A recent and amusing trend in Indian realty is how every other project is touted as a ‘Luxury’ or ‘High-end’ project. While one can appreciate the marketing hyperbole, as a home buyer, it’s important to know what really qualifies as a Luxury project. Experts in the Realty business provide a few pointers:
- Location: The project should be located in an upscale neighborhood with excellent connectivity, wide roads, be free of any slum, have a low crime profile, and reasonably good public and social infrastructure.
- Space: The project should have abundant open spaces, and a low floor-area-ratio. A general thumb rule is that there should not be more than 100 or 150 units in an acre of land.
- Number of Units: Irrespective of the above thumb rule, the lesser number of units in the project, the better, as this implies less crowding, less demand on and hence better availability of common amenities.
- Amenities & Facilities: While every project has a gym and clubhouse today, it’s the additional, new and innovative features that distinguish a luxury project from an average one.
- Interiors: The quality of fittings and fixtures used; the materials and finishes used for floors, walls, ceilings etc, make a huge difference and qualifies a project as a luxury one. Also, the floor-to-ceiling height should be 12 feet and above for that classy and imperial look.
- Security: How sophisticated, high-tech, and prepared is the security staff, is a big differentiator. Feeling ‘extremely secure’ should be the minimum requirement in a luxury project.
Other factors like builder’s experience with luxury projects also make a difference. As a buyer, do your due diligence and be the real judge of what is or is not ‘luxury’, before investing in such a project.