Lux­ury Apart­ments

Accommodation Times - - Editorial - - Mu­rari Chaturvedi mu­rari@ac­com­mo­da­tion­

It is global trend to­day to con­struct lux­ury flats for the elite. Lux­ury homes are con­structed as apart­ments, ur­ban- vil­las and bun­ga­lows, to sa­ti­ate the grow­ing needs of su­per rich pop­u­la­tion, who are pre­pared to pay for ex­pen­sive liv­ing spa­ces. Th­ese houses of­ten are de­signed by for­eign ar­chi­tects or the top most ar­chi­tects in In­dia in key lo­ca­tions. The branded res­i­dences is emerg­ing con­cept wherein de­vel­op­ers tie up with in­ter­na­tional hos­pi­tal­ity or life­style brands. The mar­ket for su­per lux­ury hous­ing in In­dia is around 5 per cent of the to­tal res­i­dences for the su­per rich that prefers the con­ve­nient lux­ury homes. De­vel­op­ers are cre­at­ing in­tel­li­gent liv­ing spa­ces with lat­est gad­gets and tech­nol­ogy. The most common fea­tures of lux­ury houses are dig­i­tal locks, elec­tronic surveil­lance sys­tem, temepra­ture con­trol, wire­less com­mu­ni­ca­tion for in­ter­net and in-house en­ter­tain­ment. Sys­tems with sen­sors are used to en­able res­i­dents to con­trol am­bi­ence, lights and tem­per­a­ture through pre- pro­grammed gad­gets. Th­ese homes are in­tel­li­gent enough to sense hu­man pres­ence and ac­cord­ingly ad­just light and tem­per­a­ture of the apart­ment. For price there is no limit or cal­cu­la­tion of per square foot. The price range is from Rs. 2.5 crores to Rs. 75-80 crores com­plete with build­ing man­age­ment and tech­nol­ogy sys­tems. Sev­eral res­i­den­tial projects such as Ra­heja De­vel­op­ers Reventa in Gur­gaon, a sub­urb of New Delhi, has restau­rants, cafes, spa­ces, lounges, common swimming pools, valet park­ing, au­to­mated car wash­ing and he­li­pads. Spa­cious lux­ury apart­ments come with top qual­ity in­te­ri­ors, bath­room fit­tings and de­signer kitchens. In places like Delhi, where win­ter is se­vere, cen­tral heat­ing is also pro­vided. Lux­ury res­i­dences are be­ing con­structed in Mumbai, Delhi, Ban­ga­lore and in almost all met­ro­pol­i­tan ci­ties. Re­search re­ports men­tion that lux­ury hous­ing mar­ket will grow at a com­pounded an­nual growth rate of over 80 per cent dur­ing 20122014. The de­mand for lux­ury homes is low and in short term no price ap­pre­ci­a­tion is ex­pected in near fu­ture. Mumbai is the 16th most ex­pen­sive city in the world in terms of own­ing a prime res­i­den­tial prop­erty. De­spite slow de­mand of lux­ury homes, af­flu­ent in­di­vid­u­als are in­creas­ing and so is the de­mand for lux­ury homes.

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