What Kind of Property in Lucknow Sells the Most Nowadays?

If you are a connoisseur of the Nawabi culture but want to live with modern amenities, then Lucknow is the best place for you to stay in. The trend in the city has been to live in independent houses or bungalows compared to apartments in high rise buildings. However, because times are changing, the pressure on the resources existing is compelling buyers to lower their expectations and opt for multi storeyed apartments.

One such area where people are opting for multi-storeyed apartments is the IIM Road. There are numerous ongoing projects in this area which are being spearheaded by companies such as Shalimar Builders, Eldeco Developers, Sigma Rock Infra Venture Pvt Ltd and the Rohtas Group. The Eldeco Group is spearheading the project of the Eldeco City and there are about 1500 units available in the multi-storeyed buildings. The older residents of the city are not quite exposed to the flat culture. They are quite used to staying in independent homes and are adapting slowly to changing times because of inflation. The paucity of land in the city has pushed up land values very high and multi-storeyed flats are quite affordable compared to independent houses.

Right now, the value of property in Lucknow along the IIMR Road is between Rs 3,500 and Rs 4,000 for a square foot. This means that an apartment measuring 1000 sq. ft. can be bought for Rs 30 to Rs 35 lakhs only. Compared to the city centre, values of property in Lucknow are affordable along the IIM Road. They are ideal for buyers who have limited budgets. If you have a budget of Rs 25 to Rs 30 lakhs then settling for this location in a multi-storeyed apartment is not a bad idea. Independent houses and villas in these areas cost around Rs 60 to Rs 70 lakhs.

Some other areas where a lot of apartments are available within limited budget are Rai Bareli Road, Sultanpur Road and Faizabad Road. Most of the apartments in these areas can be bought within a budget of Rs 20 to Rs 60 lakhs. To buy villas and independent row houses, buyers have to shell out more money. The standard of living along with the quality of life is much altered by inflation. Most Lucknow residents would have to get used to the apartment culture because of rising costs. Builders too are focusing more on apartments in Lucknow compared to villas and row houses.

Since the city is a growing one because of increasing employment opportunities, more people have the means to splurge on a luxury apartment. Luxury flats are slowly becoming the flavour in Lucknow’s real estate market. The metro railway network that is coming up in Lucknow is further boosting its status as a metro city. Because of better built infrastructure along with smoother connectivity, some of the areas that have created a place for themselves in the market for luxury property in Lucknow like Gomti Nagar, Faizabad Road, Hazratgunj, Shaheed Path and Sultanpur Road. When compared to affordable houses available, Lucknow residents prefer living in Luxury properties because it is the second most preferred house destination in the state of Uttar Pradesh.

Another reason why more people prefer the luxury real estate market in the city is that luxury properties are larger which suit the culture of the city. Unlike larger cities such as Bangalore, Mumbai and Delhi, most residents in the city want to live in independent homes compared to multi-storeyed apartments. Moreover, the idea of living in a nuclear family is not well accepted in the city.

Some of the companies offered luxury property in Lucknow include Omaxe, DLF, Iconic Infraventure Ltd., Ansal API etc. Most of the projects are available within the price bracket of Rs 50 lakhs to Rs 2 crores. These apartments are usually around 1500 sq. ft or more and can be in the form of multi-storey flats, villas or independent row houses even.

What do buyers of luxury properties look for?

Property type and location are of highest importance. Aside from this, buyers also seek modular kitchen, swimming pool, elevated gardens and bathroom. Also, Lucknow buyers are highly conscious of properties that are vastu-compliant. The want for uber modern facilities such as Italian marble flooring and club houses are yet to come into the market. Most buyers are unaware about uber-luxury amenities such as the ones mentioned above.

Even though ultra-modern facilities are yet to enter the market, the concept of theme living has already been introduced in the property in Lucknow market. Some years ago, the LDA or Lucknow Development Authority has introduced the theme of music in the Sargam Apartments and since then, themes are being introduced in apartment complexes. Currently, the theme of Cricket County is selling well among buyers.

