Month: May 2014
How to spot a ‘Luxury’ Apartment
These days the word ‘Luxury’ has become the most abused expression in the real estate industry and people falling for this catchword without understanding its true meaning often end up feeling shortchanged. Developers continue to label every of their project as luxurious, but it is important for home-buyers to understand the definition, context and meaning of luxury in Indian residential real estate. Buying a luxury apartment involves the need for multiple checks and validations. However, when it comes to buying such an apartment for investment, one must exercise caution and perform all due diligence.
To begin with, a ‘Luxury apartment’ must involve generous and expansive living spaces, an element of exclusiveness, high-end facilities as well as the property itself being associated with an elevated socio-economic standard. Finding such right property might not be that simple but it sure does become mighty easy when you have top-class options like Sun Embark. Every apartment within Sun Embark seems to have its own character, where residents of this four bedroom apartment will experience the feel of refined brilliance and warmth.
If you are among those who are mulling over the prospects of investing in a luxury apartment, then the following parameters would help you understand the hallmarks of genuine luxury in residential
Location is one of the most crucial parameters. Although central location is certainly an important qualifier for the luxury tag, a project that stands at a central city junction surrounded with traffic congestion does not provide a luxurious experience. Irrespective whether a project is sold as ‘regular’ or ‘luxurious’, it cannot be a home if one cannot reach it or get out of it.
Accessibility is the next important parameter to look out for. When you begin to understand reviews of the local residential market of Ahmedabad, you will be able to appreciate the fact that good quality housing is the one that shares right proximity from everything important. Proximity to hospitals, markets, schools and public transport connectivity is also essential. Similarly, the security in and around the area needs to be checked. The view available from the property and the affluence of the neighbourhood comprise as the other important indicators.
Ceiling height is another parameter that helps determine the actual value of the apartment. The higher the better, any apartment with a floor-to-ceiling height of less than 12 feet would be compromising on the aesthetics of the apartment while also reducing the potential for sophisticated interior decoration. Instead of looking at square footage, consider cubic footage. There’s almost no such thing as a luxury apartment with 8.5-foot ceilings.
Project Density denotes of the number of people residing in a project and should be analysed properly. There is no ideal thumb-rule for this, however, it is understood that a one-acre project should not house more than 60 families. Exceeding this threshold will make the project not qualify as ‘luxury’ since the available amenities are shared by too many people, destroying the project’s ambience, exclusiveness, convenience and charm.
Parking space is the next parameter. Although there are specific yardstick with which to measure parking sufficiency, the commonly followed norm is that the number of bedrooms in a project should equal the number of available car parks. A four bedroom apartment should therefore have four parking spaces within the project. Parking designs such as the Podium design for car parking has gained much popularity among the buyers recently since it allows more habitable open space much expected in a luxury abode. Sun Builders Group through Sun Embark are the first home developers who have brought this innovative idea of parking to Ahmedabad. Owners can park their car upto the first floor level, a never before seen feature in Ahmedabad residencies.
Branded elevators as a standalone do not suffice in a luxury project. The project must also include service elevators with separate entries, so that domestic help and external suppliers do not populate the elevators and lobby being used by residents.
Inhabitants of a luxury project expect to have the assurance that their families and property are safe in all respects. A genuine luxury project has uncompromising human security as well as electronic surveillance and safety measures firmly in place.
From the above points it gets clearly evident that it takes much more than a mere word like ‘luxury’ to place a project head and shoulders above the rest. So the next time you step in to buy or invest in a luxury property do it with a little more prudence.
India’s Affordable Housing Sector Gaining Momentum
India’s private property developers have started to see a new opportunity to develop housing sector in India. This is mainly due to a variety of factors and these have contributed towards this growth— on the side of supply, the entry of various real estate developers and availability of financial options; whereas rapid urbanization, growing trend of nuclear families and rising income levels have fuelled the demand for affordable housing. There is hardly a dispute that there still is a considerable supply shortage in this segment. India’s urban housing shortage accounts for 18.78 million for the next fiveyear plan from 2012-2017. In Ahmedabad, at least 2.2 million new houses are required to fulfil the demand in the coming 4-5 years. Sun Builders Group as home builders have always believed in offering to its customers, homes that are high on ‘value’ and low on ‘budget’, thus delivering everything they are searching for and more.
As a concept, affordable housing is not a new one. It is at least a decade old, with the local builders and developers of big cities being the original pioneers with their lower income group flats. While the prospect for affordable homes never got really diminished, large real estate companies focussed almost exclusively on premium and luxury projects between 2004 and 2008 as the economy expanded rapidly and banks and financial institutions adopted a more liberal approach to lending out loans.
From 2008, however, with the overall changes in the economy and the real estate market, companies, even large ones, have turned to low-cost housing projects with a renewed focus. Large scale real estate firms have launched low-cost homes at various locations in the price bracket of Rs.10 lakh to Rs.30 lakh and investments in the affordable housing sector are moving north. Gujarat, Bangalore and Madhya Pradesh are among the states that have seen traction in affordable housing.
Today most big names are entering rural housing with built-in risk pricing so as to make it a viable business model. Big names in the industry are rushing into the sector to cater to the existing demand supply gap. More and more projects are being promoted across India. Tier II and III cities have seen a higher rate of adoption for these projects. Low-income customers are happy with their new homes, improved living conditions, safe neighbourhoods and enhanced overall social status, which are some of the benefits that the segment has been able to provide.
The concept of affordable housing as gone down well with consumers, developers and financiers which has given way to end-to-end servicing of this segment, thus becoming a lucrative proposition for one and all. Sun Optima and Sun Real Homes, are residential apartments that are built on this concept and delivers a modern lifestyle experience but without burrowing a hole in your pocket. Affordable housing is the “sunshine” sector for the next five years from a developer and lender perspective. To put it simply, this will be the growth engine of the future for all stakeholders.