6 Things to Keep In Mind before Investing In Luxury Apartments

1. 6 Things to Keep In Mind before Investing In Luxury Apartments

2. In India's real estate industry, 'luxury' is by far the most abused word among developers of residential projects. Any project that offers basic services is classified as 'luxury' in marketing materials, announcements and launches. In fact, we have seen projects where 1-BHK is offered alongside 2 and 3 BHK units that are promoted under the luxury label. What's wrong with this image? • First of all, luxury living in any context must necessarily involve generous living spaces. Judging from that alone, a 1-BHK cannot qualify as 'luxury' by any stretch of the imagination. Second, the interpretation of luxury in the Indian context also includes an element of exclusivity. In other words, the buyer of a luxury apartment, in addition to superior amenities and facilities, also expects to live in a project that offers a certain socioeconomic standard as a neighborhood. Therefore, when a project offers one-bedroom apartments, it is automatically disqualified from the 'luxury' classification.

3. As developers will continue to call each project luxurious, it is important that buyers understand the definition, context and meaning of luxury in Indian residential real estate. But before this, let's first examine the investment dynamics of genuine luxury homes. • Buying a luxury apartment for your own use already implies the need for multiple checks and validations in any case. However, when it comes to buying such an apartment as an investment, the need for 360-degree due diligence is even greater. After all, the end goal is return on investment. If one is considering investing in a luxury 3 BHK apartments in Mangadu, one must understand what are the hallmarks of true luxury in residential real estate:

4. Location • This is one of the most crucial parameters. Although the central location is certainly a major qualifier for the luxury label in India, a project that sits at a central city junction beset by traffic congestion does not provide a luxurious experience. It does not matter if a project is 'normal' or 'luxurious', it is not home if one cannot reach it or get out of it. Investors must consider many location parameters, for example whether the project benefits from access roads that allow convenient entry and exit of vehicles. • Also, very few people buy luxury homes and then hide them from the rest of the world. Most of the owners of such a house want others to see and admire their properties and to entertain people there. Other than noise and air pollution, this purpose is not achieved if the project is in a chronic traffic jam area. Finally, the owners themselves must have easy access to markets, schools, colleges, hospitals and their offices. And before we forget, the most spectacular building in luxury living falls flat on its face as an investment gamble if it's located in a crime-ridden area. • The view available to the occupants of the project is also highly relevant. A project can be genuinely luxurious like Mangadu apartment for sales in its internal specifications and amenities. However, if you face a congestion-prone road or neighborhood, a cemetery, or a hospital, both rental and resale potential suffer. The availability of a rooftop pool and Jacuzzi in every bathroom won't make a difference - a very basic ingredient of the luxury experience is not available.

5. Height from floor to ceiling • This is one of the most important parameters to assess the true 'luxury' value of a project. If the height from floor to ceiling is less than 12 feet, the feeling of luxury is seriously compromised. Furthermore, apartments with low ceilings do not lend themselves optimally to tasteful interior decoration. • Project density • This means the number of people who live in the project. There is no ideal rule of thumb for this parameter; however, it is generally understood that a one acre project should not house more than 60 families. Something else means that the project does not qualify as 'luxury'. This is because too many people share the available amenities, which destroys the ambience, exclusivity, comfort and charm of the project.

6. Parking lot • Again, there is no specific criterion for measuring the adequacy of parking. The commonly followed rule is that the number of bedrooms in a project should equal the number of parking spaces available. Therefore, a 3 bedroom apartment must have three parking spaces within the project. Although many luxury projects in larger cities now offer puzzle-like mechanized parking, the fact is that HNI buyers and tenants actually prefer regular or stacked parking. • Elevators • The mere provision of branded elevators is not enough in a luxury project. The project should also have service elevators with separate entrances, to ensure that domestic staff and outside providers do not occupy the elevators and lobby used by residents. Investors must also ensure that the elevators are spacious enough to accommodate a stretcher.

7. Security • Inhabitants of a luxury project do not expect to have to install ugly security bars over their front doors and windows. They expect to be assured that their families and properties are safe in all respects. A true luxury project has uncompromising human security, as well as firmly established electronic security and surveillance measures. • Obviously, it takes more than a mere word like 'luxury' to put a project above the rest and thus make it a worthwhile investment option. While you cannot prevent developers from misusing the luxury label, it is certainly possible to understand what true luxury really is, even in the Indian context.

8. About Us • Altisrevolutionises the way homes, offices and social spaces are built. A comprehensive understanding of the real estate sector has helped us construct 1.5 million sq. ft. of residential space. We are renowned for building a successful range of premium and luxury homes and our steadfast commitment to on-time delivery and solid build quality is well documented. This has helped our brand garner trust and build a loyal customer base. • Website - https://altisville.com/