The sporting township of Lucknow is quite unique as there has been collaboration with Steve Waugh’s company, Sporting Edge. The famous oval of the cricket stadium shall be there along with stylised villas that offer exclusive clubs with swimming pools, gymnasium, billiard rooms and tennis courts. A provision for making Sports University is also there on the premise.

With a large number of people investing in tier II cities, the concept of quality luxury properties is increasing. Moreover, NRIs are also interested in investing in their home towns. Some of the other cities in which people are thinking of investing are Kanpur, Meerut and Nasik. The property investments in Lucknow are increasing and many builders are entering the market.

If you are thinking of buying property in Lucknow, you should look up online as most good builders list their properties online for maximum exposure. Not only will you get to know of the upcoming properties in areas that you prefer but also get hold of their floor plans, specifications and other amenities available in the apartment complex. Alongside the details of the properties available in Lucknow, you can also read up different discussions about the market for property in Lucknow and the trends that are coming up.

Slow Rising of the Delhi NCR Market

Noida Property

The real estate market all over the country has been hard hit because of delays in approvals, increasing costs of raw materials and contraction of overall demand for realty assets. However, over the past 2 years, the prices of residential real estate assets have increased and been recovered in the past 2 years. The rising residential asset prices have led to potential bubble which may cause stagnation in the past 2 quarters. From a perspective of the whole country, the newer launched in the residential sector have fallen though the year and developers are looking at disposing off existing stocks for generating cash flows.

Builders in areas of Delhi NCR are offering price cuts and discounts on the housing prices in order to bring in more buyers. There are festive season discounts on offer that buyers are completely taking up. Builders have realized that there is little sense in offering material gifts for Noida property such as gold coins, foreign trips and other aspects because buyers truly are not looking for such freebies. Some buyers are also offering flexible pay plans, where buyers simply pay 10 percent of the property’s worth to the buyer at the time of booking and the remaining 90 percent is paid up later on. Some other offer 30:30:30 payment schemes or 25:75 schemes for easing EMI payment burdens that buyers have to usually deal with.

How is the commercial realty sector doing?

The commercial office space sector in Delhi NCR healthy to moderate levels of overall absorption have been seen in the last 3 years. In the year 2013, absorption was lowest in 9 years even though there was promising lease activity. It was mainly because occupiers focused more on portfolio rationalization and cost saving mechanisms.

The ITeS or IT sector has been the best performer and contributes a large share of the leasing volumes whereas the industrial and manufacturing sector has shown commendable traction lately. Even though most office leasers or buyers prefer to set up base in Gurgaon, Noida property has also done well. Even though Gurgaon has shown a healthy balance between corporate and IT occupiers, mostly IT companies occupied Noida property.

Over a period of one to three years, market participants can expect to see betterment in absorption and demand as the economic conditions of Western Europe and US are becoming stable. This would perhaps increase outsourced tasks to India which would in turn improve the performance of office sectors. India’s domestic corporate companies are most likely going to continue their contribution towards the non-IT demand.

Given the current scenario, it is more sensible to choose leased assets from the point of view of investment. Bigger investors must consider raising domestic PE funds that are seeking investments in commercial properties. As a matter of fact, leasing activities are increasing in most of the commercial property markets of cities.

Residential Realty Development

The residential property sector of Delhi NCR was much affected by the shocks that the domestic economy underwent such as increasing input costs, higher inflation and prices that were increasing consistently. There was much speculation about the stability of the central government and buyers thought it would be best if they waited out till the elections were over to see the benefits that the central government brings in for the sector. The festival season in 2013 was a very subdued season for residential property sales in the past 5 to 6 years. Sales were quite sluggish even though festive offers, newer projects and discounts were advertised. As a matter of fact, the inventory that has piled on can take up to 2 years to be cleared.

