Tag Archives: Estate

Indian Luxury Real Estate – Then and Now: How Has It Changed Over the Years?

From time to time, Indian luxury homes have seen plenty of turning points. The subsequent article talks regarding the ever-changing times and with it, however, the definition of luxury has been modified. Also, we have a tendency to perceive the present state of affairs of luxury realty in India and a few of the Indian residencies that are far-famed globally. There has been extraordinary amendment within the approach we have a tendency to outline luxury nowadays. Talking regarding earlier times, luxury was just for the wealthy however nowadays the builders have made it possible for the average person to afford the luxury.

What’s luxury? If we go by the book, luxury is a few things that define a state to excellent comfort and class and involves hefty expense. If we have a tendency to elapse realty which means, luxury suggests that having access to amenities that provide you with a more exquisite living.

Today, the Indian realtor market sees luxury housing as one of the quickest growing sectors of real estate. Growing economy, growing aspirations and ever-changing lifestyles are some factors that effectively contribute towards the expansion of luxury realty. Additionally, allow us to observe however luxury housing has altered its definition from the past to this point and what’s the present state of affairs of luxury realty in India?

The Golden Age of Luxury

Earlier, luxurious homes were outlined by palaces that the rajas and maharajas of our nation owned. They featured a variety of spacious rooms, stunning design, chandeliers, gigantic doors and an area that would accommodate more than a thousand of individuals. These were the residences of royalty that lived there in luxuriousness and grandeur manner. Nowadays the royal palaces are either used as a heritage building or some are restored to luxurious hotels.

The glorious and spectacular royal palaces still have the luxurious feel. The royal palaces that took years to complete had labyrinthine styles that beautified the appearance of the palaces. But, nowadays luxury housing includes a totally different image.

The Luxury Housing Division of these days

The luxury housing division is the in trend of the realty market and also the numbers of individuals choosing luxury are rapidly growing. The definition of luxury remains constant, solely distinction that these days it’s affordable by an individual not belonging to the royalty. The developers are constructing top-grade projects that enable the residents to reside a lavish life with the access to any or all amenities that one aim. Indeed the state of affairs is such, that the luxury real estate these days forms a serious part of the entire real estate market of India.

Luxury homes in India these days vary between Rs. 1 crore to Rs. 15 crores and are very demanding even once the market is facing a rigid condition. Indeed individuals looking for affordable housing faced the inflexibility within the market. The luxury real estate market was hardly laid low with the market state of affairs and in fact, manifested to be profitable for the developers. There are some reasons why there’s a sudden shift towards luxury within the realty market today:

  • Luxury and ultra-luxury projects have reported nearly 10 times appreciation from the launch value.
  • Encouraging pre-sale activities that led to complete selling out of entire projects.
  • Developers are ready to secure important fund flows to capitalize the completion of the project.
  • The expanded visibility and reliability of the builder name among the market that results in higher sales of the mid-range housing project by the builder.

Some Luxurious projects in India

Other than these Builders like Hiranandani, Lodha group and more are constructing homes that are reasonably priced by the high-end segment. To name a few projects those fall into the luxury category; Sikka Kingston Greens in Rajpur Road Dehradun, Emaar MGF’s Marbella, World Towers in Worli Mumbai and Panache Valley in Sahastradhara Dehradun by ABL Projects.

Different Developments You Can Get From The Top Real Estate Companies

For people searching for an excellent real estate investment, the only logical option you’ve got is to invest in luxury properties. Such structures will offer the right balance of elegant design, exclusivity, highly coveted addresses, sophisticated amenities, and sophisticated branding that those with a taste of the good like are sure to cherish and love. In order to meet the preferences and demands of their high-end market, luxury real estate developers are now offering a wide range of properties that are sure to address various investment considerations.

Kinds Of Properties That Reliable Property Firms Offer

Hotel Suites – When the experience of high-quality hospitality appeals to your sensibilities, your best option would be luxury hotel and hotel residences. It comes with well-loved features like sky lobbies with very stunning views. These features will include sophisticated spas, rooftop infinity swimming pools, and private screening rooms. The promise that these luxury hotel residences offer is fashionable living. Apart from that, you can also choose to let these properties earn an incredible rental income for you in case you are in another part of the globe.

Vacation villas, mansions, and homes – Some rich investors want to make a home out of a quiet pocket of space in the middle of the busy city. These developments will offer mansions, homes or villas that can act as your main residence. No matter what setup you choose, the experience of luxury you get to enjoy remains the same. You and your family can prosper in an exclusive community with its own beautiful tropical rainforest, very spacious areas for different outdoor recreation like sparkling water features and cycling, and a well-designed road network system and master plan. These properties will also boast of different kinds of environment-friendly technologies for harmony with nature.

