What defines luxury when it comes to real estate? Key things to keep in mind

Applied to real estate, luxury takes a whole new meaning. The very size of the investment and the extensive nature of material, design, specifications and functionality that goes into a luxury home makes it the biggest purchase in the context of even the most affluent across the world. Yet are luxury houses just very expensive properties? What are the qualities of a property that defines it as a luxury property? Piyush Nyati, Joint Managing Director, Nyati Group explains.

Modern luxury property is primarily about location
A luxury home in whichever city or part of the world usually begins from a premium address in the upmarket neighbourhood of the city. Most luxury developments gravitate or are planned around premium neighbourhoods, roads or streets which are in demand by the well-heeled and affluent consumer groups so the material cost of building a luxury home is anyways factored into the pricing. With that comes the added comfort of space, the convenience of premium social conveniences being close by and in many cases of vertical neighbourhoods – the views. Adding to that come the advantages of larger-than-life or luxury amenities: private clubs, Olympic-sized pools, heated indoor pools, boutique restaurants, branded gyms which cater to the lifestyle of the premier citizens who go on to become the residents of these coveted addresses. When it comes to the location of modern luxury homes, these are in areas are which are constantly expanding, evolving and offer a comfortable life, and ensure healthy appreciation.

Top-line specifications and premium-quality materials
In modern luxury homes, construction materials, finishes, appliances, and design everything cuts above what is normally considered standard. Marble sourced from European quarries, glass from leading glass makers, imported flooring material, motion-sensing lighting technology, app-operated, internet-connected security cameras, cutting-edge network-connected systems, equipment and appliances have all become common components of luxury homes.

Lavish or curated amenities
Luxury homes aim to provide you with a charmed and resort life. Hence, many luxury apartments come with lavish amenities. From exquisite clubhouses, in-house badminton and racquet courts, mini-theatres, arcade rooms, branded gyms and jacuzzi pools, modern-day luxury homes incorporate the most exquisite amenities which sets them apart from other standard or mid-segment properties.

Smart home features
Luxury homes are crafted with smart features such as a security system accessible via apps, motion sensor lighting, timer-set lights, curtains that operate in sunlight, a smart thermostat, and more. These features vary from one luxury house to another, making it unique in the true sense.

Safety, security and privacy
Many luxury apartments have in-built security features that are a must. Right from the security planning of the main entrance to lobby-level accesses to the apartment – these security features ensure that the profiled clients also have a secure and private enclave to themselves. Such homes come with smart locks, CCTV cameras, and safety alarms for fire, floods, or break-ins. Apart from home security systems, these luxury apartments also have strong security at the entrance of the property.

High-end buyers like their homes to be true sanctuaries. Hence, privacy is a top requirement. In modern luxury homes, this can be afforded with lawn areas, high walls, foliage for cover, and gated entrances with security guards. These privacy aspects keep the residents at a safe distance from their immediate surroundings.

Developer’s reputation
Brands are synonymous with luxury and here as well, HNI buyers of luxury homes prefer to go with branded developers with strong engineering credentials and product reputation. Developers with a legacy of excellence and credential in delivery are the first port of call for most affluent buyers and later specific addresses within their portfolio come up for consideration. Often if the developer has strong construction and delivery credentials, HNI groups prefer to tailor custom residential developments to their own expectations.