Villament is the new buzzword in the real estate industry. As the name suggests, a ‘villament’ is the concoction of an apartment and a villa, particularly suited for those lured by the magnificence of a villa but constrained by the financial aspect of buying it.
Villaments are majorly low-rise apartments, combining the features of a villa as well as an apartment. They offer the openness and luxury of villas along with the convenience and comfort of an apartment. Moreover, villaments are available at a price slightly higher than an apartment but less than a villa, which makes them affordable for many.
Usually, a villament is spread over a 150-300 sq yard plot. Its structural design involves a villa built over another villa in G+3/G+4 format with different ownerships. While the people living on the ground floor get to enjoy the garden area, the residents on the top floor enjoy the terrace space. Those residing on the middle floor get more balcony space. Similar to high-rises, a villament offers the best-in-class amenities to buyers, including a gymnasium, swimming pool, and a recreational zone.
While the concept of villaments is gradually becoming popular in other major metro cities of India, such as Delhi NCR, Mumbai and Chennai, it is already quite a trend in Bangalore. East Bangalore, especially areas around Whitefield, has witnessed robust growth in the number of villaments over the years. The concept is fast picking up in South and North Bangalore as well. Some known builders that have come up with villament projects in Bangalore include NSL Infratech, Habitat Ventures, and Embassy Group. As apprised by Cyriac Joseph, Chief Sales and Marketing Officer, Ozone Group, “Villaments in Bangalore mostly come in three and four bedroom options. The typical area for a 3 BHK villament is around 1,500-3,500 sq ft; while a 4 BHK villament property measures up to 5,000 sq ft. The average cost of a villament in Bangalore ranges between Rs 1.80 crore and Rs 2.25 crore for a 3 BHK property and around Rs 2.50 crore for a 4 BHK property. Areas such as Devanahalli, Yelahanka, Marathahalli, Brookfield, Harlur Road, and Budigere have emerged as the major micro-markets for villament properties in Bangalore.”
How is villament better than villas or apartments?
Villament offers a lot more space and privacy than apartments. These are conceptualised keeping in mind the accessibility and comfort provided by an apartment, alongwith the superfluity of a villa. Also, when compared to an apartment, the area of a villament is more expansive. Given the larger area, the number of villaments designed in a building is usually less than 10, whereas there can be hundreds of flats in a tower, making it overcrowded and non-desirable, especially during the current situation.
As compared to Bangalore, Villaments is relatively a new concept in Mumbai, and the projects are available only in a few select areas. Sharing insights about the trend in the city, Manju Yagnik, Chairperson, Nahar Group, avers, “Mumbai has seen a variety of housing concepts over the years ranging from single apartments in gated societies to sprawling integrated townships. Today, the need for larger private spaces has given rise to a totally new trend of villaments which are spacious homes designed in a form of a villa; however, located in a building tagged with exclusivity quotient. This is a new trend in Mumbai. Villaments, measuring between 4,000 sq ft and 6,000 sq ft are steadily becoming popular in areas, such as Chandivali, Powai, Bhandup, Mulund, Malad, Virar, and Goregaon and are priced at approximately Rs 6.5-8 crore.”
Overall, if privacy and exclusivity are the criteria for your home search, then a villament may be the right thing for you. Many people who live in independent homes or apartments find the idea of residing in a villament more enticing as it offers adequate privacy, with fewer neighbours around. Also, investing in a villament may offer you lucrative rentals, which can go up to lakhs, depending upon the size and location of the property.