27 Jun What Sets Luxury Housing Apart From Premium Housing?
There is no doubt that the word ‘luxury’ has made its place in every and all communications in the real estate industry. There is no universal concept of luxury; various people define luxury in different ways. The distinction between a “premium housing project” and a “luxury housing project” is typically unclear and the line between them is often blurred. It differs depending on the size and type of city. There are compact developments in cities like Mumbai that promise to be ‘luxurious buildings,’ but have limited utilities and bedroom sizes of only 9X9.
Several aspects determine whether a project is a luxury project or not. Let us look at them.
Size Of The Apartment
The size of the flat or unit is an obvious beginning point for even being considered a luxurious housing project. The size threshold differs from city to city. In a land-scarce city like Mumbai, buildings with apartment sizes of more than 2,500 square feet can be termed ‘luxury.’ That barrier may be 5,000 sq ft or more in locations like Delhi or Hyderabad.
Density & Privacy
Scarcity is an essential aspect of luxury. When a project has a large density of flats and occupants, the chances of it being called luxury drop dramatically. Even the floor plans are planned in such a way that the number of flats on each floor is severely limited. Low density also provides more seclusion for residents, who frequently prefer their own little haven.
The flats in most luxury complexes are delivered to the property buyer in a bare-shell state. The builder offers the basic construction, and the home buyer is responsible for the rest of the apartment. According to Manit Rastogi of Morphogenesis, “To cater to the gentry associated in luxury projects, the designing has to be done in such a manner that the buyer can customise his home. The building has to be constructed with minimal columns that allow complete designing of the layout as per the wishes of the buyer.”
Every apartment in the same luxury skyscraper with the same floor area often appears to be different and unique. Luxury is symbolized by the capacity and freedom given to buyers to personalize their homes.
The cover of a book is always the first thing that people notice. Commercial structures frequently sparkle. Residential buildings, on the other hand, rarely have that attraction. The aesthetics of a luxury project are one of the most important factors to consider. That is one area where developers and builders are rapidly evolving as they plan and invest more heavily in that component of residential projects.
Amenities And Common Areas
Because the apartment is supplied as a bare shell in luxury complexes, the builder may under-invest in the interiors. The common spaces and amenities of the property, however, have been over-invested in. Top luxury projects give the impression of living in a five-star hotel to the homeowner. This is possible due to the clubhouse’s size and the project’s most luxurious features.
Ramesh Ranganathan of K. Raheja Corp Homes, a builder with projects in Mumbai and a customer-base of India’s top corporate giants, says buyers in those cities “may not seek an apartment.
They would rather prefer a standalone home with globally benchmarked amenities”. These are some of the aspects to look at to determine if the project is actually luxury or not. But when is it appropriate to refer to a project as a luxury project? It’s an argument that’s been going on for a long time and will continue to come up in the future. There’s a risk that a project will be ‘luxury’ just in plan, not in execution, while it’s still under construction. When the project is finished and all of the common spaces and facilities are in place, that risk is greatly minimized. The actual test of a high-end luxury project, however, is frequently ‘after completion.’ We can never truly set a universal definition for luxury because at their root, luxury standards will never remain consistent. It will continue to be improved. And India’s super-rich, who have lived in luxury around the world, will desire nothing less in their Indian houses.