It won’t be wrong to say that the real estate market dynamics have changed over the last decade, which has a lot to do with the population, especially in the metros wanting to live luxuriously despite property prices going through the roof. Today's youth are unabashed about their lifestyle choices, not shying away from their desire to live in splendour and comfort.
There has been an uptick in demand for luxury residential apartments in most of India's major metro cities, including Mumbai (MMR), Delhi-NCR, Chennai, Kolkata, Bengaluru, and Hyderabad. Surprisingly, the pandemic has had no effect, with an estimated 35% quarterly increase in the luxury segment.
Real estate segments such as gates communities, villas, and housing societies packed with all the latest amenities are the need of the hour. The rise in disposable income of the middle class has a significant role in this shift, who now want unlimited access to fitness centres, swimming pools, spas, playing areas, gardens, and entertainment sections for their respective families.
Luxury living has become a status symbol or a sense of pride for many, leading to marketers and advertisers trying to mislead the buyer by using the term loosely, with certain sections of builders even fleecing the consumers. The current fad of luxurious living has blinded many, leading developers to use unfair trade practices.
Nonetheless, one can avoid this trap by being proactive, doing proper research, and consulting the right minds. Here are five things to be aware of when buying a luxury apartment.
1. Trustworthy Developers
Buying a home is not a day-to-day activity. Hence it requires one to be much more proactive and vigilant, which involves entering an agreement with a trusted party with a body of work and goodwill in the market. A fraction of builders always make tall promises but cannot deliver them, resorting to some kind of escapism.
When it comes to buying from trusted roots, you can trust Blox where you get access to exclusive developers who have a healthy reputation in the market.
2. Location of Property
The limited availability of land and other costs often result in the developers exploring sites away from the city's interiors. As a result, while the apartment may be the epitome of luxury, the consumers will face difficulties in their day-to-day routines, which include buying groceries, medical suppy, and commuting to school, college, or work.
Other factors in selecting a location are the environment, safety, and future resale value.
3. Amenities and Utilities Offered
Investing multiple crores needs to have something worth offering in return. Therefore, while purchasing a luxury apartment, one must ensure that the property is equipped with basic facilities and offers something additional.
- World-class elevators that ensure privacy
- Top-notch security (CCTVs, intercom facility, quick verification processes)
- Other recreational facilities (gyms/fitness centres, playing areas, banquets, gardens, cinema, etc.
4. Miscellaneous/Additional Costs
There are a lot of added costs associated while purchasing premium real estate, which one may not see at the time. It’s no secret that maintenance fees in modern or upcoming buildings are somewhat appalling. In a city like Mumbai, the charges vary from ₹2-₹25 per sq ft, sometimes touching an astonishing ₹1 lakh per month. Managing the amenities and salaries of staff are some of the reasons behind this.
Another segment is energy costs, such as heating, lighting, air-conditioning, and water supply. With the modern building having the latest technologies present, one can expect utility bills to bump up.
5. Resale Value of Property
At the time, one might not think of this, given their heavy investment, but it is a crucial factor to consider. A potential buyer should consider the surrounding areas of the property and other upcoming local projects, the crime rate, and connectivity. No consumer would like to see his property depreciate as time passes.
Living in luxury is something everyone aspires to have. However, one must refrain from getting swayed away by eye-catchy and fancy terms and relying merely on the information provided to them.
