Why Two Houses Built At The Same Project Have Different Costs

TMT Sariya

A home supports your current needs and future aspirations. You work hard to buy a home because it is a place where you create memories, find comfort and build your lives. Buying a home requires careful planning and research.

In real estate, there is not just one factor that drives the price of an apartment. Two different apartments in the same housing project can have different prices. How can you decide which is the right option for you?

An apartment in the same project can have a higher price than others due to location features. This extra cost is called ‘Preferred location charge’. Learning about this can help you make the right decision.

Factors that lead to a price gap

• An apartment is expensive if it is located near amenities such as a gym, swimming pool, or clubhouse. Prices are higher due to easy access to recreational facilities. It fosters a strong sense of community, which people seek.
• The corner apartments benefit from improved ventilation, better natural light, reduced risk of dampness and enhanced privacy. These apartments have a higher price than centrally located apartments.
• Apartments on higher floors are expensive as they offer advantages such as less noise, better ventilation and better views. They are more expensive than apartments on lower floors.
• The size and layout of an apartment play an important role in its price. Apartments with more square footage and well-thought-out floor plans have a higher price. If an apartment has extra space, or additional rooms, or utility areas, then they cost more. Apartments that utilise every nook, such as built-in cabinets and shelves, in the hallway and kitchen cost more. If you are interested in maximum carpet area or a better layout, then you will have to pay a higher price.
• Most people in India prefer a home which is designed with Vastu principles. When an apartment's main door faces in the East or North direction, then it is considered more auspicious. Other Vastu features are having the main door open clockwise, avoiding bathrooms near the main entrance and more.
• Two apartments in the same project may have different prices based on the time when they are purchased. If you purchase an apartment during the early stage of construction or in pre-launch, then it may be available at a lower price. Whereas the ready-to-move-in apartments provide immediate occupancy but cost more.
• Customisation and upgrades can make the price of an apartment go up. High-end finishes like hardwood flooring and advanced home automation systems cost more. Apartments with upgrades like spa-like bathrooms and top-of-the-line kitchen appliances make it appear more stylish, but they cost more than the standard apartments.
• Apartment prices are affected by the economic conditions and the market demand. When the demand is high in the sought-after area, the prices of apartments rise. If the economy slows down, then fewer people buy, and the demand is less, which may reduce the prices of apartments.

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