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Driven by the demands from High Net Individuals (HNI), there has been a significant rise in projects offering ultra-luxury apartments. With a number of real estate developers offering ultra-luxury projects, it is good to know what sets luxury apartments apart from the normal apartments. Read on to know more.
Nowadays, ultra luxury projects are in vogue with every real estate developer calling its project a luxury one. There are a number of projects offering ultra-luxury apartments in Noida, Gurgaon and other parts of NCR, but as a buyer, you should know what makes project luxurious in the context of the Indian real estate market. There are a number of factors that projects should have for it to carry the ‘luxury’ tag. Some of these are:
The most important factor that makes a project luxurious is its location. When you purchase a home, ensure that the project has approach roads that make vehicular movement easy. It should be within easy access to markets, schools, colleges, hospitals, and offices. Also, the view available to the occupants is also very important. A project might be ultra-luxurious in amenities, but if it overlooks a congestion prone highway or a slum, its rental as well as resale values both take a hit.
Another vital factor that determines the luxury value of the project is the floor-to-ceiling height. Any ceiling height of less than 12 feet compromises on the luxury feel of the apartment and offers lesser space to tastefully decorate the interiors.
A one acre project should not house more than 60 families; this is the generally accepted ideal in real estate. Anything above this number and projects fails to qualify for the ‘luxury’ tag, as the amenities are shared by too many people. This destroys the charm, exclusiveness and convenience associated with ultra-luxury projects.
There are other aspects too that make a project ‘luxurious’, such as the parking space. While there is no commonly followed norm to measure the parking efficiency, a luxury project should have parking space available based on the number of bedrooms in the project. So, a 4 bedroom apartment should ideally have 4 parking spaces. Elevators, with service elevators having separate entries and top-notch safety measures and electronic surveillance are the other factors that make a project a ‘luxury’ one.
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