The word ‘luxury’ is by far the most misused in Indian real estate by residential project developers. In marketing materials, commercials, and pitches, any project that provides basic comforts is labeled as “luxury.” We’ve seen complexes where 1-bedroom homes are offered alongside 2- and 3-bedroom units, all marketed as “luxury.” What’s the matter with this image?
To begin with, luxury living in any setting necessitates the provision of large living areas. A one-bedroom apartment cannot be considered ‘luxury’ based on that alone. Second, there is an element of exclusivity in the Indian interpretation of luxury.
In other words, a buyer of a luxury apartment wants to live in a building that provides a specific socioeconomic standard as a neighborhood, in addition to superior amenities and facilities. As a result, a project that offers one-bedroom flats is immediately disqualified from the ‘luxury’ category.
In any event, purchasing a luxury condominium for personal use necessitates several checks and validations. When buying such an apartment as an investment, the need for thorough due diligence grows significantly. After all, the ultimate goal is to make profits. If you’re thinking about buying a luxury apartment, you should be aware of the characteristics of true luxury in residential real estate:
Location Of a Luxury Apartment Matters
This is one of the most important variables. Despite the fact that central location is a crucial qualifier for the luxury label in India, a project located at a congested major city intersection does not deliver a premium experience. It doesn’t matter whether a project is ‘regular’ or ‘luxurious,’ it isn’t home if you can’t get in or out of it.
Furthermore, very few people purchase luxury properties and then keep them hidden from the rest of the world. Most owners of such a mansion want visitors to see view and admire their homes, as well as entertain them. Apart from noise and air pollution, this goal will not be met if the project is located in a congested area. Finally, the owners must be able to get to markets, schools, universities, hospitals, and their offices quickly.
The view that the project’s residents have is also highly important. A project’s inside specs and amenities may be truly luxurious. However, if it faces a slum, a congested highway, a cemetery, or a hospital, its rental and selling value will suffer. It won’t matter if there’s a rooftop pool and a Jacuzzi in every bathroom if one of the most basic elements of the luxury experience is missing.
Density of the project
This refers to the number of individuals who live in the development. There is no universally accepted guideline for this criterion, however it is widely accepted that a one-acre project should not contain more than 60 families. Anything extra indicates that the project does not meet the definition of ‘luxury.’ Because the project’s offered amenities are shared by too many individuals, the project’s ambience, exclusivity, convenience, and charm are all ruined.
In a high-end project, just having branded elevators isn’t enough. To ensure that domestic help and external suppliers do not crowd the elevators and lobby utilized by residents, the project must additionally have service elevators with distinct entrances. Investors should also make sure that the elevators are big enough to fit a stretcher in.
Residents of a high-end development do not anticipate having to place unsightly security grilles on their front doors and windows.
They expect to be able to rest assured that their family and belongings are safe in every way. Human security, as well as technical surveillance and safety precautions, are all in place in a true luxury project.
As can be seen, it takes more than a single term like ‘luxury’ to set a project apart from the competition – and hence make it a viable investment option. While it is impossible to prevent developers from exploiting the luxury label, it is possible to comprehend what true luxury is – even in the context of India.