Home buying is an experience that helps you achieve your dreams of owning and living in a beautiful residential property. Before you sign the dotted line and conclude the sale, you will need to make several decisions. From picking the right locality to getting the budget right, from deciding on the project that meets your requirements to determining the space you need – there is so much that you need to settle on. Condo Vs Apartment is one such debate you must settle before buying your dream home. But what is the difference? Let’s take a look.
What is a Condo?
A condominium, popularly referred to as a condo, is a privately owned residence. The concept of a condo, as opposed to apartments or flats, has been popular in countries like the United States. These days, however, Indian real estate developers, too, have acceded to the demands of the new-gen homeowner and have started adding condo-style apartments to their projects.
To understand the idea of a traditional condo, let us take a look at home ownership in the US and other western countries. Unlike Indians, homebuyers in these countries prefer standalone buildings or townhouses. These are typically located in the suburbs. In major cities, apartment complexes or co-ops exist, but homeowners do not buy into these. Instead, these are owned by property management companies, and each unit is rented out to a family or individual.
However, certain units in these buildings may be bought and owned by individuals and are referred to as condos. This gives the owner complete control over the condo, and he/she can choose to further rent it out. So, in countries like the US, the only difference between an apartment and a condo is the ownership.
Focus Condo
In India, most homeowners prefer to buy into a large apartment complex, and individual ownership is very common. Owners typically form housing societies or are part of gated communities, thus making the traditional concept of a condo redundant. However, in most high-rise and large-scale projects in the country, builder floors are often referred to as condos. This differentiates them from other apartments and units. So, when you see a builder or developer referring to a condo in the project, you can typically expect larger spaces and better amenities and facilities than other apartment units in the building.
Indian Real Estate
In India, we have developed our own lexicon to refer to various different residential properties. Flats, apartments, builder floors, bars, apartments, condos, penthouses – you will often see these words used interchangeably. Similarly, kothis, duplex apartments, cottages, and bungalows are often used to refer to standalone houses.
Each developer uses these words to differentiate between properties based on their size, the level of privacy they offer, or even the amenities available to the owner. In many cases, a larger apartment with its own private balcony, terrace, or even a swimming pool is referred to as a condo. These units are typically located at a higher level and may even come with a separate lift. In some cases, condo owners may have special access to a rooftop garden or a skywalk that other apartment owners or residents may not. In some projects, condo owners are offered additional storage space, garage facilities, or even a separate room for domestic helpers.
Condo Vs Apartment – Which one is right for you?
Before you make a choice or fall for the fancy terminology, it is a good idea to clarify how the apartment units in one particular project are different from the condos. Very often, when you ask a developer to explain the difference, they will come up with their definition of a condo and how it differs from other apartment units. In the traditional sense, though, there may not be much difference between owning an apartment and owning a condo. Major real estate developers in the country, however, may have their own defining criteria.
Another major difference may be the built-up area and carpet area included in the project’s apartment and condo. Another point that you may need to consider before buying the property is the difference in maintenance charges and homeowner rules or guidelines in gated societies or residential communities. Again, these may be different for condo owners and apartment owners.
Finding the Right Property
Blox is dedicated to bringing you premium residential projects and listings directly from some of the top builders and developers in Mumbai. You can buy the home of your dreams in seven clicks with the help of our tech-enabled platform. Your dedicated Blox relationship manager is an expert in his/her locality and will help you understand the different types of units available in every project. Picking a residential property that fits your budget, is located in a friendly neighbourhood, and has all the amenities and facilities that your family needs, makes for a beautiful life.
