Buying A Luxury Home? Experts Suggest What You Need To Keep In Mind While Finalising The Deal

The luxury housing demand in the country is on the rise despite continuous hikes in prices. Rising aspirations among people and increasing income levels are pushing the luxury housing sector. If you are also considering buying luxury housing, you need to keep in mind a few factors including location, developer’s track record and financial prudence. Experts suggest what you need to check while buying a luxury house.

Prime Location

Buying a luxury home involves consideration of various factors to ensure a judicious investment in real estate. To start with, selecting the right location should be a paramount criterion.

“A prime location not only enhances the property’s value but also ensures proximity to essential amenities, prestigious schools, and thriving commercial hubs, contributing to a lifestyle of unparalleled convenience,” Amrita Gupta, director of Manglam Group and founder president of CREDAI-Rajasthan Women’s wing.

Sharing similar views, Aditya Kushwaha, CEO & director of real estate developer Axis Ecorp, said the location stands as the cornerstone of a luxurious residence. It’s not just about four walls but about the vibe of the neighbourhood.

“Whether it’s the panoramic views or the proximity to the city’s cultural hotspots, a prestigious address works as a ticket to a life less ordinary. Moreover, a prestigious address not only enhances lifestyle but also contributes to long-term property value,” Kushwaha said.

Track Record of Developer

Amrita Gupta said that buyers should meticulously examine the track record of the developer. Opting for a renowned and reliable developer ensures the quality of construction, adherence to timelines, and compliance with regulatory standards.

“This scrutiny safeguards the buyer’s investment and guarantees a seamless home-buying experience,” she said.

Kunal Rishi, chief operating officer of Paras Buildtech, said that when engaging with a developer, transparency is key.

“Scrutinise the developer’s reputation, ensuring a legacy of delivering on promises and exceeding expectations. The quality of craftsmanship is non-negotiable, with an emphasis on bespoke elements that elevate the living experience,” he said.

Amenities Offered

Axis Ecorp’s Aditya Kushwaha said buyers need to closely check amenities being offered. he said there are the amenities, from spa-like retreats to homes that practically run on smart tech wizardry. “It’s not just about the now, it’s about investing in the kind of comfort that makes every day a VIP experience.”

Paras Buildtech’s Kunal Rishi said the acquisition of a luxury home is an investment not just in property but in a curated lifestyle, a manifestation of personal triumph, and a sanctuary where every detail reflects the connoisseur’s discerning taste.

“Attention to detail is paramount – from the finest finishes to cutting-edge technology seamlessly integrated into the living spaces. Environmental consciousness is no longer a choice but a responsibility, and eco-friendly practices should be woven into the fabric of development,” said Vineet Dawar, senior vice-president (sales & strategy) of Elan Group.

Check For Registrations, Clearances

Venket Rao, a RERA expert and the founder of Intygrat, said, “Before indulging in the allure of luxury homes, ensure your dreams are built on a foundation of security. Take the prudent step of verifying whether the property holds the coveted registration under the Real Estate Regulatory Authority (RERA), guaranteeing adherence to essential regulations.”

He said it is also important to check structural resilience by seeking clearance certificates, especially concerning the property’s ability to withstand natural calamities such as earthquakes.

“In the realm of luxury real estate, let your aspirations be anchored in a foundation of regulatory assurance and structural robustness, ensuring that your dream home stands the test of time with both elegance and resilience,” he said.

Future Growth Potential

Experts said buyers must also look into the prospect of the place they are going to purchase the property.

“Astute investors look not only at the present allure but also at the future growth potential, ensuring their investment stands the test of time. Especially when we talk about Delhi-NCR, the convergence of luxury and strategic location becomes even more paramount, offering residents an unparalleled lifestyle in this dynamic and vibrant region,” said Adil Altaf, director (sales & CRM) of Whiteland Corporation.