Bungalows are more expensive than flats – but that is because they occupy more space in which all the living space is often spread over a single level, and because they need to be individually constructed. But neither of these is considered drawbacks by buyers of bungalows – in fact, both these reasons are actually why people who can afford them will not house their families in anything but bungalows.
Despite their size, they are fairly easy to design – though any number of features can be included. There are two ways to own bungalows in India today. One route, of course, is to purchase a plot and construct a bungalow on it. The second, which is the more preferred route these days, is to buy a bungalow within a large multi-format integrated township by a reputed developer.
The second route offers many advantages – first of all, the bungalow benefits from the safety and ready-made infrastructure of the township. Secondly, many bungalow schemes in large townships offer the best views in the project. For instance, in Pride World City, bungalows face the beautifully designed and landscaped marina. This gives the unique advantage of owning a bungalow facing a water body, which is almost never an option when constructing individual bungalows on disconnected plots. Thirdly, all legal permissions have already been obtained by the developer, so the buyer does not have to contend with them.
Apart from their social status appeal, bungalows are the ideal housing option for growing families. Because of their size, it is not uncommon for two whole generations to live under one roof. This advantage creates a stronger sense of family, which is a very important factor for overall wellbeing. While bungalows are traditionally single-storeyed, a second level can be added to vastly increase its capacity. Many other customizations can be incorporated whenever the owners feel the need for them, much in contrast to flats, which, no matter how spacious, are still part of a larger structure over which the owners have no say.
Of course, bungalows are also the best possible environment in which to bring up children. The availability of generous space both within the bungalow and its compound opens up endless possibilities for the activities that make childhoods memorable. Also, since bungalows foster a strong sense of family, they are the ideal places for people to enjoy their golden years in.
The desire to age in place is very pronounced among senior citizens, who much prefer to live with their families in a bungalow rather than living in separate apartments. Bungalows also have their own compounds, which is conducive to relaxing activities like gardening and also creates the ideal backdrop to pet ownership. Both these factors also play a very important role in the wellness quotient of the inhabitants.
Importantly, Indians who are working abroad but are aiming to return and settle down in India sometime in the future will prefer bungalows over most other residential configurations. This is because they have become accustomed to a certain lifestyle abroad which they will wish to, as far as possible, replicate in India. This is especially true of US-based NRIs who are used to living in standalone suburban houses where they enjoy complete autonomy, privacy and control over financial outflows related to their homes. They have the budgets to afford bungalows in the best possible settings. For them, bungalows in large integrated townships are, of course, the default option.
Finally, bungalows are the ultimate real estate investment vehicle, as their value grows in tandem with the appreciation of land prices in a locality. In the case of bungalows situated in townships, the appreciation of land value is further compounded by the growth in value made possible by the superior infrastructure.
Authored by: Arvind Jain, Managing Director – Pride Group
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