June 16, 2015

Luxury apartments: What are they?

Kolkata and its outskirts have seen a steady growth in the number of real estate projects which cater to both commercial and residential needs. The competition between real estate developers has seen the extensive promotion of projects which vie for the attention of prospective buyers.

A term that we commonly hear in reference to today’s real estate market is ‘luxury’. Many residential projects promote their flats as ‘luxury apartments’ to pique the interest of buyers. While the usage of the term is generally understood, buyers need to be more informed about what counts as luxury when checking out the amenities in any residential project.

Luxury apartments: What are they?

Better amenities do not always equal luxury features:

A luxury apartment is expected to provide the owner with a sense of opulence and grandeur. Location and size of an apartment play a huge role when classifying the same as luxurious. Large flats with multiple bedrooms often get the tag of being a premium luxury apartment, but they often lack the essential features which could be used to term them as ‘luxury apartments’.

A project located in the central region of the city would be easy to market. However, if the roads leading up to the residential project has traffic issues that would not provide a positive outlook for prospective buyers.

The socioeconomic standard of the location also plays a role in determining the luxury tag. If the project is located in an area infamous for disturbing incidents, then no matter which amenities are provided, customers would have doubts about investing in that property. Similarly, a high-end project would also have to make sure that the facilities it provides, like gymnasiums or swimming pools, do not overlook a garbage dump or have a particularly displeasing view.

The apartments in a complex also have to meet certain standards if they are to be coined as luxurious. They should feature a high floor to ceiling height, something that is often overlooked by developers and buyers. The apartments should also feature top-of-the-range security set ups, CCTV cameras and video door phones which strengthen the security of the complex.

Some residential projects also feature duplex flats, these are two flats which are placed one above the other with a common entrance. Movement from one flat to another is through an internal staircase connecting the flats.

Features like elevators also play a role in qualifying the ‘grade’ of residential projects. Having a branded elevator is not enough, there should be separate elevators for support staff for the convenience of all. The elevators should be large enough to allow stretchers and wheelchairs to fit in. Other amenities like jogging tracks, gymnasiums, swimming pools, recreation centres and large open spaces are important for any high-end residential complex.

The maximum growth in the number of residential flats in Kolkata, which boast of world-class features and luxury amenities, has been in areas like New Town. These amenities often come at a premium price. The important thing to remember is that a ‘luxury apartment’ in the true sense would be able to justify its value in every way.

Summary: ‘Luxury apartments’ is a term which is used extensively by real estate marketers but what makes a flat a luxury space? There are certain conditions which need to be met before any project can claim to be featured as a luxury apartment.