Types of Property in India

Wish to invest in property in India, but baffled by the myriad sorts of properties appearing in the flurry of brochures everywhere around you?

For a first time home buyer or a new investor who is looking to buy property in India, it can be tricky to ascertain which type of property one wants to buy, so we have a synopsis of the various types of properties for sale in India:

Agricultural/Open Land
With agriculture contributing a significant amount to the nation’s economy, agricultural land comprises more than 50% of India’s total land form. There are ample number of agricultural land spaces available in less developed areas, and prices start soaring with their proximity to industrial areas or cities.

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Residential Property in India
There are several types of residential properties in India and this is the most rapidly developing sector of real estate in India. Residential real estate comprises the following types of housing units:

• Residential Plots: This refers to empty land which has been divided into sections for the purpose of individual housing. The plots for sale in India are available in various shapes and sizes. Residential plots are an excellent option for those who wish to construct a new home as per their own taste and preferences.

• Apartments/Flats: Apartments or flats are living spaces which are a part of a cluster housing complex. Usually enclosed in high-rise or low rise towers and blocks, residential apartments and flats are the most popular housing option in India. Apartments for sale in India range between options of 1, 2, 3, 4 or even 5 BHK, depending upon the layout and space availability.

• Builder Floor: A preferred housing option for those who are looking for independent living without spending too much, builder floor apartments allow you to own a floor (or a section of it, which is independent) in a low-rise housing complex. Such floors come at a price which is cheaper than plots or bungalows but more expensive than cluster apartments.

• Villas/Bungalows/Row Houses: Built from the scratch upon residential plots, villas, bungalows and row houses are a few more examples of independent living. Although some developers do come up with luxury projects offering such units, these are mostly available in the resale market or are constructed by individuals who own residential plots.

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Commercial Property in India
For those who wish to generate revenue through commercial properties in India, there are various types of commercial spaces which can be a good source of revenue. Office spaces, showrooms, retail outlets and warehouses are just a few examples of such properties. However, an important thing to keep in mind for first time investors is that the use of commercial property involves several charges and taxes which are levied, and these may vary from locality to locality. Hence, it becomes important to do your calculations right before investing in commercial properties in India.

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For information on builders, properties and housing projects in India, visit PropTiger.com