This post discusses the growing demand for residential space in Chennai and how apartments are the best solution to tackle this situation. But before we discuss apartments let’s take a brief look at the reasons why the city is currently facing such a situation.
Chennai as one of the top 4 metro cities in India attracts tourists and the workforce from across the country. It has been one of the prime cultural, educational and economic centers of southern India for decades. As a city ranked 37th among the list of cities with the largest urban area population, Chennai experiences a constant influx of migrants every year leading to steady demand in the development of commercial and residential property sectors. While the city has strong macroeconomic factors working in its favor, sudden growth has resulted in a shortage of residential space. Still, the city is currently upgrading its infrastructure, whilst undergoing steady reconstruction and development for accommodating the incoming population.
Owning a house is a priority concern for most people in Chennai, although an individual house is highly favored, apartments are the most realistic option available in the space-starved city. Thankfully, housing demand in Chennai usually inclines towards the affordable housing segment; most new-age home buyers are keen on purchasing a house with good value proposition, located in vicinity of their workspace, having good transport facilities and closer to essential amenities such as schools, hospitals, shops, parks, etc. – Apartments just fit right into their budget. An apartment offers multiple advantages over building, buying or leasing an individual house.
The price of an apartment is comparatively lesser than the price of a similar type of independent house or villa in the same neighborhood; correspondingly cost of lease or rent of an apartment is much lower too.
Individual homes and villa are priced 2-5 times higher than an apartment; however, they can be counted as the best long term investment. Individual homes have low rental yields in comparison to apartments as rental residents are mostly migratory and prefer to stay in apartments. Also, it is to be noted that most villas are situated in the outskirts and not closer to the city, thus it may not seem as attractive to a tenant who plans to live within the city.
Apartments are comparatively lesser priced and with more amenities, however, they offer the best value when the locality gets saturated with no new housing projects planned in its zone. Apartments are also the most preferred rental option due to lesser commitment and price, whilst offering a residence among a vibrant neighboring community.
Lower Utility Expense
Independent villas are designed to have more extra space, these extra spaces require extra electrical points, and the more electrical points there are the more the electricity bill one has to pay which leads to an increased cost of living.
On the contrary, apartments are designed to be more compact and efficient; since space is carefully squeezed it requires lesser electrical points, thus the expense on electricity is much lesser. When considering the overall expense required for living in an apartment or a villa, an apartment is a much more suitable option.
The owner or tenant in an apartment usually doesn’t have to spend much energy on the apartment’s repair or maintenance. As an apartment building has multiple residences its maintenance is usually handled by an apartment manager or caretaker. Once a problem appears in the plumbing or electricity supply, a resident just needs to inform the caretaker to invite the repairman for fixing it. Since apartments have dedicated personnel to repair or fix such miscellaneous issues it saves residents a lot of time and effort. Due to the collection of consumers in an apartment building, it is given a much higher priority in comparison to an individual’s houses.
Unlike residents of an apartment, owners or tenants of individual houses and villas have to spend much effort to find a reliable repairman, check their availability and allocate time for supervising their work. Also in an apartment responsibility and cost are shared among the residents for example. Drilling a bore well, installing a piped gas line, wall and terrace coatings, etc., whereas individual house owners have to pay the same amount to have similar services.
Greater Safety and Security
Safety and Security are one of the prime reasons for an apartment to be more preferable. Though individual houses offer high privacy it is less secure in comparison to apartments. Most of the upcoming apartment projects offer CCTV facilities and 24/7 security service. Since strangers are required to fill in their details before being allowed to enter the apartment building, the security system for the apartment is much more comprehensive.
For individual houses and villas, the security system is much lax in comparison to an apartment unless it is located within a gated community or a posh locality. Most residents who prefer living in an individual house feel secure by choosing to settle in a safe locality as a prime factor. Unfortunately, while the locality may be safe, it doesn’t guarantee a zero chance of crime.
From a realistic point of view, it is much difficult to commit theft in an apartment building filled with people than a secluded villa with lesser people.
Present-day apartments offer a plethora of amenities for the convenience of residents within the compound such as swimming pool, gym, clubhouse, guest lodge, sports & athletics facilities, children’s play area, BBQ station, and rooftop entertainment areas, etc., a common Individual villa or house don’t have such facilities. In such a scenario the resident of the villa has to apply for a membership and pay a suitable sum to avail a similar facility, this facility may even be located far from their place of residence. A resident of the apartment has a membership for these facilities by default and has to pay a much smaller amount to enjoy these services.
Some of the apartments also offer banquet areas for hosting birthday parties or similar events which can accommodate a crowd of 50 to 100 people. Common villas don’t have enough space to accommodate these crowds, so residents have to book hotels and clubs at an additional cost.
A large car parking area is another facility that apartment residents enjoy, while residents of the individual house may have space to park their car, space may not be enough to accommodate a guest’s vehicle. In such cases, apartments give an advantage as most offer a guest parking facility.
For a city with a growing population, the apartment is the best type of accommodation; it’s compact, efficient and accommodates more people. Whilst individual homes within the city can satisfy one’s vanity it is more practical to live in an apartment which offers similar luxury. As the city is gradually turning into a concrete jungle with high rising apartments, individual house owners would soon find themselves surrounded by superstructures blocking the sight, sunlight, and breeze.