CHENNAI: When Nikhil moved to Chennai on work, he decided to consider purchasing a penthouse, not just the usual house.
Rapidly increasing networth, enhanced aspirations, and the desire to enjoy an affluent lifestyle play a major role in more and more individuals investing in ultra-modern, high-class homes. Premium penthouses reflect lifestyle as well as financial andsocial status.
The luxury housing segment is set for constant growth in India, despite the slow-paced economy. The previous year was a mixed one with Mumbai, Bangalore, Hyderabad and Chennai contributing 5, 7, 5 and 4 per cent respectively to the annual housing supply. According to estimates, the annual sales of penthouses and luxury houses are expected to increase at a compound annual growth rate of more than 30 per cent.
What is a penthouse?
‘Penthouse’ refers to the uppermost floor of an apartment block that stands out from the rest on the basis of additional luxury features. Fitted with avant garde luxury facilities, they feature in some multi-storey buildings. .
After making waves in metros such as Mumbai, Delhi, Bangalore, Chennai and Hyderabad, the extra luxurious features of penthouses are becoming a draw among the upper and the middle class in other cities as well. For one, it’s the view: the penthouse offers an awe-inspiring panoramic view of the entire city. It’s large, with ground to roof windows that provide wonderful natural lighting.
Plunge pools, swimming pools, aquariums, home cinema, library, jacuzzi, private terrace garden, gym, lounge spa/bar and other such high-end features are an integral part of these deluxe apartments.
Importantly, they have separate entrances and elevators.
Prices vary, depending upon the city and the location. With the ever-increasing shortage of land and residential places in metropolitan cities, the price of high-profile premium homes is on the rise and is expected to increase by over 12 per cent in the coming years.
Is It Right For You?
Penthouses are generally made according to the needs of affluent individuals. If you have more than enough networth income, a penthouse can meet your swish lifestyleneeds. It’s a place to retreat to after a hectic day’s work.However, if running errands or being active on the social circuit forms an integral part of your life, these isolated premium abodes would not be the ideal option for you.
What is the Resale Value?
The resale value of a penthouse is generally calculated on the basis of the current market price, age and condition of the property and locality. In metro cities, your penthouse can be sold at a price discount of over 7-10 per cent of the original value. In cities with limited residential space, the discount can mount up to 17-25 per cent of the original value.
For those who hope to fetch a better selling price in the future, purchasing a penthouse in Chennai would be the best option to consider. The current average rates are within the expendable limits of a middle class person and, considering the approximately 12 per cent price rise expected in the future, the penthouse might present a profitable resale value. Even if not for profit, the owners may be able to sell at a price almost equivalent to the original purchase price.
When one considers purchasing a premium high-rise dwelling, the price could be the factor that affects the final decision. Or it could be affected by the fact that it does not provide enough ritzy features for the price quoted. Obviously, if you are investing a huge amount, you’d surely want the best perks. In order to make the final decision, comparing the quoted price with the features provided would be a wise move. You need to make sure that you are really investing in the best property available in the market.
In the final analysis, having a penthouse as the primary place of residence is a statement of class and affluence. Investing in a luxurious penthouse can be an incredibly rewarding experience. So, identify your personal preferences, explore the available options, and enjoy a rewarding hunt.