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2024 Study: States Where Building a Home Beats Buying

A recent study by Highland Cabinetry analyzed all 50 US states to identify those where it’s easier to build a house rather than buy one. The study is based on a comprehensive analysis of housing-related costs across the U.S., focusing on factors such as house sale prices, land prices per acre, architectural and design fees, construction costs, and utility expenses. All these data points were synthesized into a composite score for each region, enabling a clear comparison of the overall cost of homeownership across different areas in the U.S.
State House Sale Price Land price (per acre) Architectural and Design Fees Construction Costs Utilities Hookup FInal Score
Hawaii $856,327 24,170 25000 450 $600 50.0
California $782,695 15,445 35000 300 $625 44.2
Massachusetts $609,415 48,830 22000 275 $625 37.3
Washington $588,986 21467 19000 200 $360 31.8
New Jersey $508,430 17,739 19000 240 $575 31.4
New York $458,072 5187 35000 275 $625 30.5
Colorado $548,602 23,781 16000 200 $360 30.2
Rhode Island $449,550 29621 13500 215 $575 28.8
New Hampshire $463,091 17,259 12000 200 $575 28.7
Utah $518,241 17542 12000 155 $360 27.9
Hawaii leads the rankings as the state where it’s easier to build a house than to buy one, with a composite score of 50. The state stands out with the highest house sale prices at $856,327, significantly contributing to the high homeownership cost. Despite the high property prices, land in Hawaii is moderately priced at $24,170 per acre, offering some relief for those considering building.
California ranks second in the study with a composite score of 44.2. The state’s average house sale price is $782,695, making it one of the most expensive states to purchase a home. However, the land price per acre is relatively lower at $15,445, which, when combined with high architectural and design fees of $35,000, suggests that building a house could be a more cost-effective option.

Massachusetts comes in third with a composite score of 37.3. The average house sale price is $609,415, placing it among the higher-priced states for homeownership. Land prices per acre are the highest on the list at $48,830, which could make building a home more costly unless offset by lower design and construction costs. Architectural and design fees are relatively moderate at $22,000, and construction costs are twice lower than in Hawaii at $275 per square foot.

Washington ranks fourth with a composite score of 31.8. The average house sale price in Washington is $588,986, which is substantial but not as high as in other states. The land price per acre is moderate at $21,467, making land acquisition feasible for those looking to build. Architectural and design fees are among the lower end at $19,000, and construction costs are the second lowest on the list at $200 per square foot. Utility hookup costs are the lowest, tied with Colorado and Utah at $360.

New Jersey takes the fifth spot, with a composite score of 31.4, where both buying and building a home come with balanced costs. The average house sale price is $508,430, and the land price per acre is $17,739, offering a reasonable option for those considering building. Architectural and design fees are set at $19,000, tied with Washington, while construction costs are $240 per square foot, both of which are moderate.

New York ranks sixth with a composite score of 30.5. The average house sale price in New York is the lowest, at $458,072, However, New York stands out with the cheapest average land price per acre at $5,187, making it one of the most beneficial states for building a house. Despite the low land prices, architectural and design fees are quite high at $35,000, which could increase the overall cost of building. Construction costs are moderate at $275 per square foot, and utility hookup costs are $625. 

Colorado, with a composite score of 30.2, ranks seventh. The state’s average house sale price is $548,602, making it a relatively expensive state for homebuyers. Architectural and design fees are lower than in the states mentioned above at $16,000, and construction costs are also second lowest at $200 per square foot. The utility hookup costs are also among the lowest at $360. Land prices per acre are moderate at $23,781, offering a reasonable opportunity for those looking to build rather than buy.

Rhode Island ranks eighth with a composite score of 28.8, making it a state where building a home might be more advantageous. The average house sale price is $449,550, the lowest on the list. Land prices per acre are second highest after Massachusetts at $29,621, which could increase the cost of building a home. However, this is offset by lower architectural and design fees at $13,500 and moderate construction costs at $215 per square foot.
New Hampshire, with a composite score of 28.7, comes ninth. The average house sale price in New Hampshire is $463,091, which is relatively high but manageable. The state’s land prices per acre are moderate at $17,259. New Hampshire stands out with some of the lowest architectural and design fees at $12,000, significantly reducing the building cost. Construction costs are also low at $200 per square foot, making New Hampshire a strong candidate for those considering building a home.

Utah rounds out the top ten with a composite score of 27.9, making it one of the more affordable states to build a home. Utah’s average house sale price is $518,241, which is higher than some but still lower than many other states in this study. Land prices per acre are moderate at $17,542, and like New Hampshire, Utah benefits from very low architectural and design fees at $12,000. Construction costs are the lowest on this list at $155 per square foot, making building a home in Utah particularly attractive.

A spokesperson from Highland Cabinetry commented on the study: “When considering where to build or buy a home in the U.S., it’s essential to look beyond just the sticker price of a property. In states like Hawaii, where house sale prices skyrocket, building a home can offer a more economical alternative despite higher design and construction costs. Similarly, states like New York, with surprisingly low land prices, present unique opportunities for those willing to invest in building rather than buying. Across the country, these elements create a dynamic landscape where the decision to build or buy varies greatly depending on the region, making it crucial for prospective homeowners to carefully consider all these variables to make the most financially sound choice.”

New launch falls 11% in Q3; sales down 18% in top 9 cities: PropEquity

New Delhi, September 20, 2024: New housing launch and sales in the third quarter of Calendar Year 2024 in top 9 cities showed a decline of 11% and 18% respectively, according to a data by real estate data analytics firm PropEquity.

The NSE-listed firm said that new launches in the July-September quarter of CY 2024 fell to 93,693 units from 1,05,655 units in the same period last year while sales fell to 1,04,393 units in Q3 CY2024 from 1,26,848 units in the same period last year.

PropEquity tracks housing supply and absorption data in NCR, Mumbai, Navi Mumbai, Thane, Pune, Bengaluru, Hyderabad, Chennai and Kolkata.

Commenting on the data, Mr. Samir Jasuja, CEO & Founder, PropEquity said: The demand for real estate continues to be robust as even in this quarter the absorption/sales is higher than the new launches and such marginal drops in this quarter is a historic trend and not symptomatic of any adverse situation. In Hyderabad and Navi Mumbai, the majority of new real estate launches are in plots rather than apartments, indicating a decline in supply and absorption of apartments in these cities. It is also important to note that Hyderabad witnessed a historical high of 94,629 units of supply in 2023 therefore reduction in new launches in 2024 is quite logical.”

According to the data, on Y-o-Y basis, only NCR, Mumbai and Thane saw rise in new supply at 221%, 18% and 11% respectively in this quarter compared to Q3 2023. Hyderabad (54%), Kolkata (48%), Chennai (23%), Bengaluru (19%), Navi Mumbai (19%) and Pune (12%) witnessed a significant drop compared to Q3 2023. However the drop is not steep when compared to the previous quarter i.e. Q2 2024.

The data further pointed out that, on Y-o-Y basis, the total absorption rose only in Delhi NCR (22%) and Navi Mumbai (4%) while falling in other seven cities with Hyderabad recording the highest fall at 42%, followed by Bengaluru (26%), Kolkata (23%), Pune (19%), Chennai (18%), Mumbai (17%) and Thane (10%).

Belicia revenue soars to over 200 crores in Q1 with record 80+ units sold

Mumbai, September 20, 2024: ‘Belicia’ a luxurious residential project in Thane being developed by Prescon Group in collaboration with the esteemed House of Hiranandani has generated over 200 crores in revenue in Q1 of FY 2024-25, driven by the sale of more than 80 units.

Mr. Vedanshu Kedia - Director, Prescon Group

Speaking on the occasion Mr. Vedanshu Kedia, Director of Prescon Group said, “We are thrilled at achieving this remarkable milestone which underscores the strong market demand and the unparalleled appeal of our luxury offerings. As we continue to redefine upscale living in Thane, this achievement not only reflects our commitment to excellence but also positions Belicia as a beacon of luxury and a promising investment opportunity. We look forward to maintaining this momentum and delivering even greater value to our esteemed customers and investors, going forward.”

Belicia, a landmark 48-storey tower sprawling across 1.5 acres, is redefining luxury living in the Thane region with a RERA possession date set for June 2028. Located on the prestigious Nitin Company Compound near Nitin Company junction, it offers a prime address with easy access to top tier local transport, esteemed schools, renowned hospitals, business centers, malls, and dining options.

Belicia offers luxurious 2, 3, and 4 BHK apartments ranging from 779 to 1546 sq ft, starting at Rs. 1.85 crore. Each unit features marble flooring, expansive decks, ample natural light, and ventilation, with select apartments including foyer areas for added privacy. Residents will enjoy panoramic city views and serene Yeoor Hills vistas, with the first habitable floor starting on the 7th level.

According to a recent report by PropEquity, a leading real estate data and analytics firm, Thane has emerged as a standout performer in the real estate market for the first quarter of the calendar year 2024. The city achieved significant sales momentum, recording 26,702 units sold during this period. This impressive figure places Thane among the top cities in terms of quarterly sales, highlighting its robust real estate activity and growing market demand. The strong performance reflects a continued upward trend in property transactions and underscores Thane’s prominence in the real estate sector.

The recent approval by the Union Cabinet for the Thane Integral Ring Metro Rail Project marks a significant milestone set to transform urban mobility and real estate in Thane. Set to become operational by 2029, this project will create vital connections between key residential and commercial hubs, driving substantial growth in the region. As a result, this will further epitomize Thane as an attractive market for investment and appreciation; significantly enhancing the area’s overall economic prosperity.

Panch Pakhadi in Thane (W) saw an 11% price appreciation and 3.02% rental yields in 2022, outperforming other Thane micro-markets. Limited housing supply, superior infrastructure, and upcoming projects are driving this growth. The area’s vibrant commercial hub around Nitin Company further boosts demand. With continued urban development, Panch Pakhadi offers strong investment potential and expected future returns.

Belicia in Panch Pakhadi, Thane is a prestigious address due to its strategic location near the Eastern Express Highway, Thane Railway Station, and upcoming Metro Line 4. Its rapid infrastructure development and connectivity make it highly desirable for both residential and commercial real estate, positioning it as one of the region’s top addresses.

Belicia revenue soars to over 200 crores in Q1 with record 80plus units sold

Mumbai, September 20, 2024: ‘Belicia’ a luxurious residential project in Thane being developed by Prescon Group in collaboration with the esteemed House of Hiranandani has generated over 200 crores in revenue in Q1 of FY 2024-25, driven by the sale of more than 80 units.

Mr. Vedanshu Kedia - Director, Prescon Group

Speaking on the occasion Mr. Vedanshu Kedia, Director of Prescon Group said, “We are thrilled at achieving this remarkable milestone which underscores the strong market demand and the unparalleled appeal of our luxury offerings. As we continue to redefine upscale living in Thane, this achievement not only reflects our commitment to excellence but also positions Belicia as a beacon of luxury and a promising investment opportunity. We look forward to maintaining this momentum and delivering even greater value to our esteemed customers and investors, going forward.”

Belicia, a landmark 48-storey tower sprawling across 1.5 acres, is redefining luxury living in the Thane region with a RERA possession date set for June 2028. Located on the prestigious Nitin Company Compound near Nitin Company junction, it offers a prime address with easy access to top tier local transport, esteemed schools, renowned hospitals, business centers, malls, and dining options.

Belicia offers luxurious 2, 3, and 4 BHK apartments ranging from 779 to 1546 sq ft, starting at Rs. 1.85 crore. Each unit features marble flooring, expansive decks, ample natural light, and ventilation, with select apartments including foyer areas for added privacy. Residents will enjoy panoramic city views and serene Yeoor Hills vistas, with the first habitable floor starting on the 7th level.

According to a recent report by PropEquity, a leading real estate data and analytics firm, Thane has emerged as a standout performer in the real estate market for the first quarter of the calendar year 2024. The city achieved significant sales momentum, recording 26,702 units sold during this period. This impressive figure places Thane among the top cities in terms of quarterly sales, highlighting its robust real estate activity and growing market demand. The strong performance reflects a continued upward trend in property transactions and underscores Thane’s prominence in the real estate sector.

The recent approval by the Union Cabinet for the Thane Integral Ring Metro Rail Project marks a significant milestone set to transform urban mobility and real estate in Thane. Set to become operational by 2029, this project will create vital connections between key residential and commercial hubs, driving substantial growth in the region. As a result, this will further epitomize Thane as an attractive market for investment and appreciation; significantly enhancing the area’s overall economic prosperity.

Panch Pakhadi in Thane (W) saw an 11% price appreciation and 3.02% rental yields in 2022, outperforming other Thane micro-markets. Limited housing supply, superior infrastructure, and upcoming projects are driving this growth. The area’s vibrant commercial hub around Nitin Company further boosts demand. With continued urban development, Panch Pakhadi offers strong investment potential and expected future returns.

Belicia in Panch Pakhadi, Thane is a prestigious address due to its strategic location near the Eastern Express Highway, Thane Railway Station, and upcoming Metro Line 4. Its rapid infrastructure development and connectivity make it highly desirable for both residential and commercial real estate, positioning it as one of the region’s top addresses.

Brandix India Apparel City Rebrands as Adhistan Integrated Industrial Park

industrial park

Visakhapatnam, September 20, 2024: Brandix India Apparel City (BIAC) is pleased to announce its rebranding as Adhistan Integrated Industrial Park, marking the beginning of a new chapter in its journey. Since its inception in 2006, BIAC has evolved into a vertically integrated hub, employing over 100,000 employees. The rebranding to Adhistan represents a strategic shift towards creating a more inclusive environment for its diverse local and international customer base.

A Vision for Growth and Partnership

With its world-class infrastructure, Adhistan is uniquely positioned to foster opportunities for businesses seeking to thrive in a well-connected, integrated industrial environment. Spanning 1,000 acres, the Park will serve as a hub for industries beyond apparel, offering seamless connectivity, cutting-edge facilities, and access to a highly skilled workforce. This transformation aims to create a vibrant and diverse ecosystem, driving sustainable and inclusive growth.

Commitment to Sustainability

While diversifying its industrial focus, Adhistan will uphold BIAC’s legacy of sustainability, by continuing to prioritize environmentally responsible practices. Adhistan remains committed to supporting its partners and the wider community through sustainable industrial development.

Adhistan’s strategic location, world-class infrastructure, and unwavering focus on sustainability offer businesses a solid foundation for growth, collaboration, and long-term success.

Ganga Realty’s ‘Anantam’, Gurugram’s Tallest Residential Tower, Receives Overwhelming Response During EOI Phase

Ganga Realty, a prominent real estate developer based in Gurugram, has recently unveiled ‘Anantam’, the tallest residential tower in the city, located in Sector 85. The project’s Tower A, launched under an exclusive Expression of Interest (EOI) phase, received an extraordinary response from homebuyers in a remarkably short period. Ganga Realty is offering a limited-time Expression of Interest (EOI) with a special inaugural rate. The first 50 buyers can secure units at Rs 16,500 per sq ft, providing significant savings compared to the introductory price of Rs 17,500 per sq ft. With an EOI deposit of ₹10 lakhs, buyers can enjoy benefits worth over ₹25 lakhs. This exclusive opportunity is available for a short period and will be ending on October 11th. Additionally, the company is extending further benefits by waiving the first transfer fee, provided buyers complete 30% of the total payment booking.

Ganga Realty

On September 16th, Ganga Realty held a Bhumi Pujan at the Anantam site to seek divine blessings and helm the project on an auspicious note.

Apart from encompassing the tallest residential towers in the development landscape of Gurugram and Delhi, boasting G+59 floors, Anantam is also overloaded with voguish amenities such as a 1 lakh sq ft state-of-the-art Clubhouse, along with separate Indoor & Outdoor Sports Clubs, a Business Centre, a Dynamic Socio Club, a Museum, a Jewellery Cafe Lobby, and a Knowledge Park.

Talking about the EOI phase for Anantam’s Tower A, Vikas Garg, Joint Managing Director, Ganga Realty, commented, “We are delighted to conclude the opening of the EOI Phase for Tower A of our uber-luxury offering, Anantam. We would like to thank all the homebuyers who showed a vociferous interest in our project. Our project is an amalgamation of our founding philosophy and high-tech technologies to provide skyline living to our customers. We are happy to have received rave reviews about our newly launched project and are equally pleased that our buyers resonated with the concept of Dubai-based living experience we are aiming to recreate with this outing.”

Anantam’s Clubhouse will feature endless recreational amenities such as 4 Infinity Pools, a Gymnasium, a Yoga Room, an Observatory Deck, a Wave Pool, a Sun Lounger, an Open Air Bar, and a Restaurant with a Cafe. Alongside that, the Indoor Sports Club will feature elaborate spaces for new-age sports and fitness regimes such as Table Tennis, Billiards, Squash, Pilates, and a Meditation Room. The Outdoor Sports Club will entail a Cricket Pitch, a Badminton Court, a Jogging Track, a Basketball Court, a Skating Rink, a Kids’ Play Area, a Yoga Deck, a Meditation Area, a Reflexology Area, a Panchtatva Park, a Pet Park, an Open Gym, and a Climbing Wall.

Noida Developers Buying Land Parcels in Faridabad

Faridabad: Faridabad is gradually emerging as a prime destination for real estate investment, particularly attracting interest from developers who are traditionally focused on the saturated markets of Noida and Gurugram. As Noida and Gurugram reach their limits regarding available land and infrastructure capacity, Faridabad is stepping up as a viable alternative, offering promising opportunities and high returns on investment.

Faridabad: Faridabad, strategically located in the National Capital Region (NCR), has long been known for its robust manufacturing base, with notable players like JCB, Escorts, Cisco, Honeywell, etc., being present in the city. However, the landscape is evolving. Faridabad is increasingly being recognized not just for its industrial prowess but also as a growing hub for the service sector. This shift is drawing the attention of major real estate developers, who are increasingly investing in land parcels to capitalize on the city’s growth potential.

The city’s real estate market is currently witnessing a flurry of activity, with big developers from Noida acquiring extensive land parcels. Reports indicate that several developers are now buying 100-200 acres of land in Faridabad. These land acquisitions are primarily for developing a mix of commercial spaces, mixed-use complexes, and large-scale township projects. This influx of investment is set to transform Faridabad into a vibrant and dynamic urban centre, offering diverse opportunities for businesses and residents alike.

One significant example is Bhutani Infra, a well-known name in the real estate sector. Bhutani Infra recently made a notable move by taking a stake in the World Trade Center (WTC), Faridabad project. This investment highlights the growing confidence in Faridabad’s real estate market and its potential as a major commercial hub. Bhutani Infra’s involvement underscores a broader trend of developers recognizing Faridabad as a fertile ground for large-scale projects.

One of the key factors driving this real estate boom in Faridabad is its favourable economic environment and infrastructure developments. Connectivity through some of the major expressways such as Delhi Mumbai Industrial Corridor (DMIC), and Faridabad Jewar Expressway cuts down the travel time drastically. Especially the proximity to the upcoming Jewar Airport will give Faridabad the same edge that Gurugram once enjoyed with IGI Airport. The city is not only becoming a preferred location for global multinational corporations (MNCs) but is also witnessing the establishment of their head offices. This trend is indicative of Faridabad’s growing importance as a business hub, providing both a conducive environment for corporate operations and a high quality of life for employees.

Shailesh Kumar Gupta, NCR Property expert, remarked, “In addition to its appeal to MNCs, Faridabad’s real estate market is benefiting from its existing industrial base and the increasing demand for service sector facilities. The city’s infrastructure improvements and ongoing urban development projects are enhancing its attractiveness as a location for both commercial and residential investment.”

The contrast between Faridabad’s emerging potential and the saturation of neighbouring cities like Noida and Gurugram is stark. While Noida and Gurugram have experienced rapid growth, leading to higher land prices and increased competition, Faridabad offers a more balanced and promising investment environment. The availability of large land parcels at relatively lower costs compared to its counterparts makes Faridabad a compelling choice for developers looking to maximize returns. The influx of major developers, investment in large-scale projects, and the establishment of global MNCs’ head offices are clear indicators of the city’s evolving status. For real estate investors and developers, Faridabad represents a golden opportunity to invest in a market that promises substantial returns and long-term growth.

Adani Realty Celebrated Ganesh Chaturthi with Illuminated New Homes

Mumbai, 20-09-2024 – Adani Realty has elevated Ganesh Chaturthi celebrations this year with a captivating visual tribute to Lord Ganesha. Their prestigious projects, Views and Ten BKC, feature meticulously illuminated homes, forming a breathtaking image of the revered deity, making for a one-of-a-kind spectacle that lights up Mumbai’s skyline.

This innovative display seamlessly blends modern real estate design with the vibrant spirit of India’s beloved festival, establishing these developments as iconic landmarks during the festive season. The intricate, larger-than-life image of Lord Ganesha, formed by the illuminated homes, commands the attention of onlookers, and the community at large.

The glowing tribute has received a resounding reaction, with both the local community and visitors admiring the sensitive incorporation of cultural reverence into contemporary living spaces. This visual extravaganza has quickly evolved as a focal feature of the city’s Ganesh Chaturthi celebrations, attracting great acclaim from visitors. Individuals from many backgrounds have been mesmerised by the grandeur of the exhibition, with many praising the seamless incorporation of cultural meaning into the very spirit of these advancements.

This unique celebration has made Adani Realty’s tribute a memorable highlight of Ganesh Chaturthi.