According to a recent report, the luxury real estate market in India is valued at around $25 billion US dollars. Furthermore, the country has the fourth-largest population of millionaires, with around 2.36 lakh people falling into the category of high net worth individuals.
Simultaneously, the luxury home segment accounts for roughly 15% of the total luxury sector in India. People’s standard of living and spending capacity is rising in the country, as more people are willing to spend on leisure and extravagance. This trend is further concentrated more on metro cities with demand for premium luxury flats or ready-to-move luxury
The investment in luxury properties has increased as the number of high net-worth individuals (HNIs) and non-resident Indians (NRIs) in the country has increased. Particularly luxury flats in Bangalore, Mumbai, and Delhi/NCR are in high demand. Particularly in Bangalore, it is due to the increasing influx of foreign capital and MNCs due to the growing tech-based companies preferring Bangalore over other cities in India.
This high demand has encouraged the real estate developers in Bangalore, Mumbai, and Delhi/NCR region to capitalize by constructing ultra-luxury homes for India’s elite group.
People would not have considered investing in any type of luxury until about a decade ago, whether it was an exotic car or a luxurious apartment. However, the situation has changed, and the real estate market is responding by providing a plethora of options for luxury-conscious buyers.
If you’re looking for a luxurious apartment for yourself, you should think about the following factors first:
#1. Location
When a large sum of money is invested in high-end real estate, location becomes one of the most important factors to consider. The station and the airport should be easily accessible to the surrounding area.
People nowadays prefer to avoid the sounds of a crowded neighborhood, city traffic, and pollution. Along with Vaastu compliances, a better view of the city skyline or an eye-flattening scenery from the bedside window or balcony will be an important factor to consider.
#2. Space
A spacious apartment is by far one of the basic requirements in a luxurious setting. A luxurious apartment should ideally be between 1800 and 3200 square feet in size. Individuals buying such flats prefer extra-large spacious rooms with amenities not compromising the space of the house.
#3. Amenities
If you’re looking for a luxury apartment, you’ll want the most luxurious amenities money can buy. Consumers nowadays expect standard homes to provide maximum comfort, unparalleled architecture, and innovative services.
Multiple-level parking, super-fast elevators, 24-hour layered security and CCTV surveillance, 100 percent power backup 24 hours a day, seven days a week, banqueting space, and a community club are no longer a luxury but a necessity in gated communities.
Consumers today are looking for more than just the usual deliverables, so developers are coming up with a variety of amenities to entice them. A skywalk, advanced home automation technology, and a biometric front door lock are just a few of the features.
#4. Smart Sustainable Homes
The demand for technology-enabled homes has increased as well, and developers are constantly providing amenities that will entice buyers to invest in their dream homes. Features such as property surveillance on your smartphone 24 hours a day, 7 days a week are becoming increasingly popular.
Listed below are some of the must-have technologies in a luxury home.
- CCTV camera
- Panic button
- Prudent fire safety
- Fire and gas alarm
- Curtain control
- Mood lighting
- Motion sensor lights
- Key-less doors
- Swimming pool
- Spas
- Greenspace
- Rooftop and balcony garden
- In house restaurant
#5. High-quality construction
Quality construction and complete building assurance from the developers must be on your checklist. Essential features such as earthquake-resistant columns, fire-safety measures, and high-quality raw materials used in the house’s construction should always be checked. The construction’s recycling water and waste facilities should be considered. Interiors, paints, and fixtures should all reflect your preferences.
#6. Credentials of the Builder
Before making any purchase, a buyer should carefully consider the builder’s reputation and credentials. With today’s ever-evolving technology, you can investigate the builder’s reputation by studying the builder’s history, past track records, feedback from previous buyers, and inspecting the building’s features and quality. This will assist in determining whether or not the builder is dependable and well-established.
Prior to entering into an agreement with the developer, a buyer must study the floor plan and check for the necessary approvals for the building’s construction.
#7. The ambiance of the entire premise
A project that consists of several buildings in one complex does not fall into the luxury category. A luxury project has a well-planned structure with a limited number of houses. The idea of having a limited number of dwellings gives the impression of exclusivity. The floor-to-ceiling height is also important, and anything less than 12 feet in a luxurious property is not acceptable.
In conclusion
Luxury housing is growing in demand with the rise of economic activities and more and more people coming into the bracket of high-net-worth individuals. This trend is can be more seen in the metro cities. Ready to move in luxury apartments in Bangalore is by far the most sought-after real estate element as the city is experiencing an influx of foreign investment and MNCs.