When the stock of inventory is high compared to the numbers of months, the overall supply figures are higher only in the broader Noida property market. The monitored environment in the other sub markets have acted to upkeep the numbers at more manageable levels so that the demand and supply gaps are not too wide.

Several residential corridors do continue to be attractive in the current scenario. The valuations of secondary markets are right now trending at twenty five to thirty percent discounts compared to primary markets, which is why the secondary market is good for bargaining. Some emerging corridors in the NCR that are suitable for housing investment include.

Neemrana- Location of upcoming infrastructural and industrial developments which is driving up residential demand.NH 24- Contains a lot of pent-up demand, lower entry points, affordable housing along with potential for future appreciation.

Sohna: Next corridor for development in Gurgaon. Aside from the benefits it derives from its proximity to Gurgaon, it also benefits from KMP Expressway.

Faridabad- Given the current land demand and rising residential prices, Faridabad seems to be a gold mine. The infrastructural development of this area is most likely to fast track growth of this area.

Currently the conditions of property markets in the Delhi NCR region are not very good. However, not all is lost as those looking to buy the properties for end use are buying flats even in these market conditions. They may be deliberating a lot on the property to buy because they would be investing their life savings in it, but they are definitely purchasing properties. The ones who are sitting out are the investors who are expecting price correction to kick in so that they can go about buying properties.

A lot of NRI investors are showing interest in properties that are coming up because of the depreciated value of the rupee.

If you are thinking of buying Noida property or property in Delhi and NCR region, you could look up online to find the best properties. Apartments are available in various configurations and you can look up the specifications of the apartment. You can also find out about the ongoing property trends in the area. A lot of people participate in the real estate discussions that are posted on the website. You can also read up expert reviews and interviews to find out what is best for you.

How To Convert Your Spare Flat into a Paying Guest Accommodation?

As the number of single professionals in Chennai is increasing, enquires for single bed rooms are pouring in. Brokers in most areas of Chennai have claimed that they receive enquiries for paying guest accommodations in Chennai that are near office areas and have markets located nearby. People from other states who relocate to the city for jobs prefer staying in PG or paying guest accommodations. Most of the units that they want to hire are furnished well with basic amenities required for a normal life.

Most of the paying guest in Chennai accommodations is available in areas such as Thiruvanmiyur within a price bracket of Rs 4000 to Rs 11,000 in a month. Areas such as Adyar, Medavakkam and Thorapakkam are some of the other neighbourhoods which have single bed apartments available within Rs 5000 to Rs 12000 as monthly rent. A lot of these PG accommodations offer features such as refrigerator, unlimited connectivity to the internet via Wi-Fi, LCD Television that comes with DTH connection, sofa in a common sitting place, dining table and two meals in a day. Other amenities available include study table, single bed and wardrobes and almirahs in every room for every individual separately.

Analysing the Demand

Most of the demand for paying guest accommodations comes from areas which are near the IT hubs of Chennai. For example, OMR, Sholinganalur and Karaipakkam are some of the most demanded neighbourhoods for rental property accommodation. The highest supply is in the locality of Thiruvanmiyur which is around 12kms from Chennai’s main corridor. The area has cheap connectivity to the industrial end of the city.

Of all neighbourhoods in Chennai, Medavakkam is neared to the Old Mahabalipuram Road which is the hub of IT companies and Sholinganallur. These areas have single bed accommodations available within Rs 5000 and Rs 8000 in a month. Most people who come to live in accommodations for paying guest in Chennai live in the city for roughly 3 to 4 months during their training period after which they are transferred to other cities. They prefer renting PG accommodations because they are cheaper and less permanent than a full apartment on rent. The deposit required for a PG is around Rs 20,000 or so while the monthly rent is around Rs 7000. For a rental apartment, the rent would be around Rs 12,000 for a 1BHK apartment while the deposit would be close to Rs 40,000. The rent includes meals, laundry and all other amenities. If one were to rent an apartment, they would still have to cook their meals and wash their own clothes. PG accommodations can be left whenever the tenant wants to whereas rental agreements need some time to be sorted out.

