May 27, 2024

A Brief Guide to Buying Luxury Flats in India

5 min read
3 BHK luxury flats

The demand for luxury homes that provide a distinctive living experience has been burgeoning in the Indian market in recent times. A rise in the number of UHNI’s (Ultra High Net worth Individuals) and HNI’s (High Net worth Individuals), fast urbanization and increasing incomes are some of the factors causing this demand.

If the numbers are proof enough, India’s luxury residential market is already booming. In the post-pandemic world, this market performed very well, with total shares steeply rising in the top 7 cities of India. After an amazing performance in 2022, the luxury home market witnessed a stupendous growth in 2023 as well, in spite of the rise in property prices.

Even in 2024, this high demand for ultra-luxury real estate will continue to persist, triggered by the prosperity of UHNI’s and HNI’s in India.

Luxury real estate, like flats on Airport Road Mohali, has long been the symbol of refined taste and high status. Having prime locations and luxurious amenities, investing in luxury apartments can provide the potential for high returns and a glamorous lifestyle.

The HNI’s and UHNI’s are beginning to view residential real estate as an attractive avenue for the objectives of investment and/or end-use. The key factor is the view of luxury homes as an asset class, which can serve as a hedge against mounting inflation.

Potential buyers must be aware that investments in real estate no longer function as per the whims and fancies of speculative players. Instead of expecting windfall gains, investors can expect a realistic figure of 8 to 10% as ROI (Return on Investment). The buzzword is ‘long term’, where it takes five to ten years to get decent returns on real estate in investments.

In the Indian real estate market, the word ‘luxury’ is often abused by property developers. There is a tendency to hype even 1-BHK properties as luxury. However, luxury involves generous living spaces, and a 1BHK flat can by no means qualify as a luxury property.

Since developers in India continue to abuse the concept of ‘luxury homes’, it is vital that buyers stay careful and understand the nuances of luxury properties. As such, they should employ 360-degree due diligence.

If you are seeking a luxury apartment, first consider the following factors:

Location

Since a huge sum of money is invested in luxury flats, a vital factor to consider is their location. They should be close enough to transport hubs like metro public transport or airport or national highways.

At the same time, people detest the noise of crowded neighborhoods, jammed traffic, or pollution. Attractive views of the city skyline and eye-candy-like trees or waters-capes can be vital factors to consider.

Though central location is surely a vital qualifying attribute for getting the luxury tag in India, projects close to city central districts ensconced in traffic congestion are not much of a luxury. Luxury properties must allow for convenient ingress and egress for vehicles.

At the same time, luxury property owners should have ready access to offices, schools, hospitals, colleges and shopping areas. However, proximity to a crime-ridden neighbourhood is a total no-no.

Space

A spacious flat is by far one of the basic needs in a luxurious setting. The ideal size of a luxury apartment is between 1800 and 3200 square feet. Persons buying such flats have a preference for extra-large spacious rooms with amenities that do not compromise the space of the house.

Amenities

Persons seeking a luxury apartment will desire the most luxurious amenities that can be bought with money. Nowadays, consumers expect standard homes to offer maximum comfort, matchless architecture and innovative services.

Gated communities of the modern era will be equipped with a wide range of features like a community club, banqueting space, 24-hour power back-up, super-fast elevators and multi-level parking.

Modern customers seek more than simply the typical deliverables; hence, developers are emerging with a variety of amenities to entice them. Some such features include biometric locks for front doors, advanced technology for home automation, skywalks, etc.

Smart homes

More and more investors are being enticed by the provision of technology-enabled automation features. Some of these include CCTV’s, Fire safety features, Panic button, Mood lighting, Curtain control, gas and fire alarm, motion sensor lights, heated swimming pool, keyless doors, green spaces, spas, in-house restaurants and roof-top gardens.

High quality of construction

One key attribute on your luxury home checklist is the quality of construction and total building assurance from property developers. Vital features such as high-quality raw materials, measures for fire safety, and earthquake-resistant fixtures are all to be checked. Other considerations include waste disposal and water recycling facilities. Also, the paints, the fixtures, and the interiors must reflect your taste.

Builder’s credentials

Prior to making a major investment in luxury properties like 3 BHK luxury flats in Zirakpurbuyers must ascertain the credentials and reputation of the developers. Because of modern technology, it is possible to check the reputation of the builder through investigation into their history, nature of past projects and reviews left by former customers in online spaces. This will help you to judge whether the builder is reliable and well set up.

Overall ambience

A project in which numerous buildings are cramped into a little space cannot qualify as a luxury property. In a luxury project, there is a well-planned structure featuring a limited number of homes. When there is a limit on the number of flats in a project, it endows them with the quality of exclusivity. Additionally, the floor-to-ceiling height must not be less than 12 feet in a typical luxury property.

Parking and elevators

There is no particular measure to determine parking sufficiency. A common norm is the same number of parking spaces as the number of bedrooms in an apartment.

Simply setting up branded elevators does not imply a luxury project. There must be separate entry lifts for domestic help and other suppliers. The main elevators must be superfast and able to accommodate stretchers.

Security

Finally, dwellers of luxury properties need not have ugly grills installed on their windows and doors. They must be assured of safety through CCTV surveillance and other safety measures.

In sum, the above tips can help you make a decision about investing in a luxury property in India. Evidently, a description like ‘Luxury’ will not qualify a property to be the same. It must have the special features described above to truly brand itself as luxury real estate.

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