5 reasons to buy a luxury apartment this year

Posted by Shaheen Shaikh on May 28th, 2018

It is a question that has bothered, and will continue to bother, legions of first time home buyers: Should I buy a luxury apartment or settle for a smaller, more affordable house?

It is a question that needs careful thought. On the one hand, a smaller house is a good place to begin your home investment journey. You can always buy a bigger home later. But this means shifting homes at a later date, and compromising your current lifestyle in a house that is not exactly to your liking.

In contrast, if you were to buy a luxury apartment as your first house, you need never move again and you can have the lifestyle you always dreamed of.

#1 It’s a great investment in a sluggish market. The real estate market in India is currently said to face a downturn – but this is good news for buyers. You can negotiate on a luxury apartment of your choice if you find that a certain real estate developer has unsold houses to sell. That is not to say that you will get luxury housing in major residential projects at throwaway prices. But certain real estate developers may be more amenable to discussing housing finance and including more amenities at the same price – so you can try your luck.

#2 It’s a great investment across several touchpoints. Generally, a luxury housing residential project by leading real estate developers is built to exacting standards. There will never be complaints about shoddy construction, lack of permissions, paucity of funds, reneging on amenities as previously promised, etc. So even if you initially feel that you are spending much more on a luxury house than you would on another property, in the long run you actually get a lot of value on your investment.

#3 It’s not as expensive as you think. Taking off on the point above, suffice it to say that a luxury real estate property is a better investment than an older resale house that you might get at a lower price. With a good real estate developer, there is less potential of having to get repairs done on the house all the time, or move later because the house is too small for your needs. You get a lavish luxury apartment with every kind of convenience already installed – and it can be your forever home.

#4 Leading developers are great to work with. Prominent names in Indian realty are redefining the concept of luxury and super luxury homes. They identify the right localities for building their projects, such that buyers get good appreciation for their investment. Besides, they are completely professional in all their dealings and follow the prevalent civic rules and regulations to the letter. Thus, they are good to work with.

#5 You can get housing finance easily. Another reason to partner with a reputed real estate developer when buying your dream house, is that the project probably has ready housing finance waiting for it. Several prominent residential projects have tie-ups with banks and NBFCs for housing finance. So if you need to borrow a loan to buy your dream house, the process goes through much faster and smoother than if you were to approach a non-participating financial partner.