part of the lifestyle with many organisations offering remote work and hybrid options to their workforce.”
Safety precautions buyers must look out for in a high-rise apartment:
Fire safety measures:
Fire alarms, fire sprinklers system, fire extinguishers and all fire protection systems are essential points to consider when buying in a high-rise apartment. Also, the complex should have at minimum two access ways as well as an alternative staircase available to all floors;
Earthquake and cyclone resistant buildings:
High-rises need to have back-up generators so that critical systems will operate even when cut off from the main power grid. The project should also be equipped with safety measures to mitigate disasters like earthquakes and cyclones.