Because of the flourishing IT and automobile industry in Chennai, more numbers of people are looking forward to moving to Chennai. The city is known as the Detroit of India as almost 40 percent of the cars in the country are manufactured here. Moreover, car firms such as Nissan and Renault have their manufacturing units here. The IT industry along the ECR and OMR are doing very well and they employ a large population of the youngsters in the city. Those migrating from other states to the city for work enquire more about the single bed accommodations that are available. However, given the limited options, tenants may have to pay out more money for a paying guest in Chennai accommodation or they may have to resort to living in 1BHK apartments in their preferred localities.

If you have an apartment from which you want to earn higher rental returns, you may convert it to a PG. In order to make your spare apartment into a PG accommodation, you would have to get the necessary permissions from the local municipal authorities such as councillors and also obtain a no-objection certificate from the housing society in which your apartment is located.

In case your apartment is not already furnished, you would have to buy some basic furniture in order to rent out the apartment. If the apartment is a 2BHK one, then you could rent out both rooms each with twin beds. You can get a double bed room or twin cots. For buying the beds, you may have to invest around Rs 20,000. Moreover, you also have to get two almirahs or wardrobes for your tenants to keep their belongings in. This would set you back by almost Rs 30,000 or so. For the electronic gadgets in the apartment, you could opt for second hand products which are in working condition to save some money on the cost. Hire a cleaning staff and cook for keeping up the everyday chores of the apartment.

To run a paying guest accommodation, you need to be extra cautious about the security of the flat, especially if it is being rented out to women. If the building has the system of security guards, negotiate with them to be extra vigilant about the people approaching your apartment. You should also install deadbolts and cylindrical locks on the doors to keep the house protected. Having a collapsible gate installed is also not a bad idea. Make sure the main door has a peep-hole or magic hole on it.

As a landlord you have every right to decide what kind of tenant you want to sublet your apartment to. If you have reservations about non vegetarian food or alcohol, you should make it clear in your advertisement. To get good tenants for your accommodation for paying guest in Chennai, you can put up an advertisement online for free. Make sure you include a few pictures so that the prospective paying guest knows about the facilities that will be made available to him or her. Putting up advertisements online is a better idea than contacting a broker because brokers tend to put apartments on hold in search of higher rents as their commission would be more. You would be losing returns if you wait for some months especially if you have furnished the apartment newly.

Prices Stagnant in Sluggish Property Market of Goa

The picturesque state of Goa has often been the destination for Richie Richs of Delhi, Mumbai, Bangalore and Pune along with NRIs to own properties in. However, the property market of Goa has slowed down for the past year. Even in 2014, there seems to be no respite for market for property in Goa.

Most of the NRI interest comes in from Middle East, Singapore and the UK. In November-December 2013, fewer enquiries were registered for properties in Goa which affected the tourist season. The weakened economies of these countries have brought in fewer buyer interests to Goa. Even though market conditions for property in Goa are quite tight, the real estate prices have been relatively flat. Many prospective buyers expected drops in prices. However, since prices have stagnated, many buyers have postponed their decision to buy. For attracting buyers, many developers are offered car parking spaces and furnishing for free while some others are exempting purchasers from registration and stamp duty payments. These moves help developers to stabilize prices without slashing them. However, with the sharp increase in prices of raw materials such as sand in cement in 2013, builders’ capacity for providing free furnishings or exemption from payment of stamp duty has come down.

The ban introduced on mining of sand has led to a sharp increase in price of sand. The prices shot up three times almost within a quarter in 2013. Since, then the prices have stabilized to Rs 1200 almost for a cubic metre. Nevertheless, the prices are still much higher than what was the actual asking price. In such a scenario, builders too are unable to offer freebies to buyers. The ban on sand mining and the regional plan’s non-finalization has resulted in the uncertainty and murkiness of the real estate market. The regional plan was expected to shed light on issues such as conversion of pastoral lands into housing real estate and investment being pumped into infrastructure.



