Parks and green spaces are important features of modern housing projects. As cities become more of concrete jungles, such natural spaces are gaining more importance for a prospective homebuyer. While such properties command a premium, park-facing apartments within the project are also priced higher than those which are road-facing or towards a corner.
In other words, park facing apartments have higher preferred location charge (PLC). PLC is an additional charge that you as a buyer, have to pay for choosing a better location within the project.
So the question is whether park-facing apartments deserve a higher price or not.
Benefits of Parks
The benefits of having a park-facing apartment are many. Here are some of them:
– They offer better views from the apartment
– They can help reduce stress
– They bring in better natural ventilation
– They offer more privacy, keeping the apartment away from others
– They offer a pleasant balance between nature and modern comforts
The Rationale behind PLC
The premium that is charged for park-facing apartments is related to the benefits of living next to green areas. Due to the design of the entire project, a premium is levied on park-facing apartments. The difference in price between a park-facing apartment and one that does not overlook a park is 10% to 20%, depending on the price that is finalised for the deal.
What Can You Do?
– If you are buying a flat for self-use, you should not hesitate to choose a park-facing apartment.
– On the other hand, if you are buying a property for investment purpose, you should focus more on the location rather than on the location of the apartment within the project.
– If you cannot afford the PLC, be vigilant about the current market rate. Timing plays an important role. You may get an apartment without PLC if you book a home at the time of project launch.
– Opt for a park-facing project only if it really benefits you. It makes no sense to pay a premium if you’re planning to stay on the 10th floor or above. You should also try and negotiate on the price with the developer.
To conclude, however, park-facing apartments have always commanded a higher charge, there should be a regulation of these prices since there is currently no cap on the PLC.