Group Apartment Construction

[prvijai]

we are a group of 4 people planning to buy a site and construct an apartment of 4 flats.
we finalised the site, but the issue is that banks and financial institutions are not offering loans for 4 individuals.
they insist that the construction has to be done by a builder (after signing a tripartite agreement) and after 80% of the construction, the undivided share can be registered in the individual names.

Are there any reliable builders who can be contacted for such deals? please let me know.

[Sachin123]

Hi

I know a builder who can cater your needs he is right now busy with a project in Bank officers layout. Building a designer house with swimming pool. you can see his work before you decide on him.

you can tell me where is the location you are planning to construct and is the plan has been approved? I need to ask him if i can pass his contact on to you?

[meharnath]

Hi,

I know a very good owner of a corner 3200sft plot, who is interested to construct flats of 4 only on his plot and sell them. Since he owns the land, you may enter into an agreement for construction and undivided share land with him, for which all banks including LICHFL will approve the loan. This is in Bank officers layout 1st stage, Narayanagara 1st block, bangalore - 62. call me
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[hkrish]

Folks,

Few open questions regarding the Group apartment feasibility, where 4-people together buy the plot and goes along with the builder
to build a home and get it registered on individuals name once 80% complete. How is the builder paid, typically.
Does he also gets some houses or is it part of the site+loan on the individuals ? How is this executed typically in safe manner.
Do the house owners share the site equally among them (eg: 2400 /4 = 600 sft shared by 4 people)

Also how can future conflicts be avoided, among the 3 or 4 people who built together. Now they may be together, however
in future if one of them sell their home to a 3rd party who is creating trouble etc,.Whereas in an apartment,
there is an association with many members deciding what is good.

Why is this model not so commonly adopted, though it has many benefits (best of both home & apartment):
a. More land share, compared to apartment
b. Common security can be hired, also not all go for vacation at the same time
c. Typical basement car parking with children play area can accomodated
d. Can have terrace gardern, or in basement-edges
e. Low maintenace (only need to pay for security, no lift)
f. Fairly low cost of ownership (similar to apartment), but more land-share per person

Regards
Krish

[msn1270]

Firstly in smaller sites, you can't go for apartments legally.

Secondly, When you go for Apartments, land share/person takes lower priority whereas cost per head takes high priority.
If you go for only 4 Units, cost per flat & some of the maintenance charges (like Security person, borewell,...etc), will
become expensive.

[MNRS]

Now a days, Group apartments are coming up in some gated communities and they are calling them as Villaments

[msn1270]

Dear MNRS

Villament concept is entirely different. Here the discussion is for a descent/affordable living units.

Villament is for the people who needs more than a premium apartment + privacy. These are not high rise buldings. Villament comes with a built up area of 2500 - 3500 sq.ft and also each unit gets a private area(Garden or so) of around 1000-1500 sq.ft & Car parking area for atleast 2-3 nos(Sedan or SUV's). These are apart from the common amenities of the project. Each villament costs atleast 30-50% more than the Premium apartment unit. Its starts from 1 Crore onwards.

Can a 60X40 size project get such amenities?

[MNRS]

Hi MSN1270

What you are saying may be true and they are ideal features of the villaments. But what I have seen is the practical one that does not have these ideal ones

Now a days I am seeing the duplex houses on 30x40 that are called as Villas