How Floor Plan Choices Affect Resale Value in NCR Housing
Explore a practical 3BHK floor plan to understand space, room layouts, and key features when choosing the right NCR Housing option.
Yes floor plan is one of the major factor that affects the resale value in NCR housing as, a good apartment layout can help boost the selling price, and increase the resale value of the apartment. The drawing or layout of an apartment's internal space, including bedrooms, bathrooms, living spaces, kitchen, balconies and passages is known as the floor plan.
Resale value refers to the value that a property would have for a person who decides to sell it later, rather than a primary sale. Buyers and investors need to understand the relationship between the two as a good floor plan can make the space available more useful and attract more potential buyers. In this article we will discuss how the carpet area, BHK configuration, room planning, bathroom and overall space efficiency can affect resale prospects in NCR housing, backed by the RERA provisions, and based on the buying preference data and NCR housing research.
Start With Usable Space, Not Just the Advertised Area
An essential element in assessing a floor plan is the usable space. The carpet area, as per the definition in the Real Estate (Regulation and Development) Act, 2016, is the net usable floor space of an apartment. It does not include external walls, service shafts, exclusive balconies/verandahs or exclusive open terraces but it does include internal partition walls.
Hence, buyers should never make a decision based purely on the size of the apartment. Depending on the layout, two houses could have the same exterior square footage with vastly different interior design.
Before buying, compare:
Carpet areaRoom dimensions
Area for circulation and passages.
Use the space in the living and dining spaces wisely.
Usability of bedrooms
Kitchen and bathroom layouts
If your apartment is designed for resale it might be simpler to describe and present to potential tenants.
Choose a Configuration That Matches Buyer Preferences
The BHK type can impact the size of the potential buyer market. In the H1 Consumer Sentiment Survey of ANAROCK, the 47% of respondents surveyed in Delhi NCR opted for 3BHK apartments, whereas the 40% chose 2BHK homes. In the survey data of Delhi NCR, only 4BHK and above 4 units were preferred by 6% while 1BHK was preferred by 7%.
It's not the case that every 3BHK will be more valuable to resell than every 2BHK. Price, location and project quality continue to be a factor, as do actual room sizes. But the survey reveals the preference of both 2BHK and 3BHK layouts were important for buyers in Delhi-NCR.
For investors, the practical question is:
Does the apartment's configuration suit the local buyer segment?Are the rooms large enough for their intended use?
Does the ticket size remain affordable for a sufficiently broad buyer pool?
An extremely cramped 3BHK with very small bedrooms might not be as appealing as well designed 2BHKs with efficient use of space.
More Rooms Do Not Automatically Mean More Value
Research specific to the NCR is important in looking at this issue. Using 529 residential properties in the National Capital Region, a study published in Property Management analyzed factors that relate to housing prices. The housing size and number of bathrooms were found to be positively associated with housing prices in this study. But in the data on which this study is based, the number of rooms was correlated negatively with the cost of housing.
It doesn't mean that every time there are fewer rooms, it's worth more. On the contrary, it brings up a fundamental guideline: breaking up a limited space into too many rooms can lop off some of its usability.
Therefore, buyers should check to see if the layout offers:
Adequate bedroom sizesA practical living area
Comfortable movement between rooms
Limited wastage in corridors
Functional storage possibilities
When listing to sell down the road, usability can be as important as the number of rooms listed in the ad.
Bathroom Planning Can Make a Difference
An NCR study also discovered that the quantity of bathrooms in a home was positively associated with housing price in their sample.
This is why the bathroom design is worth considering, especially in a family home. The number of bathrooms should be taken into account along with the number of bedrooms and the size of the home.
Some practical tips include:
Is the number of bathrooms suitable for the configuration?Are bathrooms easily accessible?
Is there adequate privacy in the layout?
Do the bathrooms have sufficient size for use?
Having an extra bathroom doesn't necessarily mean an extra bathroom for the resale price, but a bathroom configuration that isn't planned properly can lessen the convenience of everyday living and impact buyers' perceptions.
Carefully Inspect Balconies and Overall Layout
Balconies are usually regarded as additions that are desirable, but this depends on the overall scheme. The NCR housing study showed that the number of balconies showed a negative correlation with the housing prices in the study sample – so don't think that more balconies automatically mean more value.
A better question is, does the balcony provide functional value that doesn't detract from the "living room" inside?
Consider:
Size and utility of balcony.Apartment access:
The impact on interior dimensions of the rooms.
The suitability of outdoor space for the overall layout.
An apartment with just one balcony that is useful and rooms are efficient would be better than a bigger balcony with unnecessary external spaces that take up less and less space inside.
Consider Flexibility for Future Buyers
The ideal floor plan should meet the current requirements, but still have room for future owners. A room that can serve as a study or offer a bit of extra room, perhaps a dining space, can make the home more attractive.
But, buyers should not pay premium price for a space just because a developer is marketing it as having the flexibility. The size and configuration should be in keeping with the intended use.
If you're comparing apartments, inquire about:
Is it possible to use a room to accommodate a home office as necessary?Do there have to be any furniture, is there enough usable space?
Do rooms have regular shapes and do they easily fill with furniture?
Are awkward corners and wasted areas at a minimum?
Such facts can make a difference when a prospective home buyer visits the property.
The Bottom Line for Buyers and Investors
The selection of floor plan options can impact resale value through an impact on available space, usability and buyer interest. The best way to do this is to ignore the BHK label and the advertised area. Make comparisons of carpet area, room dimensions, bathroom design, and balcony functionality and efficiency of layout.
The available NCR data also provides a useful warning: bigger is not always better, and more rooms are not automatically more valuable. If the consumer or investor is considering buying an apartment, he or she will be better served by having a good functional layout that is well designed and will satisfy the present and be marketable to a wide range of potential buyers.
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