With the reviving economy having infused a renewed sense of confidence among HNI home buyers, there has been a significant surge in demand for luxury homes asset class in the metropolitan cities of India. Many more developers are now venturing into the premium segment, which has resulted in a massive spurt of luxury projects. In fact, many of these properties are being touted as so exclusive that sales are by invitations only.
Those projects aside, there is no shortage of builders who are marketing their projects as ‘luxurious’ without any real justification for the term. Driven by the rising demand for luxury apartments, many investors (and end-users) are actually buying sub-standard properties which have been tagged as luxurious but do not actually meet the accepted norms of luxury properties.
Such developers highlight and promote certain specifications and amenities in their marketing collaterals, but invariably remain silent on much more important aspects. Luxury home buyers should not be led astray by the perplexing parameters that such developers mention to qualify their projects for the ‘luxury’ label.
So, what kinds of apartments really qualify as luxury homes?
• Great Location
A convenient location is one of the most important aspects that must be considered while choosing a luxury apartment. A centrally-located apartment is preferable for HNIs who want to stay in close proximity to important places like airports, business districts, railway stations, etc. At the same time, such a location could also be marred by issues such as traffic congestion, noise and pollution. True luxury is defined by a careful balance of connectivity and general ambience.
• Perfect View
The window view available from an apartment is also an important aspect. A project may be genuinely luxurious in its specifications and amenities. However, if it overlooks a hyper-busy highway or anything else that is not soothing to the eyes and sensibilities of the occupants (such as a slum, graveyard or even a hospital) then both habitation value and rental/resale potential of the apartment may take a beating. The availability of super-rich amenities such as a rooftop swimming pool and Jacuzzi in every bathroom will not make a difference when the very basic ingredient of a luxurious living experience is absent.
• Ultra-Modern Amenities
HNIs investing in a luxury apartment want the best that money can buy. Luxury homes are meticulously designed to offer maximum comfort, with attractive interiors and cutting-edge facilities. Premium residential projects must offer state-of-the-art facilities such as landscaped gardens, stylish living rooms with LED televisions, sleek and fully-equipped kitchen, Wi-Fi, multiple parking, fast elevators, 24-hour security and gymnasiums.
• Top-Of-The-Line Quality
HNIs investing in luxury homes should ensure that the project is built with high-quality construction materials and that it incorporates standards such as earthquake resistance, RCC frame structure, fire-resistant aluminium sliding windows, imported or high-quality domestic modular kitchens, vitrified tiling and floors, etc. Living in such homes must equal a high quality of life and a consistently joyful experience.
• 100% Safety And Security
Luxury homes are not only about living in comfort but also living in total security. When living in a luxury home, the inhabitants should be safe from any kind of criminal intrusion. Simultaneously, they do not expect to have to install security grilles over their windows or front door as these completely ruin the aesthetics of their homes. The occupants expect to have the assurance that their families and property are safe in all respects. A genuine luxury project has the best of security, both in terms of actual personnel and also the latest electronic monitoring and surveillance. All conceivable safety measures should be firmly in place.
• Low Saturation Of Neighbours
The exclusiveness of a luxury home also depends on the number of people residing in the building or society. In an overpopulated building or complex, the amenities will be shared among a large number of people and this compromise the overall luxury factor for every individual apartment. When investing in a luxury home, buyers should expect –and get – exclusivity and privacy in every sense.
When identifying a luxury home for self-use or investment, one should not be influenced by the story a developer is telling about his project, but by true and verifiable parameters which define luxury in every sense.
Authored by: Santhosh Kumar, CEO – Operations & International Director, JLL India
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