The real estate market of the country has faced the ebbs and flows of the fluctuating economy throughout, but the question arises- how profitable could the deal be in this slow paced market? While a group of experts would recommend you to wait for the better days ahead, many industry insiders believe that the market would catch pace in the coming months, and the coming year will revive the weak luxury property market in the various metropolitans of the country. Before beginning with the vital questions that would help you get the pulse of the market, let’s have a deeper insight into what makes a property luxurious.
What Shifts A Property Into The Luxury Segment?
Location– The properties in the luxury segment are not situated on the outskirts of the big cities. In fact, the properties are located in the central location of the city and are well connected to the different parts of the city and offer impeccable infrastructural facilities to the residents.
Space– The buyers that are looking for the spacious rooms and common areas generally invest in luxury property segment. They are ready to pay more money to get bigger rooms, which is quintessential for a luxury property.
Amenities– The properties that lie in luxury criteria offer all the facilities that are not available with the regular units. The residential luxury properties usually have pools, sauna, pubs, gyms, and a lavish club.
Material- The material used in the construction of the luxury properties is usually imported. The marvel, accessories, and sanitary ware are expected have a finer finish. Top quality materials are used in the furnishing of the house.
Brand- The luxury properties are offered by the A trade developers that have proved their mettle in the industry and exhibit their signature style in the construction. This makes the properties in the luxury segment better and worthy than the properties in the regular or premium segment.
Current Status Of Luxury Property Market
According to the industry expert AS Sivaramakrishnan, the luxury property market of Bangalore has done the best in the past one year. Following Bangalore the market in Hyderabad and Pune also has picked up; however, the market of Delhi would take the time to gain pace due to the project deliveries being constantly postponed.
In India, the luxury property market constitutes only 3-4% of the total market. Mumbai rules the segment with its property priced between Rs 40-50 crores. In Pune, the luxury property costs around Rs 5-6 Crores, and within Rs 4-9 Crores in Chennai. According to Sivaramakrishnan, the property market of Chennai will pick the pace with more transactions in coming year.
Is It The Time?
According to the experts, it is better to buy a property in a seemingly bad market, instead of following the crowd blindly at better times. Buyers have to understand the pace of the market and take actions accordingly.
When you are investing such a huge amount in buying property, doing a complete study on the current marketing trends is vital. With the hope the above-given information would help you invest in luxury property smartly, I take your leave. Thank You