Types of Residential Properties
Properties can be divided basically into two kinds, residential and commercial. Residential property as the name suggests, is the one which is used to live and commercial property is used for office, go down or any other commercial use. As the real estate sector has really boomed, various terms have come into play. The residential properties have been further segregated depending upon their size and target customers. Some of the varied type of residential properties is:-
1.SINGLE UNITS – As the name suggests these are single units made keeping in mind the single small families which are the norm of the day. They are independent, built single story or duplex and the land on which they are built is included in the cost usually. They don’t have any other construction on them, besides the house and they give the benefit of ownership of both the ground as well as the roof of the property to the owner.
2.MULTI FLOOR UNITS – As opposed to the single Units, the multiple floor units generally have 2-3 individual units built upon one another. Every floor is a unit in itself but they are usually not higher than 4 floors to give them exclusivity. Here the ground floor owner gets to have the ground rights while the roof is divided equally among the other floor owners. This eventually makes the ground floor more expensive than the other floors and the price keeps reducing as we go higher on the floors.
3.APARTMENTS – These are individual dwelling units built generally in high rise buildings. Each apartment is built on a single floor on one another; the ground floor is usually segregated for parking. They are further divided according to their sizes namely :-
(a)Studio Apartment – These are very small apartments which usually have only one room and a small kitchen and a washroom. Ideally suited for single working individuals.
(b)1-4 BHK Apartments – These are relatively bigger apartments, depending upon the size. A BHK stands for Bedroom, Hall and Kitchen. The number of bedrooms and size of the hall increases as we go up from 1 to 4 BHK.
4.DUPLEX – These types of residential properties can be either single unit or Apartments. A duplex is a unit built in 2 floors connected from the inside of the house. It is one unit only but built in 2 floors. Usually they consist of a Hall / Drawing room, kitchen and a Bed room on the ground floor and 2-3 bedrooms on the first floor. Both the floors are connected from the inside of the house through stairs.
5.CONDOMINIUM – It is a form of residential property where the ownership rights of the property are with the purchaser whereas all the common areas under usage like hallways, parks etc have a shared ownership. The houses built are usually single units, but the community is gated and has a separate identity.
6.BUNGALOWS –They are independent Units built in a larger area, with boundary walls demarcating the unit. Each owner is liable only for the area which falls within his boundary walls and similarly enjoys the rights top of that particular area only. Bungalows are not community oriented and are not governed by any societies as such. Although they come within the Municipal laws of that particular area.
7.FARM HOUSES – As the name suggests, they came into being when farmers graduated to making palatial houses on their farm lands. Soon the rich and the famous of the city followed and farm houses became the new stars. They are usually constructed on the outskirts of the city due to lack of land availability and financial viability. Constructed in huge chunks of land, they usually don’t follow a set pattern set by the general laws of the land. The construction can be done inside the premises without much approval of the municipal body of that area.
“Being a freelance Marketing and Human Resource consultant for the last 17 years, Manoj Malhotra has had the opportunity to gain exposure and thorough knowledge about people and their behavioral patterns and an insight into varied fields. He also writes for a variety of topics in the field of real estate and education.”