Even though developers do not want to offer freebies to buyers but some of them are doing so quite aggressively. Trips to Europe and other similar freebies are being offered to buyers by some developers and they report that the response to the freebies have been quite good. The main reason behind the ambiguity of Goa’s property market is that most builders use the super built up area for selling properties rather than carpet areas. In 2013, the central government had passed a bill stating that properties have to be sold with the carpet area and not the super built up area as it would make the realty sector of India more transparent. Most builders in Mumbai and Pune have started selling properties according to carpet area. However, this trend is yet to take off for property in Goa. This move makes people extremely sceptical of Goa’s realty market. A lot of buyers have decided to wait and watch what happens. Nevertheless, Goa’s real estate prices being stagnant are a better proposition than going in for complete price correction, from the builder’s point of view.

The business of real estate may be slow in Goa but it is nowhere near to declination or prices spiralling down after an ecstatic boom. Properties which are selling for lower than market rate is an isolate case according to industry insiders. Sellers are holding onto their properties while buyers are holding out on their money, because they are not willing to pay Rs 40,000 to Rs 60,000 per square metre for apartments in suburban areas and flats in the cities. Most buyers are expecting a drop in prices. With the rise in price of labour, land and raw materials for constructions, builders cannot let prices free fall in a slow market for boosting sales.

For example, price of land is Rs 25,000 per square metre whereas cost of constructed area is Rs 20,000 per sq. m. If you add the cost of marketing and the value of the built up property per sq. m. in any suburban area, the price easily goes above Rs 45,000 per sq. m. The slower market has led to a fall in the enquiries about properties. The enquiries have dwindled further, ever since mining of sand was stopped. Even though there are no buyers, builders are unwilling to decrease the prices of their flats. A handful of builders are selling their properties because they want to unblock the investment.

For properties in villages such as Taleigao, the price would be around Rs 60,000 to Rs 70,000 per sq. m. while in Panaji, the amount could be more than Rs 1.5 lakhs for a sq. m. too. Realty developers believe that this situation would be unchanged in the state unless more land is made available for development. If the regional plan had been finalized, then things would have been better. Builders would have known what properties are available for development. Most builders don’t want to invest in large lands in case the land is zoned under the regional plan. Developers do not want to take this risk as the price of land continues to increase.

Most price changes have come for newer projects. As sales are dipping sharply, builders have been forced to decrease rates for projects that have been launched in the state newly. Some developers have also gone to the extent of lowering the price of existing projects and newer projects are priced lower compared to existing ones in the same area. If more land was made available for construction then housing would become affordable for the common man. Realty developers of property in Goa want a rise in the FAR or floor area ratio, releasing of the regional plan and permission for vertical constructions.

Unlike other states which have lots of land available, Goa has limited lands which can be meted out for construction and hence builders have to make do with whatever they get by. Unless certain measures are adopted by the Government of Goa for boosting housing real estate, it would become very difficult for both buyers and sellers to deal in property.

What To Keep in Mind When You Rent a House

Most people have to live in rented accommodation for the first half of their career in order to save for buying an apartment or house. In all major cities of India, both capital and rental values have appreciated. Most people looking to rent apartments in cities opt or flats which are closer to their work place so that time taken to commute and the expense involved is minimal. People renting apartments also want to live in areas that are connected to other parts of the city apart from their work place and also have the necessary social fabric required to live a good life such as schools, colleges, hospitals and the likes.

If you have just relocated to a city, you may be on the look out for a good apartment to rent. If you are single, you can opt for a 1BHK flat or studio apartment for rent. However, if you have relocated with your family, then it would be best you opt for a 2BHK or 3BHK flat or a house for rent. The organization for which you go to work would share with you a list of brokers working in the area or you can check up the office network because a lot of people share information about house for rent available in a particular area.

Before renting your apartment, there are quite a few things that you should look into.

