Metropolitan cities have always offered different choices of accommodation to incorporate people from every walk of life. Apartments and Private Villas are highly popular in Bangalore nowadays. Here, we explore the pros and cons of apartments and villas to make an educated decision between them.
Bangalore is the capital city of the state of Karnataka with a metropolitan population of 8.52 million people. It is the 3rd most populated city in the country and is situated around 900 m above the sea level. Bangalore is known as the technological hub of India with numerous IT parks and colleges. The city is also home to the world-renowned Indian Institute of Management (IIMB) and other reputed institutes making it a hub for higher education. If you are looking to buy a property in the city and are confused between an apartment and villa, then the points mentioned below will help you make an informed decision before you finalise your purchase:
- Cost/Budget
Although you may think that villas cost more than apartments, that is usually not the case in Bangalore. The city of Bangalore is densely populated and hence luxury apartments inside the city cost as much as villas on the outskirts of it. You should keep in mind that the appreciation rate of villas is higher than that of apartments and if you are looking forward to making a small term investment, then buying a villa might be the way to go to as it will give you better returns.
- The Location Matters
The location is the primary factor that should dictate your purchase. An excellent location will ideally be near a hospital, your workspace, schools and other facilities. If you work at an IT park in the suburbs of the city, then buying a villa might be the right choice for you. On the other hand, if you have to live inside the city due to your kid’s school or your work needs, then an apartment in Bangalore might be the right choice for you.
- The Security Factor
Apartments offer higher levels of security when compared to private villas. Private Villas in Bangalore require proper monitoring, and if you are on the outskirts, then you might need to hire a guard and install CCTVs alongside to strengthen your safety. On the other hand, apartments already come with security, CCTV, guards and other facilities which makes them a much safer option.
- Bank Loan
If you are looking to buy the property on loan in Bangalore, then it is a good idea to opt for Apartments instead of private villas. It is much easier to approve loans for apartments as banks already have records of potential properties. However, villas or private houses require strict background checks and proper scrutiny to assure the bank of returns on its loan. Also, private rooms are a little hard to evaluate for depreciation too.
- Water Crisis
The city of Bangalore is suffering from a dire water crisis since the past few years. With the water waste management system failing completely, the city is struggling to keep up with the rising demand for drinking water. So, it’s a good idea to buy a luxury apartment in a society that assures steady water supply in the heart of the city. Getting a steady supply of clean water in a private villa is going to be a daunting task for you after the purchase. Also, it is a good idea to ensure the place you choose has a supply of Cauvery River water as the underground water in Bangalore is hard.
All in All, buying a luxury apartment in Bangalore seems the right way to go with most of the factors pointing the same way. Although, if you plan on a short-term investment, then a private villa might be the right choice for you as the appreciation rate for private villas is much higher when compared to luxury apartments.
