5 Points which Distinguish Mid-luxury Apartments for Sale from Ultra-luxury Apartmentsby Avani Rai THE 42
Indian real estate industry is continuously evolving. The government of India has taken some welcoming decisions like the enactment of the Real Estate (Regulation and Development) Act (RERA), 2016.
Legal experts and real estate industry pundits believe that this law will protect the rights of end users.
If we are seeing a surge in the number of apartments for sale, then we must thank many such recent developments.
Apart from new laws, the real estate industry is evolving with new segments also, like, many of us have heard about ultra-luxury properties. However, how many of us have heard about mid-luxury apartments?
In this article, we are going to draw an analogy between ultra-luxury and mid-luxury properties and clear our ideas.
Buyers: HNIs and UHNIs commonly buy ultra-luxury residential properties.
They look for the international standard of living. Many NRIs wish to spend their retired lives in India. They don’t want to compromise on their standard of living and hence, they splurge on ultra-luxury properties.
Location: Ultra-luxury properties are located in prime areas of metropolitan cities. For example, Chowringhee in Kolkata, Bandra in Mumbai, CP in New Delhi, Jubilee Hills in Hyderabad etc.
Connectivity: Ultra-luxury properties are built
in the sites which have easy accessibility from anywhere in the city. They are
mostly located in the hearts of cities and are naturally the most happening
Amenities: Swanky apartments with best home installations, usually designed by most reputed interior designers in the world, who would insist on adding signature features which better define the personality of the residents- we are talking about amenities offered to the owners of ultra-luxury apartments.
Track record: Builders and architects of ultra-luxury properties are well-known in the world of real estate often not only within the country but also throughout the world.
Buyers: Mid-income group people buy mid-luxury properties.
Small businessmen and high-salaried people belong to this group. They are eligible for home loans. They can pay a certain amount of monthly instalments.
Mid-income group people aspire for apartments with modern amenities. Their main focus is to own apartments with basic and medium facilities which are built by builders having good track records.
Location: Mid-luxury apartments are built in the peripheries of metropolitan, Tier-I and Tier-II cities. The property owners mostly have their private vehicles to reach their offices and rest of other places in the cities. Hence, the distance is not a big factor.
Connectivity: Though the mid-luxury properties are located in the city peripheries, connectivity to the central parts is good. Extending metro railways is facilitating the process.
Amenities: From security to fire safety measures, spacious rooms of mid-luxury apartments offer comfort to people who purchase their apartments after investing a significant amount of their savings and additional loans from financial institutes.
Track record: Eminent national builders construct mid-luxury apartments. They focus on providing all basic amenities to homeowners.
Created on Jan 22nd 2019 06:38. Viewed 205 times.