Should you invest in a high-rise building?

Everyone loves to own a condo in a high-rise building. And Indian home buyers are no exception. However, the definition of ‘high-rise’ buildings in India changes from city to city, depending on the availability of basic amenities such as water supply and electricity among others.

“These are the agencies whose capabilities dictate how high a building can be in any particular city,” said Arvind Jain, managing director of Pride Group.

He further added, “It takes roughly around 18-36 months to build a high-rise, but this period can vary according to who the developer's funding flow, who the architect, building contractor and structural consultant are, and on local development and environmental clearances laws.”

But before you go and pour in your money in a high-rise building, it is always better to weigh your options before making the investments.
According to industry players, a high-rise building has its own pros and cons. Jain stated that one of the biggest advantages of a high-rise building is that it offers tailored neighbourhood, a key factor while buying an apartment.

“High rise buildings also offer other comforts such as swimming pools, gymanisums, high-speed elevators- basically better services when compared with affordable housing,” he noted.

However, the biggest disadvantage in such projects is that in case of any unwarranted situations such as fire or earthquake, it becomes difficult for both occupants and rescuers to reach to safety in time.

“High-rises can pose serious challenges to both firefighters and occupants, especially in older buildings that do not have the benefits of modern building design, HVAC systems, fire sprinkler system and stairwell and properly managed elevator evacuation protocols,” he pointed out.

In terms of the cost, high-rises are premium priced, as a builder adds more amenities and services to make the bid attractive. Developers also collects an additional charge called ‘ Floor Rise premiums’ to the sale price of the units. This is done so as most buyers prefer upper floors as they provide better views, better ventilation and are at a higher distance from street-level pollution.

“Try to avoid the ground and the topmost floors as they are most uncomfortable units for any buyer. While ground floor does not allow any privacy to the home buyers, top floors become inaccessible in case of emergencies,” averred Jain.

He also suggested that before buying a unit, buyers should obtain important documents such as the approval site plan, sanctioned drawings, occupancy and completion certificates, commencement certificates among others.

“Also verify that the building's Structural Stability Certificate or Report of Structural Engineer and Architect Report for non-violation of FSI or the Sanctioned Plan is available to you. Ensure that the paperwork and title documentation are in order. Verify whether the developer has delivered on the specifications, including quality of construction, adherence to safety norms, common amenities and availability of drinking water,” Jain recommended.

Image: Indiatimes.com