SMART SOCHO: What to look for in a luxury project

As the saying goes - All that glitters is not gold - similarly many developers are trying to market their projects in the luxury and premium category without any real justification. Rajesh Kulkarni lists a few pointers to clinch the real deal.

With India back in business as a popular destination for property investors, there has been a noticeable upsurge in the number of luxury, super-premium and the super-expensive By-Invitation only projects being launched pan-India, targeting the rich-and-famous and of course the HNI investor looking for a big-ticket purchase back home.

While there is nothing wrong in selling luxury homes to those who can afford them, there has been a simultaneous increase in the number of wannabes posing as luxury projects waiting to con the gullible investor/buyer.

Typically such projects tom-tom about the array of facilities on offer (in the said project) in their expensive brochures, but fail to shed much light on the more important aspects, like the construction quality and security aspects for example.

It's therefore all the more important for the buyer or investor to be able to distinguish between chalk and cheese or in this instance, a true luxury project from a poor imitation. Not sure, how to go about recognizing the real deal? Don't fret, read through the few handy pointers mentioned below on what to look for in homes/apartments/duplexes that justify the luxury tag.
 
Convenient Location: The most fundamental and arguably the most important aspect of purchasing property, luxury or otherwise. For HNIs and business persons this might translate into a project located in the vicinity of important landmarks like the airport, central business district, five-star hotels, with excellent connectivity to other parts of the city.

However on the flip side such locations are frequently known to bear the brunt of hazards like noise pollution, traffic jams and over-crowding. It's best to settle for a location that strikes a balance between functionality and ambience.

Say Hi To Your Neighbour:  The fewer the better. Genuine luxury projects thrive on exclusivity and protecting the privacy of their residents. Ideally a luxury project will have just one or two homes per floor. You know you are being conned when the apartment being shown to you as an 'exclusive flat', has three other flats on the same floor.

Room with a View: Or in this case a home with a view. A project with all the possible frills in terms of amenities and facilities has no meaning if the only panoramic view it offers is that of a filthy slum colony, traffic-choked highway or in a worst case scenario, a graveyard or hospital.

Not only is it an eyesore but it also has an adverse effect on the apartment's rental and resale values. Moreover what the point of having a state-of-the-art gymnasium, if one can't use it because of the not-so-pleasant view it affords?

Amenities on Offer: Typically HNIs and other well-heeled buyers are used to a money-is-no-object lifestyle and settle only for the best on offer, when scouting for a property purchase.

Projects that make the luxury cut usually have an assorted mix of lifestyle and recreational attributes like a swimming pool, modern clubhouse, gymnasium, landscaped gardens, 24-hour security, ample parking and so on while the interiors are most likely to feature air-conditioning, Wi-Fi, modular kitchen, marble flooring, LED television and a private sun-deck ( as per the latest trends).
 
Quality of Construction: A very important but frequently ignored aspect, the construction quality is generally assumed to be top-notch in a luxury/premium project. While this may be the case with a majority its always better to ensure that the project qualifies on key quality parameters like the use of high-quality raw materials (sand, cement etc), has a RCC structure, is earthquake resistant (more so in light of the recent quakes in Nepal and parts of India) and has ensured the use of high quality materials like fire-resistant sliding windows, imported or best quality modular kitchens, best quality wiring and fittings and branded electronics (if any).

Adequate Security: Living it up in a luxury project is great but not at the cost of your personal safety and that of your loved ones. Genuine luxury projects always accord the safety and security of their residents the topmost priority. The presence of adequate security personnel and surveillance equipment is also a indication that the developer is serious about protecting your privacy and ensuring your safety.

Always ensure that the project you choose follows suit in terms of state-of-the-art security and surveillance apparatus like CCTV, video door phones, intercom and restricted entry for outsiders, but do stop short of expecting grills on all the windows, which is known to ruin the aesthetics of a project.

Its only when your chosen project has cleared the above-mentioned basic parameters with flying colours, that one can be reasonably sure that the project is not a 'luxury wannabe' but the real deal.