The neighbourhood of the apartment

The neighbourhood is one of the most important factors that should govern your decision of renting a particular property. A locality which is not very safe in terms of crime should be avoided at all cost, no matter how low the rent may be. Try opting for an apartment close to a busy road as it would mean added security. Opt for a neighbourhood which has families living in it because there would be someone who would come to your aid in case you are in trouble.

However, opting for a house which is right on the main road may be exposed to lots of pollution and noise from the streets. Also, areas where families live may become cumbersome if you are someone who likes the privacy of his/her home and does not enjor prying neighbours.

Water connection available

Most cities in India suffer from water crisis and therefore you should check up whether proper water connection is available or not. Delhi, Bangalore and Hyderabad are some of the cities where water is metered in every house for rent. In fact, some areas of Hyderabad and Bangalore do not have water connection in almost 50 percent households. Therefore, you should make enquiries into availability of 24 hours water.

Also, you should find out whether every apartment in a particular complex has a separate water meter or is it shared and then the cost is divided. It is better you live in a complex which has got a meter for every apartment so that there is no free riding of the resource. Ensure that there are alternative sources of water available in case the tank runs dry someday.

Social Infrastructure Available

Those looking for house for rent want to live in a neighbourhood that has good social infrastructure on offer. Therefore, look for a self sufficient neighbourhood where you will get all your essentials. A neighbourhood with good social fabric should have medical stores, grocery stores, banks, post offices and much more on offer. Even if a neighbourhood does not have these exact facilities available, they should be at least a stone’s throw from it.

Facilities offered by the Apartment Complex

When you are looking for a house for rent, it is better you opt for a gated residential community that has good amenities on offer. Gated communities usually have parking spaces on offer along with 24 hours power and water supply. The flats are furnished or semi furnished and hence you need not buy any of your own supplies. You also get added facilities such as swimming pools; kids play area, indoor games rooms etc. These facilities are much needed for unwinding on off days. If you do not find a good apartment for rent in an apartment complex, you should opt for a multi storeyed building that has 24 hours security and running water so that you can lead a secured life.

Rental Agreement

Usually rental agreements are charted for 11 months after which they are renewed by the tenant and the landlord. An advance amount of 6 months worth of rent needs to be provided and in some cases 11 months even, although this amount is negotiable.

A rental agreement needs to be typed on a stamp paper which is worth more than Rs 100 otherwise it won’t be considered to be a proper proof of address. If this agreement is charted on a Rs 100 or more stamp paper, then you can use it as an address proof for buying new SIM cards and other purposes. Make sure that the rental agreement does not state that the charges for painting the apartment would be deducted from the deposit amount that you put in as many landlords use this amount for annual painting and maintenance.

There is a lot that you need to look into before renting an apartment. A lot of people have been stuck in wrong neighbourhoods because they did not enquire adequately into the facilities or the property available. To help you with apartment hunting, you should get in touch with a friend of yours who is a local and can help you with the narrowing down localities and finding the best properties to rent. You can also try looking up online classifieds websites to find the best house for rent. Simply log into a website, select the city that you are in along with the area where you would prefer to stay along with your budget. You would be shown the best localities to live in within your budget.

Tips for Luxury Living and Lifestyle

In 2013, a report had slated that Mumbai was the sixteenth most expensive city in the world when it came to housing. South Mumbai is seen as the most posh area of the city with Malabar Hills, Cuffe Parade and Colaba topping the charts of residential housing. To own a house in these areas, one would have to sacrifice their income from two lifetimes almost. From the sound of it, it may seem as if living in these areas is luxury. However, would you consider a life in a 1BHK flat in Mumbai Cuffe Parade which is featureless, stuffy, and old and compact luxurious or would you rather sell the flat and move to the suburbs where you can live in a flat which has a lot of amenities on offer?
Because of the land shortage in prime areas of cities is becoming acute, housing prices are shooting through the roof and beyond the capacity of most to afford. Only the uber-rich can afford to buy apartments or bungalows in these areas. Most of them buy flats in these locations because of the quick access to CBD along and status even though they may not have the luxury offered by modern buildings on the periphery of the city. Luxury in such a case is vested only in the location’s affluence.



