While the idea of luxury is ever-evolving, luxury apartments have always been the stud of the residential market. What always brought about the major rift between budget and luxury apartments in the past was the factor of affordability. The prices at which luxury apartments were sold a few years ago catered only to the financial status of the rich, leaving out the rest of the population with no access to luxurious living. This has changed significantly over the years with certain builders coming into the picture, who changed the definition of luxury forever.
What are the defining features of a Luxury Apartment?
Price
A luxury apartment would cost 1 to 4 crore while regular apartments would only cost 40 to 50 lakhs. The price may vary depending on the location of the apartment and the amenities that come with.
Upscale Neighborhood
A luxury apartment usually houses a certain class of people. Builders these days even try to create niche neighbourhoods for different employment sectors.
Space
Luxury Apartments have an area of 1400 square feet and have ample bedrooms (usually 3 to 4 bedrooms).
Amenities
A luxury apartment is always a well-equipped smart home with features like voice control, monitoring systems, motion sensors, and entertainment systems. Other amenities include gymnasiums, swimming pools, and power back-up.
What is an Affordable Luxury Apartment?
Affordable Luxury Apartments have been embraced by Indian Realty Sector as a successful trend. These houses come in affordable price ranges without compromising on comfort or convenience. They meet global standards while sticking to a certain budget that pleases the middle-class homebuyers. Thanks to builders who incorporate the features of luxury apartments into regular units; luxury apartments are no longer the exclusive reality of the rich. Affordable luxury housing has broken the barrier for middle-class families who aspire to live a luxurious life.
Despite being at a loss, the builders are in favour of this idea due to the rising demand for such products among young couples and nuclear families who constitute most of the population. Premium luxury apartments are financially available only to less than 10% of the population. Therefore the scope of broadening the business is greater in affordable luxury housing. To compensate for their loss in this housing, the builders buy land for low prices, use construction materials that are reasonably priced, and avoid posh areas.
Redefining Affordability
The aspirations of homebuyers keep moving up the strata due to their exposure to different living standards. Affordable luxury houses come with almost all the features of an upscale house. Though location and size used to be the primary concerns of a middle-class homebuyer, the amenities and infrastructure matter a lot today. Vastu compliance, yoga rooms, gymnasiums, game areas, home cinemas, and other recreational facilities are all common features in these apartments.
The growth of suburban micro-markets due to increasing job opportunities has contributed to the growth of affordable luxury houses. People who migrate to suburban areas for work are looking for homes that can alleviate their work pressure. An affordable luxury apartment is a repository of comfort and convenience that can ease people’s lives. People who move in with families also go for them as these houses have 3 to 4 bedrooms.
It is not just the upper class who wants to live in a house that has its own entertainment system or a gymnasium. The fact that convenience is a universal aspiration, irrespective of people’s class, is the major force that brought luxury houses to the commoners. Adroit Urban Developers have been at the forefront of affordable housing and have completed residential apartments in Chennai that offer top-notch amenities. The builder’s spacious Vastu compliant premium apartments in Chennai come with gymnasiums, home cinemas, yoga rooms, and recreational facilities. They have 3 BHK and 4 BHK flats in Chennai that are aiding the lives of people in the suburbs.
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