Avik Dasgupta, 43, a London-based banker had been tinkering with the idea of coming back home to Kolkata. His ‘back to the roots’ sentiment was strong but he kept pushing the idea aside. Why? Because he wasn’t so sure if he would find a property in tune with the luxury lifestyle he enjoyed abroad. But once he came to know about the real estate projects transforming posh localities of Kolkata into world-class luxury havens, he was keen to take the jump.
Avik isn’t alone. The number of high networth individuals (HNIs) and NRIs willing to invest in luxury properties in India is soaring. Developers are capitalising on this demand, building better and ultra-luxurious homes for India’s elite. Good news is, Kolkata isn’t lagging behind in this trend.
Only a decade ago, most people wouldn’t speak of Kolkata and luxury real estate in the same breath but times have changed. With swanky, upscale neighbourhoods forming in city’s prime locations, it’s throwing luxury-conscious buyers into a tizzy. If you’re out in the market, looking for a luxury apartment, here are some things you should remember before pouring out your cash.
Is it really luxury or it just bears the tag?
Today the ‘luxury’ tag is dropped casually and often, but it doesn’t necessarily mean every property being advertised out there befits the tag. So it’s important that you don’t get carried away only by glossy brochures. While a clear-cut definition of ‘luxury’ may not exist, think of it in terms of what it means to you. For instance, would you prefer a personal or roof top swimming pool or Jacuzzi in your luxury home? If yes, by all means, look for a property that comes with these amenities.
However, here are some boxes you’d want to tick off while assessing the luxury quotient of a project.
The view — does it have a golf course view, lake view or a picturesque view of the skyline?
Is it made from luxurious and high quality construction material and fittings?
Is it located in a prime location?
Does it have a brand name associated with it?
Any special addition — automated lighting system, automatic multi-level car parks, biometric locking system or fast elevators etc.?
Also check if earthquake-resistance factors are built into the property, fire-safety measures are in place, and sufficient attention has been paid to security, waste disposal, etc.
Is the location, in one word — perfect?
When an enormous sum of money is at stake, you need make sure everything about the apartment is totally worth the investment. Location is not an exception. In fact, experts suggest that the location should be given more precedence over the other usual bells and whistles —amenities and specifics — when you’re looking for a luxury home.
Developers put a lot of thought in deciding a location for their luxury project, considering the weight this factor carries. An ideal high-end apartment should reflect that. It should have schools, hospitals, convenience stores, stations and airports — all within easily accessible range. At the same time, it should be reasonably away from crowded spots, traffic jams, noise and pollution. And though there’s no rule set in stone as to what an ideal location is, luxury is really about striking the right balance between good ambience and connectivity. Luxury apartments in select locations like Ballygunge, New Alipore, and EM Bypass are great examples of an ideal location where practicality meets the right environment.
What about special amenities?
If you’re hunting for a luxury apartment, you’d obviously want the best that money can buy. Luxury homes are designed to provide maximum comfort, unmatched architectural brilliance, and cutting-edge facilities such as Wi-Fi, multiple parking, fast elevators, 24-hour security and surveillance, gymnasiums, landscaped gardens and so on. HNI customers often have fascinations for amenities that would serve the purpose of occasional gatherings and social events in the form of pool side parties, cocktail parties, snooker matches etc. Would the property address these requirements?
If the location is away from the heart of the city, you should be offered more facilities within the property walls such as ATMs, grocery stores, salon, spa, bars and clubs etc. — in short, everything that might not be available in the vicinity.
Would you love the company of your neighbours?
It is all about community living today. Conduct a little bit of research on the profile of the other dwellers if that matters to you. Would you enjoy their neighbourhood? Would you like to share your leisure time with them? This holds especially true for senior citizens who often look for a good companion in their neighbours.
The tips we’ve shared above will set you on the right foot when looking for a luxury apartment worthy of your investment. However, when navigating the complex market of luxury offerings, it’s advisable to consult with reliable property advisor with a long track record. They can help you manoeuvre the market while providing professional guidance.
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