Luxury apartments and condominiums – In a thriving and dynamic city, it is no doubt that the rich wants to be in the center of it all. They want to be nearby high-end dining and shopping establishments, the central business district, recreational centers, and the top destinations of tourists. For these people, a great piece of luxury property situated in a prime location would be the thing they need. Be aware that some of these residential properties might face golf courses that can provide them with excellent views of the lush greenery from their apartments. Apart from that, the towers housing these apartments can have their very own retail establishments. Thus, residents can have everything that they need without the need to venture out of the community. Most importantly, residents will have year-round accessibility to superlative amenities.

7 Things You Should Know About the NYC Luxury Real Estate Market

1. You DON’T have to spend a ton of money. (Relatively speaking.)

Plenty of strategies exist for those who want to purchase NYC luxury real estate but don’t want to spend an exorbitant amount of money. One way is to purchase a unit in a lower floor of a luxury building. A second floor unit can cost as much as 19% more than a comparable unit on the first floor. Another option is to seek units with higher maintenance or common charges per month, as those often have lower asking prices. Alternatively, some lines in a building can carry a higher price tag than others… for instance, a unit line with windowed bathrooms will fetch much more on the open market than a line whose bathrooms are lit only by fixtures.

2. Get Bank-Approved.

If you need a mortgage to purchase a NYC luxury real estate property, you will want to get a mortgage approval letter from your bank stating the amount of mortgage loan for which you are approved. Savvy sellers can legally tell their brokers to only show properties to buyers who are “bank-approved.” A bank qualification letter is not the same as an approval letter, and will not qualify you to see a property under bank-approval requirements.

3. Know Your Terms.

In the real estate industry, “terms” refers to the stipulations under which money is given. For cash-closers, this relates to among other things, how many days needed to close. For mortgage holders, it refers to your percentages for interest as well as time needed to obtain the funds from the bank and transfer them into the appropriate ESCROW account. In a real estate transaction, terms are equally as important as cash, because they dictate to sellers under what conditions they will get to recoup their original purchase price. If you know your terms inside and out, it will make it easier for your broker or agent to negotiate with sellers for you.

4. You CAN do your own research, and you probably should.

According to the National Association of Realtors, 88% of individuals start their real estate search online. In New York City, home of the savvy shopper, over 90% of buyers and renters start their search online. The importance of doing your own research is to be ahead of your competition – other ready, willing and able buyers. Each NYC luxury building has its own rules for purchase and its own amenities to offer. Each area of Manhattan has its own disadvantages, quirks and advantages. And not every real estate agent or broker is equal. You will want to some conduct some preliminary research in order to stay ahead of YOUR competition – other ready, willing and able buyers. Which brings us to our next point…

5. Competition IS fierce.

You’ve probably heard this adage before in regards to the NYC Rental market: bring a bank-certified check with you and be ready to close on a rental unit you like as soon as you see it, because the next person to see it might just snag it from under your nose. Similar fervor applies to the NYC buyers’ market, especially for luxury NYC real estate. International all-cash buyers are most likely your strongest competition in the NYC luxury market. They can walk right in and say “I’ll take it,” and cash buyers can close in as little as two weeks. Know your own financial situation, and know just how quickly you are ready to move on a property you like. The ability to quickly move into ESCROW will give you a significant advantage against other buyers.

6. You NEED a competent broker.

Just because a property falls under the luxury umbrella, does not necessarily mean that it is problem-free. Structural problems such as improper weight baring pillars and roofing issues, evidence of water damage and mold, or piping and HVAC problems are just some of the problems one can find in any property. That is why it is integral that one conducts a home inspection before signing on the dotted line. Most importantly, make sure your contract for purchase includes a home inspection contingency, i.e. a statement that permits you to freely walk away from the property if the inspector finds a problem with it. A competent broker also won’t waste your time or their own by showing you properties that aren’t satisfactory.

7. The NYC Luxury Real Estate Market never really dipped.

The New York City real estate market is a market unto itself, comparable to none other in the United States. It plays by its own level of supply and demand rules. International demand for NYC luxury real estate continues to be one significant reason why Manhattan prices are so high compared to other areas. REBNY reported that 2012 was the most successful year (over $30 billion in property sales) for NYC real estate since 2008. REBNY also reported that broker confidence in the market has been higher in January 2013 than in any month of 2012. Sales numbers across most brokerages point to the fact that we are continuing to trend towards a sellers’ market, as sellers and co-op boards continue to be able to pick and choose among a pool of possible buyers. Know that the NYC luxury real estate market is not depressed by any means and factor this knowledge into your approach to purchase.