Luxury is a word that is often misused by developers as projects offering basic amenities are also advertised by developers as luxury apartments.
The definition of "luxury" has different meaning for different people. Some people living in a high end society but living in a small apartment still call themselves as residents of an upscale locality, while some consider penthouse with Jacuzzi to rooftop swimming pools to concierge services as luxury. However the question to be asked here is that living in a one bedroom apartment but in a posh society does it count as luxury living?
"Luxury" according to JLL a renowned real estate consulting firm is "generous living spaces" which clearly signifies that a one bedroom apartment cannot qualify as "Luxury", for example in South Mumbai you will often find people staying in old towns if they go out and sell their apartments they will fetch high premium as their units are located in one of the most post locations, but the living experience does not connote to "Luxury Living"
It does not matter whether you are one investing in a "Luxury" property investment purposes or end-use you need to take care of the factors expressed below to define "Luxury" real estate and living.
Location: the most important factor when investing in properties with "luxury" tag is their location, it helps it the property is centrally located, however locations that are plagued by traffic issues do not provide for luxurious living. Residents must also have ready access to schools, markets, hospital, their offices etc. connecting roads should be property maintained.
Height of the ceiling: Another important factor to judge the project "Luxury" value is to check the floor-to-ceiling height, if it is less than 12 feet then the luxury feel are severely compromised.
The exclusive factor: While there is no definite guidelines to define this, but it is generally understood that in a one area of development there should not be more than 60 families residing become anything more than 60 families take that exclusivity factor out, and the project does not quality as a "Luxury" project because the amenities are shared by too many people.
Parking facilities: As an investor planning to invest in a luxury tower the number of car parking areas must equal the no. of bedrooms, for example a four bedroom apartment therefore will have four parking areas within the projects.
Elevators: Separate branded elevators are a must but it is not enough to define "Luxury". Each tower must have service elevators for domestic helps and suppliers so that they do not use the elevators used by residents.
Security factors: people who live in luxury towers are not expected to install security arrangements outside their apartment doors. They must be provided with 24/7 security including electronic surveillance and all the safety measures.
Developers do publicize the luxury expect of their project, however if you looking for opulence, comfort, location, it is very important for the investor to look into the details of the project since you would be spending a fortune on the project, so assess very carefully whether the project meets all your requirements of "Luxury Living".
Courtesy By :-http://www.sooperarticles.com/real-estate-articles/definition-luxury-apartments-1432155.html
The definition of "luxury" has different meaning for different people. Some people living in a high end society but living in a small apartment still call themselves as residents of an upscale locality, while some consider penthouse with Jacuzzi to rooftop swimming pools to concierge services as luxury. However the question to be asked here is that living in a one bedroom apartment but in a posh society does it count as luxury living?
"Luxury" according to JLL a renowned real estate consulting firm is "generous living spaces" which clearly signifies that a one bedroom apartment cannot qualify as "Luxury", for example in South Mumbai you will often find people staying in old towns if they go out and sell their apartments they will fetch high premium as their units are located in one of the most post locations, but the living experience does not connote to "Luxury Living"
It does not matter whether you are one investing in a "Luxury" property investment purposes or end-use you need to take care of the factors expressed below to define "Luxury" real estate and living.
Location: the most important factor when investing in properties with "luxury" tag is their location, it helps it the property is centrally located, however locations that are plagued by traffic issues do not provide for luxurious living. Residents must also have ready access to schools, markets, hospital, their offices etc. connecting roads should be property maintained.
Height of the ceiling: Another important factor to judge the project "Luxury" value is to check the floor-to-ceiling height, if it is less than 12 feet then the luxury feel are severely compromised.
The exclusive factor: While there is no definite guidelines to define this, but it is generally understood that in a one area of development there should not be more than 60 families residing become anything more than 60 families take that exclusivity factor out, and the project does not quality as a "Luxury" project because the amenities are shared by too many people.
Parking facilities: As an investor planning to invest in a luxury tower the number of car parking areas must equal the no. of bedrooms, for example a four bedroom apartment therefore will have four parking areas within the projects.
Elevators: Separate branded elevators are a must but it is not enough to define "Luxury". Each tower must have service elevators for domestic helps and suppliers so that they do not use the elevators used by residents.
Security factors: people who live in luxury towers are not expected to install security arrangements outside their apartment doors. They must be provided with 24/7 security including electronic surveillance and all the safety measures.
Developers do publicize the luxury expect of their project, however if you looking for opulence, comfort, location, it is very important for the investor to look into the details of the project since you would be spending a fortune on the project, so assess very carefully whether the project meets all your requirements of "Luxury Living".
Courtesy By :-http://www.sooperarticles.com/real-estate-articles/definition-luxury-apartments-1432155.html
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