Luxurious option, but an expensive
one
| Villas are an option for those who are looking for much more than what
apartments can offer in terms of an urban lifestyle. But they come at a price.
|
EXPENSIVE: A section of people finds villas an attractive option, despite
the price factor.
A dream house is usually not within reach for all. Many have to settle for
less than the ideal house they have in mind, with cost being a major limiting
factor. Or is it?
Ever been on a trip to hunt houses? It is quite an experience.
The features that you may have liked in one house may not be available in
another house that suits your pocket. It is people's dreams and expectations
about houses that the builders play up when they announce their villa projects.
That extra bit that they offer may make a difference to some. It may be a lure
for those who have spent years in a flat and now want some more open space. And
most villas might offer more built up space, say a minimum of at least 1,800
square feet.
Across the State, or more so in Kochi, villas are few to come
by. Even when there are a number of hoardings by builders inviting you to a
wonderful stay at their villas, all these would together account for just about
one per cent of all big building projects, which mostly centred on apartment
complexes.
A villa in the Kochi city limits would cost anything upwards
Rs.60 lakh. It may come down to Rs.50 lakh, and no less even if it were a little
away from the city.
For anything less than this price, there is likely to be a
compromise on the common area, facilities and the living space. When you have a
waterfront advantage, the cost may go up to Rs.80 lakh or even Rs.1 crore, said
Kapil Nagpal, Managing Director of Nagpal Builders.
Everyone dreams of having a villa, said George E. George,
Secretary of Kerala Builders' Forum and managing director of Infrahousing. But
not everybody is able to afford it, he said. There are a number of people who
come looking for villas and but finally they settle for a luxury flat
considering the cost factor.
All the luxuries in a villa come at quite a price. A reputed
builder usually gives a minimum of five cents land to the villa owner. It may go
up to six to eight cents or even 10-12 cents and the cost would also go up
proportionally. Road access and public transport convenience is one of the prime
"luxury" factors for villas.
The demand for villas is still much more than supply, said Mr.
Nagpal. In a place such as Kakkanad, the cost of a villa with road access would
be around Rs.60 and Rs.70 lakh. This makes the affordability of villas less for
even the upper middle class, he said.
"One can always build a villa in some remote land, but where is
the road?" asks K. Lava, Managing Director, SFS (Skyline Foundation and
Structures). "Lands are landlocked, if I may say," he said. The Government has
to take the initiative to build roads and create a 50-kilometer new road network
for Kochi to expand, he said.
This is the only way that could pave way for better-located
villas, he said. Road with a width of 15 to 20 metres need to be planned to
expand the city, he said.
This would, perhaps, help in some way lessen the crowding in
residential areas. New roads have to come up to open up the development of a
place. This will not only help builders to spread their projects outside the
city, but also help bring in more business opportunities because of better road
connectivity.
In the absence of a proper road network, lack of own transport
and non-availability of public transport force people to choose flats.
Even at a higher rate, the accessibility of flats in the city
limits is a definite lure for the buyers. One does not like to travel long
distances every day for work. Flats put the infrastructure to better use too, as
it supports many more people in the given area, Mr. Lava said.
What makes a villa more attractive? Facilities, yes. But a
swimming pool, a health club and a club house have all become a part of most of
the flats now.
A posh opening is a must for a villa. Wide entrances to the
villas add value to the property. Leaving a good amount of space as common area
is yet another luxury. According to Mr. Nagpal, in one of his waterfront
projects, he has planned to set apart 30 per cent of the 1.5 acres of land as
common area. A private boat jetty, a boat and a water scooter will be part of
the facilities here along with wide roads. While going villa hunting, one has to
carefully analyse the availability of common area and the land area provided to
each customer. While the safety of a villa compared to an apartment complex is
usually weighed upon, it is always better to assess the location of the villa in
terms of security.
Villas enclosed with high-rise walls and round the clock
security guards are only the physical attributes of security.
Whether the villas are going to be occupied by the people who
have bought it or whether they would be lying vacant is yet another security
aspect to be considered.
As one of the IT executives here says, "we need to have a
social life too. There is a need to meet people other than those at work.
Having a good social atmosphere where we reside is equally
important." It is not always the luxury and facilities that a villa offers that
proves attractive.
It is the whole package of living with some good facilities
along with people with people with whom one could socialise that clinches a
deal.
SHYAMA RAJAGOPAL
Courtesy: Property Plus, The Hindu
http://www.hindu.com/pp/2007/02/24/stories/2007022400640300.htm
