5 things to remember when buying a luxury property

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The expanding Indian economy and advancements in the construction and real estate industries have worked hand-in-hand towards the rise of elite housing projects in cities like Delhi, Gurgaon, Bangalore and Pune. Investing in a luxury home is a big decision even for the upper middle class and for those with high levels of disposable income. Listed below are some of the key parameters to be acknowledged while buying a luxury property.

Location is the key word

Location plays a significant role in determining the price of the luxury property. A high-end apartment with chic recreational facilities and modern designs cannot command a premium price if built in an uncomfortable or unappealing location. For instance, luxury apartments in Gurgaon will most definitely cost you more than the ones in Noida for Gurgaon is more sophisticated and convenient than the latter location.

Top quality amenities

The list of mind-blowing amenities that boost the value of the luxury properties seems endless. Smart security features, swimming pools, sauna, spas, fitness centres, high-end kitchen and bathroom fittings, elaborate parking areas and imported interior design features add so much class to the way of leading a good life.

5 things to remember when buying a luxury property 1

How spacious is your luxury hide-out?

Luxury cannot be defined only in terms of modernity and high price. A luxury apartment or house must abide by the norms of floor area ratio and must be spacious enough to accommodate an uncongested mode of living. Open spaces are a mandatory addition to any home or apartment that can be classified as a luxury property.

Partnering with the right developer is highly critical

Not every real estate developer can offer a smooth end-to-end experience when it comes to delivering a top class luxury property. Look for an experienced developer who has successfully delivered projects in the chosen location, has intense knowledge about the various levels of approvals and permissions to be undertaken and is financially sound. For instance, if you are looking for a luxury home in any city within the NCR area, DLF would be an ideal choice. The best real estate developers vary from location to location and therefore proper research must be carried out before making a choice.

Does your new home truly contribute to your lifestyle?

This is the most important yet the most over-looked question while investing in a luxury home. Buyers must honestly evaluate the level of value brought to the table by their new luxury home and must not be carried away by eye-candy advertisements or false promises from the developer.