The past year has been seeing major upheavals in world economy. In the Indian Real Estate sector, there has been unprecedented lack of sales. With unsold inventory piling up, builders have had a rough ride.
But come 2021, and the first quarter almost over, there are positive signs for the industry. Things are beginning to look up, and homebuyers are actualizing their vital need to own a home. There is a visible trend for luxury homes from the niche market segment.
The term luxury has been used prolifically by real estate developers. Today any type of apartment is called a luxury home without any justification. So much so, it has lost the real essence of what the word stands for.
Notwithstanding this practice by even small and mid-range builders, there are real exclusive luxury homes that offer a great living ambience and lifestyle. Far-sighted developers include ultra-luxury flats also as part of the product range, to reach out to a smaller yet premium market segment.
Hence, if you are in the market to invest in a high-end real luxury home, how do you identify one that’s truly premium and ultra-luxe? Notwithstanding that you would naturally go in for an established branded product.
Price: Of course, the price point usually indicates the category of the product. But that’s not all. A high price may be due to the location, even if the product itself does not warrant a premium ticket size. You need to check the price break-up and get convincing clarifications. On the other hand, a genuine luxury apartment or villa located in a project that is on the outskirts from the city boundary, may be available at a lower price.
Moreover, the price of a luxury apartment with similarity of location and other factors, differ from city to city, due to the prevailing rates of land, legal / corporation permits, tax, etc.
Quality: It is not only the visible quality that conveys premium or not, but also the building materials that go into construction. Such as bricks, cement, sand, wood and metal work, wiring, etc. Usually the brochure will list out the brands of some of the materials, if not all. The brands used by the builder is a good indicator of the quality.
The visible features are the tiles, doors, fittings, hardware, sanitary ware, paint, etc. While it may be easy to decipher quality of such aspects, what is more important is also the skill sets used in the installation. For example, tiles can be laid by all tile layers, but expert tile layers lay them with precision accuracy and durability. Similarly, for carpenters, electricians, plumbers, etc. Real premium homes use reputed associates.
Strength & durability: There are highly reputed construction companies that are reliable for the supreme quality of work. A builder interested in offering quality homes with lifetime longevity, would proudly acclaim utilizing the services of reputed names. The exterior paints used should be tough enough to be resistant to degradability of the elements.
Architecture: Appearance is important. Novel concepts, international trends, innovative designs, which are far removed from the common milieu, generally make for a premium home. If the builder shows affordability of using an internationally renowned architect, it can justify the project’s premium level.
Size: Space is a luxury and comes at a premium. Apart from the project site, room sizes of the homes need to be spacious. A good % of open space is a must. Most mid-scale builders keep the room dimensions standard, but small, in order to keep the price down. Remember a home is priced at per sft.
Amenities: Is there an abundance of premium lifestyle amenities? Are they providing greater comfort and enjoyment? Does it cater to international lifestyle? A striking feature of a luxury apartment is the level of security and safety that is provided. And reliable supply of uninterrupted water and electricity. Greenery and creative landscaping, unique water features, latest equipment in the gym, indoor and outdoor sports facilities, swimming pool, places for kids, clubhouse etc. need to be truly top-drawer. Convenience stores, restaurant, cafés, salons, bars, library, etc are part of real luxurious living.
Environmentally friendly with sustainability concepts: A luxury apartment usually will have environment-friendly systems like water harvesting, water treatment, composting, etc. Water management and green generation of electricity etc are exclusive aspects. Energy efficient practices, low carbon footprints etc, are also aspects that denote exclusivity.
Community: Neighbours are important. Like minded families with similar economical strata have a lot of common and will enjoy each other’s company. Upper class values and attitudes in life will be more in tune, and living in the same premises will be enjoyable.
Checking out the parties that have bought in may be a good idea.
ROI: While the potential market for high-end niche products are lower than the midsegment homes, luxury real estate is considered a good investment since resale value would be good. Within this nice market there are buyers who look for a resale from owners. MNCs usually opt for a premium home for their top management. Thereby making it rentals attractive.
Undoubtedly, a truly luxury home is a smart investment. If you plan to stay in it you will enjoy a lifetime of uncompromised and envious lifestyle, not to mention the proud status that comes with the prestigious address. If you rent it, you enjoy good gains.