The real estate market in Chennai has seen a resurgence of luxury projects. In fact, luxury projects in Chennai have seen a significant growth in the last few quarters. Real estate experts are optimistic that the demand for luxury apartments in Chennai will rise in the coming years. Now, when it comes to comfort, convenience and quality, luxury apartments raise the bar. If you aren’t aware of the difference between regular and luxury apartments, here is a comprehensive list of features that sets the two apart from each other: -
Upcoming luxury apartment projects can Chennai offer apartments in the range of Rs.1 to 4 crores. The price will depend on the amenities provided and the location. When you purchase a luxury flat in Chennai, you can expect an annual appreciation of somewhere around 4 per cent to 7 per cent, but when it comes to rental, you can expect up to 40 per cent higher rental compared to regular apartments.
Regular apartments remain in high demand due to the lower prices. Prices for regular apartment range between Rs 40 lakhs to Rs 90 lakhs, which will depend on the location and amenities.
2. As an Investment
A luxury apartment in an upscale neighborhood is a good investment option. As mentioned before, the rental value for luxury apartment is around 40 per cent higher as compared to a regular apartment. For investors looking for consistent rental income, regular apartments are a much better option as they are more popular among the floating population which prefers smaller spaces that are affordable.
Also, price volatility is more when it comes to luxury apartments. Regular apartments tend to have a steady pricing and are much more of an attractive option for all.
Luxury apartments in Chennai come up mostly in up-scale neighborhoods of the city to attract a more affluent clientele. Regular apartments will come up in newer neighborhoods and up-coming suburban areas.
A luxury apartment in Chennai can spread over more than 1800 sq. ft., featuring a 3 or 4 BHK space, expansive kitchens, attached balconies, maid quarters and even a party space. Regular apartments, on the other hand, usually range from 700 to 1200 sq. ft., and are often compact units with everything under the same roof.
5. Floor-to-ceiling height
This one is among the highlighted feature of luxury apartments. The ideal floor-to-ceiling height in luxury apartment is 12 feet or above. Anything below this and the apartment loses the luxury tag. When it comes to regular apartments, there is no set standard but the usual floor-to-ceiling height 10 feet.
6. Amenities and Comfort
The amenities and comfort offered inluxury apartments is what sets them apart from regular apartment. Luxury apartment offer a number of amenities for the comfort of its residents. These range from roof-top private pools, Juliet balconies to canopied walkways, luxury projects in Chennai offer amenities that lets you live your life king size. Another hallmark that defines luxury apartments is the use of top-of-the-line construction materials and fittings.
Regular apartment projects offer standard amenities such as power back-up, swimming pool, a functional gym, etc. for all its residents.
7. Highly secure living space
Luxury apartments have a much higher levels of security. Features such as emergency buzzers, intercoms, top-of-the-line security installations are common features of luxury apartments, ensuring a stress-free life. Many of the luxury apartment projects also provide solar generators, accident and medical emergency relief rooms, natural disaster bunkers and safe rooms.
Regular apartments lack these safety features and offer collective installations. These include power-backup and secure access with guards stationed at entry points. The regular apartment complexes have a shoestring budget for security and mostly rely on outsourced agencies.
While both luxury and regular apartments offer something for the homebuyer, tilting the scale in favor of one is difficult. The demand for the both regular apartment and luxury flats is on the rise in Chennai but in the end, the choice of a luxury flat or a regular apartment will depend on a mix of economics and emotions.