Are Higher-Floor Apartments More Expensive?
Higher-Floor Apartment : The floor or level of a residential unit remains an important consideration for Indian homebuyers, as many believe that apartments on higher floors command a higher price. In reality, the value of higher-floor apartments may vary depending on the climatic conditions and the project’s surroundings. navimumbaihouses.com investigates how a unit’s floor level affects its price.
The burgeoning population in metro cities, combined with limited land supply, has compelled real estate developers to concentrate on vertical expansion in order to recoup the higher construction costs. As a result, high-rise structures have grown in popularity among buyers. While this allows developers to build more units on a small land parcel, it also provides homebuyers with uninterrupted city views. But does this imply that higher-floor apartments are more expensive? Let us investigate!
Are you looking flat for sale in navi mumbai?
Apartments on higher floors are not always more expensive. The value of apartments on higher floors may increase or decrease depending on the project’s location. The value of apartments on higher floors is also influenced by the area’s topography, climatic conditions, and the project’s surroundings.
Let us look at an example to better understand this. To assist you in making an informed decision, we have drawn comparisons between two popular metro cities: Delhi and Mumbai.
Delhi Apartments
The apartment culture is not as prevalent in Delhi as it is in Mumbai. People in this area prefer independent houses or homes with three to four levels above the ground floor, known as G+3 or G+4 builder floors. The fact that earthquakes frequently shake Delhi motivates this psychological make-up. Furthermore, with commercial development spread across Central Delhi, Gurgaon, and Noida, Delhi has not experienced a significant space crunch that would force it to go vertical. The availability of land parcels at competitive prices, particularly in comparison to Mumbai, has traditionally shaped housing demand in Delhi in favour of independent houses and builder floors.
In addition, Delhi has a continental climate, which makes summers unbearably hot. Because the lower floor units are surrounded by buildings on both sides, the sunlight perforation is less than that of the upper floor units, especially in the afternoon. This keeps a ground-floor unit cooler during the summer, reducing reliance on air conditioners (AC) and utility bills.
Another factor is that lower floors command higher rental returns because Indians, particularly Delhiites, prefer to live closer to the ground. Because of this demand, developers in Delhi are charging a 5-10% premium for lower-floor apartments compared to high-rise developments.
Higher-Floor Apartment : Mumbai Apartments
Because land is scarce and expensive, and expansion can only be accomplished vertically, Mumbai is India’s high-rise capital. Living on the top floor has its appeal for Mumbaikars. The enchanting views of the surrounding sea and beaches provide peace in the midst of the bustling city life. As a result, developers in Mumbai charge higher floor fees and preferential location fees (PLC). Because there are no specific rules governing these charges, developers frequently charge an exorbitant additional price per sq ft on the unit’s super built-up area.
Furthermore, Mumbai’s streets are congested and noisy, and living on the lower floors may not provide much privacy due to the city’s dense population. To avoid external noise, the majority of homebuyers prefer higher floors. Security is another major concern, as ground floor units or apartments on lower floors are more vulnerable to burglary. While it also depends on the security measures implemented by the residential society’s management, buyers generally avoid lower floor units to avoid threats.
Another factor is Mumbai’s climate, which is characterised by recurring rains. During the monsoon season, ground floor units are typically poorly ventilated and subject to flooding and insect and mosquito intrusions. Furthermore, because the ground is still wet, the ambient humidity and latent heat levels are high.
“As it is well known, Mumbai and Delhi are both prime real estate destinations in India.” Higher floors in Mumbai are more valuable because builders charge preferential location fees for unrestricted views of the city and the breeze. These properties are priced at least 3-5 percent higher than the other residential units in the same project.”
Lower floors are more expensive in Delhi due to high demand. Some high-rise projects in South Delhi and Gurgaon, however, are now charging PLCs on higher floors and penthouses.
Higher-Floor Apartment : Residential unit construction costs
with higher floors, technological engineering is required to keep the architecture intact while also ensuring the building’s optimum load capacity and residents’ safety. This usually entails high costs, which result in a higher apartment price.
Construction cost of residential units in Delhi and Mumbai (price per sq ft) : Higher-Floor Apartment
| Building type | Floors | Delhi | Mumbai |
| High-rise luxury apartments | 30 plus | Rs 5,500-6,000 | Rs 5,800-6,200 |
| Mid-rise luxury apartments | 15 plus | Rs 3,800-4,200 | Rs 4,000-4,400 |
| Standard apartments | 5-12 | Rs 2,800-3,400 | Rs 3,000-3,500 |
| Affordable apartments | 5 | Rs 2,300-2,600 | Rs 2,400-2,700 |
| Villas | 2 | Rs 4,100-4,800 | Rs 4,300-5,000 |
JLL Construction Guide Book India – 2022
Another factor that both cities share is that higher floors in most residential projects are converted into penthouses and luxury condominiums, which unquestionably command a higher price than lower floors. Unit prices are also affected by the preferred location in terms of sea, landscape, or garden views, or, in some cases, swimming pool views.
As a result, the final cost of an apartment may be determined by a number of factors other than the floor level alone. To avoid any discrepancy, it is recommended to seek a complete breakdown of the property price and conduct thorough market research on the same.
You’re looking for Buy Home In Navi Mumbai we have the Best Buy Properties In Navi Mumbai Like Ready to Move & Nearby possession: https://navimumbaihouses.com/property/search/buy/navi-mumbai-all/
If you want daily property update details please follow us on Facebook Page / YouTube Channel / Twitter
