What basic aspects must a
luxury home reflect?
Luxury living in any context
must necessarily involve generous living spaces. Going by that alone, a 1 BHK
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-bed-room apartments, it automatically disqualifies itself
from the ‘luxury’ classification.
Why and how is the location aspect significant?
When it come 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.
Location 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.
No matter if a project is
‘normal’ or ‘luxurious’, it is not home if one cannot reach it or get out of
it. Investors need to look at many location parameters, such whether the
project benefits from approach roads that allow for convenient vehicular egress
and ingress.
Also very few people by luxury
homes and then hide them from the rest of the world. Most owners of such a home
want others to see and admire their properties, and to entertain people there.
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 their offices. And before we forget – the most
spectacular edifice of luxurious living falls flat on its face as an investment
bet if it is located in a crime-ridden area.
