Real estate market in India has been witnessing steady growth as people are in a constant search either for housing purpose or as an investment opportunity. Owning residential property in a desirable location with all basic amenities and facilities is a dream come true for all homebuyers. But the question of whether to choose a luxury or affordable apartment lies ahead of the homebuyer before making a decision. Take a look at the below-mentioned features and benefits of owning a luxury and regular apartment:
As the name suggests, luxury apartments are loaded with all the luxe and posh materials, facilities, and amenities. These are automated homes with the latest technology including artificial intelligence and machine learning for fast and easy living. Constructed focusing on the high-end consumers, these apartments are preferred by home buyers who seek a luxurious lifestyle with more comforts and would also be a highly secured living space with emergency services as well. The prime location of the apartment adds to its defining factor of luxury. The price range falls anywhere between Rs. 1 to 4 crores, which would vary depending on the amenities provided in the apartment. They are spacious and would have a minimum of 1500 Sq. Ft. coming in 3 or 4 BHK variants. With an expansive kitchen, balconies, super-spacious rooms, quarters for the maid and much more, your home would be a spacious paradise.
Luxury apartments have proved to be a performing asset in the market with its rental value being 40% more than regular apartments. They are generally located in a good neighborhood with a direct view to beautiful water bodies, lush greenery or the stunning cityscape.
There is a high demand for affordable apartments in the real estate market especially in cities like Kochi, Bangalore, Chennai, and Pune. The major reason for this demand is tagged to the large middle-class category among the Indian population. The price range of affordable apartments starts from Rs. 25 lakhs and goes up to Rs. 90 lakhs. The appreciation range for these properties would be between 2 -4% and the price volatility is less when compared to the luxury apartment as the market of affordable apartments is higher than the other.
Affordable apartments are in high demand for rental purposes too. The second major factor that homebuyers look for in affordable apartments, after price, is its spacious living spaces. From 700 to 1200 Sq. Ft. these apartments suit the requirements of individuals, nuclear families or people living in small groups. They would also get to enjoy basic amenities and facilities like children’s play area, common terrace, indoor games, gym, uninterrupted water and electricity supply, etc.
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