New Delhi: In Indian real estate, 'luxury' is by far the most-abused word by residential project developers. Any project offering basic amenities is classified as 'luxury' in marketing materials, advertisements and pitches. We have actually seen projects wherein 1 BHKs are being offered along with 2 and 3 BHK units being touted under the luxury tag. What is wrong with this picture?
In the first place, luxury living in any context must necessarily involve generous living spaces. Going by that alone, a 1 BHK cannot qualify as 'luxury' by any stretch of imagination. Secondly, the interpretation of luxury in the Indian context also includes an element of exclusiveness. In other words, the buyer of a luxury apartment - apart from superior amenities and facilities - also expects to live in a project which offers a certain socio-economic standard as a neighbourhood. Therefore, when a project offers one-bedroom apartments, it automatically disqualifies itself from the 'luxury' classification.
Given that developers will continue to call every project luxurious, it is important for buyers to understand the definition, context and meaning of luxury in Indian residential real estate. But before this, let us first examine the investment dynamics of genuine luxury homes.
Buying a luxury apartment for self-use already involves the need for multiple checks and validations in any case. However, when it comes to buying such an apartment for investment, the need for 360-degree due diligence is even higher. After all, the final objective is returns on investment. If one is considering investing in a luxury apartment, one must understand what the hallmarks of genuine luxury in residential real estate are:
