For the nouveau riche or the traditionally rich, luxury means not only an exclusive price tag but an exclusive man-made thing to indulge in. Whether it is a vintage car or a high-end SUV; a designer Swiss watch or an antique jewellery; a penthouse or a row house, one always looks for better features and amenities to suit their lifestyle. Let’s have a look at some of the pivotal things that you must take into consideration before purchasing your dream apartment.
As per a recent report, the Indian luxury market is pegged at approximately 25 billion US Dollar and has the fourth largest population of millionaires with around 2.36 lakh people coming under the bracket of the high net worth earning category. Simultaneously, the luxury home segment consists of roughly 15 percent of the total Indian luxury sector. The Standard of living and spending capacity of people in the country is witnessing an upward trend as people are now ready to spend on leisure and extravagance.
With an increasing number of high net worth individuals (HNIs) and non-resident Indians (NRIs) in the country, the investment in luxury properties has increased. Real estate players are making the most of this demand by building ultra-luxurious houses for India’s elite. Till about a decade ago, people wouldn’t think of investing in any sort of luxury, be it an exotic car or a luxurious apartment. But the scenario has changed and driven by this change, the realty market is constantly coming up with ample options for the luxury conscious buyers.
In case you’re looking for a luxurious apartment for yourself, you need to consider the following points beforehand:
Location: When a huge sum of money is invested in a high-end property, location becomes one of the most important deciding factors. The neighbouring area should have easy accessibility to the station and the airport. Nowadays people prefer staying away from the whistles of a crowded locality, city traffic and pollution. Better view of the city’s skyline or an eye flattening scenery from the bedside window or the balcony will be an important factor to keep in mind along with Vaastu compliances.
Space: A luxurious apartment has to be spacious. An average size of a luxurious apartment should ideally range between 1800-3200 square feet.
Amenities: If you’re looking for a luxury apartment, you would obviously want the best amenities that money can buy. Nowadays standard homes are intended to provide maximum comfort, unparalleled architecture and innovative services to their consumers.
Amenities like multiple level car parking, super-fast elevators,24 hours layered security and CCTV surveillance, 100 percent power back up 24*7, banqueting space and community club are no longer a luxury but a standard necessity in gated communities. Today, consumers are looking far beyond the normal deliverables and consequently, the developers are coming up with varied amenities to attract the customers. Some of these include a skywalk, advanced home automation technology and a biometric front door lock.
Smart Sustainable Homes: The demand for technology-enabled homes has also aggravated and the developers are constantly providing facilities that would fascinate the buyers and lure them to invest in their dream home. Features like round the clock vigilance of the property on your smartphones have started to gain widespread popularity.
Listed below are some of the must-have technologies in a luxury home.
· IP Enabled Camera
· Panic Button
· Fire & Gas Alarm
· Curtain Control
· Mood Lighting
· Motion Sensor Lights
· Access Control Doors
High Build Quality: Your check-list must include quality construction and complete building assurance from the developers. One should always check essential facilities like earthquake-resistant columns, fire-safety measures, quality raw materials being used in the construction of the house etc. One should pay attention to the recycling water and waste facilities of the construction. The interiors, paints and fittings should also be as per your desire.
Builder’s Credentials: A buyer should definitely take into consideration the builder’s reputation and credentials before making any purchase. With today’s ever-evolving technology, you can check out the builder’s reputation by making a detailed study of the builder's history, past track records, feedback from previous buyers, checking out the features and quality of the building. This will help in ensuring that the builder is reliable and well-established.
Lastly, a buyer must study the floor plan and check for the necessary approvals taken for the construction of the building, prior to entering into an agreement with the developer.