What makes an ordinary home luxury!
Understanding the definition, context and meaning of luxury in the Indian residential real estate sector along with the the investment dynamics of luxury homes.
In Indian real estate, ‘luxury’ is by far the most-abused word by residential project developers. Any project offering basic amenities is classified as ‘luxury’ in marketing materials, advertisements and pitches.
In the first place, luxury living in any context must necessarily involve generous living spaces. Going by that alone, a 1BHK cannot qualify as ‘luxury’ by any stretch of imagination. Secondly, the interpretation of luxury in the Indian context also includes an element of exclusiveness. In other words, the buyer of a luxury apartment – apart from superior amenities and facilities – also expects to live in a project which offers a certain socio-economic standard as a neighbourhood. Therefore, when a project offers one-bedroom apartments, it automatically disqualifies itself from the ‘luxury’ classification.
Buying a luxury apartment for self-use involves the need for multiple checks and validations. When it comes to buying such an apartment for investment, the need for 360-degree due diligence is even higher. After all, the final objective is returns on investment. If one is considering investing in a luxury apartment, one must understand what the hallmarks of genuine luxury in residential real estate are:
This is one of the most crucial parameters. Though central location is certainly an important qualifier for the luxury tag in India, a project that stands at a central city junction beset with traffic congestion does not provide a luxurious experience.
Very few people buy luxury homes and then hide them from the rest of the world. Most owners want others to see and admire their property. Noise and air pollution apart, this purpose is not achieved if the project lies in a chronic traffic gridlock zone. Finally, the owners themselves must have ready access to markets, schools, colleges, hospitals and offices.
The view available to the occupants is also very pertinent. A project may be genuinely luxurious in its internal specifications and amenities. However, if it overlooks a slum or congestion-prone highway, a graveyard or a hospital, both rental and resale potential take a beating.
This is one of the most important parameter to evaluate a project’s true ‘luxury’ value. If the floor-to-ceiling height is less than 12 feet, the luxury feel is severely compromised.
There is no ideal thumb-rule for this parameter – however, it is generally understood that a one-acre project should not house more than 60 families. Anything more means that the project does not qualify as ‘luxury’. This is because the available amenities are shared by too many people, destroying the project’s ambience, exclusiveness, convenience and charm.
Again, there is no specific yardstick by which to measure parking sufficiency. The commonly followed norm is that the number of bedrooms in a project should equal the number of available car parks. A 3-bedroom apartment should therefore have three parking spaces within the project.
The mere provision of branded elevators does not suffice in a luxury project. They must also have service elevators with separate entries, to ensure that domestic help and external suppliers do not populate the elevators and lobby being used by the residents.
Inhabitants of a luxury project do not expect to install ugly security grilles over their doors and windows. They expect to have the assurance that their families and property are safe in all respects. A genuine luxury project has uncompromising human security as well as electronic surveillance and safety measures firmly in place.
It takes more than a mere word like ‘luxury’ to place a project head and shoulders above the rest – and thereby make it a worthwhile investment option.
Posted on November 29, 2013, in Real Estate and tagged Builders In Delhi NCR, Builders in Greater Noida West, Greenarch Project, Sanjay Rastogi, Sanjay Rastogi Builder. Bookmark the permalink. 2 Comments.