Those families that live in South Mumbai wanting to love to a larger place would necessarily have to move to the outskirts because larger properties may be non-existent or they may be extremely expensive for them to afford. One thing that must be remembered is that families that live in central locations had purchased their apartments or houses eons ago when property prices were affordable. In many cases, the properties have been passed down for two generations in a family. Most families are not in a position to generate income which would match the residential location.

In case a family wants to live a plush life, they can put up their existing homes for sale at the current market price and then move to the periphery in a spacious apartment which has a lot of facilities. For such a family, the luxury factor should increase dramatically if they opt for this move. Therefore, if luxury is dependent on perception, then its entire concept gets a facelift. Buyers who are already living in a luxurious apartment complex along the periphery of the city may have only a marginal budget to increase the size of their apartment. They can opt to sell their existing apartment and combine the sales proceeds with their marginal budget to buy a better space in a bigger apartment complex.

If luxury was limited to the idea of living in a supremely plush property in a central location of a city by spending truckloads of money, then only big industrialists and corporate honchos would be able to live in such properties. Nevertheless, luxury is actually relative from person to person. If one feels like upgrading their lifestyle and moving into a better and larger home which meets their requirements, then an option that gives them a superior quality of life is luxury for them.

In terms of real estate, luxury and premium are standardized mostly and they are quite rigid when it comes to ticket sizes, locations and amenities offered. However, market standards hardly account for the human factors such as perception. Therefore, if you look at it from that point of view, then hard and fast definitions of luxury cannot be applicable.

If you have a luxury 1BHK flat in Mumbai and have furnished it well, then you may wonder about the scopes of profit when you intend to exit the market. A lot of buyers have this confusion because they are unclear about what is termed as luxury and secondly, what are the profit margins if you make your house over. Realtors believe that luxury addresses are those which one would like to see outside compared to inside. A high ticket price does not define a luxury property. Location is of prime importance for defining luxury properties. A builder may sell you a 1BHK flat in Mumbai for crores but its exclusivity is needed for the perfect location.

Even though a central location is a big determinant of the premium quality of a property, if the environment is polluted, has a lot of noise and traffic right outside, then the address qualifies as premium only in terms of connectivity but not quality of life. A luxury flat also needs to be efficient in terms of spaces. In order to lead a life of luxury, you need to be living in a spacious apartment. If all the corners of the apartment are cluttered and offer no scenic beauty then the flat cannot be justified to be a luxury one.

Technology also acts as a major factor when it comes to luxury. Even though you may believe that high ticketing prices symbolize luxury, there is a twist in the tale. As disposable incomes are rising, prospective buyers are more than willing to invest their money in technology. Therefore, developers have to be careful about the flooring and fittings of the apartment. Other amenities such as green technology, intelligent lighting and sporting facilities also need to be accounted for. When buying luxury flats, you need to settle for the right property developer.

In terms of luxury apartments, it is better to be an end user because as a tenant you can get only 4 percent of the investment you make. Your living standard must not be compromised. Appreciation in capital value is the best way to earn profit.

Even if you have remodelled the interiors of your house, asking for better bargains may not be the best thing. Pumping in a few lakhs to do up the house the way you want to, was for your convenience and choice. The quality of the flat may also be better but it does not raise the profit margin much. The maintenance of these luxury apartments is also very important, even if you have spent a lot of money buying them. The cost of maintenance per square feet is usually between Rs 8 and Rs 50 for square feet.

Property density also defines luxury in some cases. If there is a 1 acre project going on, not more than 60 families should be accommodated on it because that would compromise on the amenities available to all the residents. This destroys convenience for all residents. Luxury projects should additionally offer security through electronic surveillance and other security measures. Luxury apartments are often a misused term and therefore, as a buyer, you must look into factors apart from the high ticket price.