What are the key factors to consider while buying a luxury property in India?
With the advancement of real estate segment in the country, elite housing projects have witnessed a lot of user interest. With the increasing number of upper middle class with disposable income, luxurious living has now become a way of life. The luxury home segment is not limited only to metros and bigger cities but there are a number of luxury flagship projects available across the length and breadth of India. Since luxury property is an expensive deal and usually a onetime deal for the majority of buyers, here are some factors to consider while buying any such elite property.
Stay Informed: Since luxury homes are a very niche market, there is not much information available for new projects. Users who are associated with builders and developers through either personal contacts or subscribers of their periodic newsletters are more likely to know about the upcoming luxury home projects than others. Since the luxury home market segment works on exclusivity, an average luxury home project has limited edition of apartments, houses or villas. So, the earlier one books the better.
Focus on Location and Surrounding Infrastructure: With the evolution of the real estate market in India, the definition of luxury realty segment has changed. Since the space and carpet area is directly related to the price, any property with larger than normal carpet area was considered elite. Swimming pool and extra faucets like Jacuzzi once considered elite are now pretty much industry standards for high end real estate. Clients opting for luxury homes today are more aware and well travelled. The location of the property along with its surrounding infrastructure plays a crucial role in deciding for or against any new luxury project. Testimony to the fact is that the luxury home market in a metropolitan city like Mumbai is stagnant while the neighboring city of Pune is blooming with luxury apartment and villa inquiries. The bad civic infrastructure and cramped space in Mumbai has been a deterrent for the growth of the luxury real estate segment.
Check out Builder’s Previous Luxury Home Projects: Before signing on the dotted line, it is imperative to check out some of the previous luxury projects developed by the builder. If possible a small interaction with the old clients of the builder is recommended. It is essential to keep a check on what is being promised is actually delivered without compromising on quality and esthetic design.
Hire Services of a Real Estate Advisor: It is recommended to hire the services of a professional real estate advisor that can evaluate the property according to the terms and conditions initiated by the builder. Since luxury real estate projects are at a premium and most people would like to spend just once in their lifetime, any bad decision taken in haste can be detrimental financially. A good real estate advisor evaluates the property on certain landmarks helping in decision making.
Work out a Remodeling Clause: Most builders do not offer a remodeling clause in their luxury and elite projects. While the builder may be offering a unique design which brings a sense of exclusivity to the home, there is no guarantee that the design would remain fresh for long. A remodeling clause allows users to remodel their luxury homes, apartments and villas according to their taste and designs as and when required.
