Should I Buy a flat at The Eastern Park or my own Kothi?

The Eastern Park, a RERA-approved housing project, is strategically located in the heart of East City, the Greenest residential location on Chandigarh Road, Ludhiana. The project is 5 minutes from Fortis Hospital & Best Price shop on Chandigarh Road. It's just ahead of the corporate office of Bonn Bread. Also, the location is 400 meters far from the highway, making the project easily accessible and also far from traffic & noise pollution of the city. The access road to the project is 100 feet wide, bringing the residents the comfort of wide streets and infrastructure.

First, Let's analyze the pros and cons of buying a Kothi and a flat. Regarding the cost perspective, buying a plot and constructing your own house comes at a higher price than an entirely readymade flat.

Basis

BUYING A PLOT AND CONSTRUCTING OWN HOME

BUYING A FLAT

PRICE

Kothis are always costly, as land prices in Ludhiana have increased radically in the past ten years.

High-rise flats share a land parcel & other social infrastructure and are much cheaper than Kothis.

CONSTRUCTION EFFORTS

Given today's busy life, buying a plot and arranging everything for construction isn't easy.

No effort is required to construct a flat for the homebuyer. Apartments are generally fully ready to move.

HOME LOAN

Getting a home loan to buy a plot is complicated as many financial institutions avoid providing loans to buy a Plot.

Getting Home in purchasing a flat is a lot easier. You can get up to 90% loan on Flat Value.

SAFETY AND PRIVACY

Generally, Kothis are not in a gated location; anyone can access the road outside the home. Hence Kothis are less secure.

Since flats are more organized and are always in a gated community, it’s easier to manage the security of the township.

RENTAL INCOME

A single home generally has less rent as there are few amenities. Rent in Omaxe township on Pakhowal road is higher than Other residential options in that area.

A flat generates a higher rental income as people value security and other social infrastructure more than just having a home.

TAX

In the case of the plots tax deduction on interest is provided only after the construction is completed.

In the case of flats, when you take a home loan, monthly payments of a home loan are eligble for tax deduction.

SCOPE OF AMENITIES

It's tough to arrange for multiple social amenities like Gym, Parks, Sports facilities, etc., in a single home .

Since many people share the common pool of facilities, it's pocket-friendly and affordable for a township to arrange social infrastructure inside the project.

Comparison of price between The Eastern Park and other options

The price of a Home at The Eastern Park as of 23rd August 2023 is-

Configuration

Price (in Rs Lacs)

Semi Furnished 1 BHK

23.99

Semi Furnished 2 BHK

42.99

Club Charges, GST & Statutory charges, extra


The buyer also gets amenities at The Eastern Park that you need to keep you and your family entertained. It's sprawling 16000 sq. ft. The clubhouse has all kinds of recreational amenities, include a Library, Crèche, Mini Theatre, Health Club, Tennis Court, Swimming Pool, Kids’ Pool, Outdoor Party Area, Banquet Hall, Gym, Snooker, Table Tennis, Other Indoor Games, Kids’ Play Area, as well as provisions for a Convenience Store.

Price of other Property options on Chandigarh Road

32 Sector

39 Sector

Vardhman Park

GK Estate

33 Ft road

Rahon road

Bhamian Road

Plot Price (in ₹ per Sq.yard)

45000

40000

50000

17500

15000

20000

15000

Home Price - (In ₹ for 125 Sq. yards)

80 Lacs

75 Lacs

90 Lacs

45 Lacs

30 Lacs

45 Lacs

30 Lacs

Home Price - (in ₹ for 150 Sq.Yards)

95 Lacs

85 Lacs

1.25 Cr

60 Lacs

45 Lacs

60 Lacs

45 Lacs

Home Price - (in ₹ for 200 Sq.Yards)

1.25 Cr

1.15 Cr

1.50 Cr

80 Lacs

65 Lacs

80 Lacs

65 Lacs

Tentative price as of 1st May 2023


As you can see, the price of a home at Eastern park is fractions of the cost of other options on Chandigarh Road. Further, Eastern Park is an integrated housing township, which has the following additional advantages compared to other areas -

  1. a) Organised and developed roads and infrastructure
  2. b) 100% 3-tier security in and around the township
  3. c) Green Area with more than 425+ trees
  4. d) All sports facilities inside the project
  5. e) Schools and medical dispensaries inside the four walls of the housing society