Saying yes to luxury
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There are takers for luxury apartments, however highly priced they are. Why are such apartments favoured by some?
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PHOTO: H. VIBHU
ADD-ON FACILITIES: A swimming pool at an upmarket residential apartment complex in Kochi.
To own a house is every man's dream. And to some, a home is much more than an abode. It is a statement of one's material success, lifestyle and social standing. Naturally, such people may dream big and translate it into reality too.
The present scene makes it possible for even young professionals holding jobs in IT and other promising fields to invest in houses or flats costing up to Rs.25 lakhs with ease, thanks to their high-salaried jobs and the liberal and flexible housing loans provided by banks and private institutions.
But then what about owning an apartment worth Rs.30 lakhs or more? Yes, even properties with big price tags are increasingly finding takers. While around 50 per cent of the buyers are non-resident Indian's, the rest are those who do not go believe in budget options.
Some, who are hesitant to publicly admit having made big investments, are, in reality, going for the so-called luxury apartments.
Location and price
Location plays an important role in influencing the price tag. The prime localities in demand are Thevara, Panampilly Nagar, Marine Drive and around M.G Road. "To stay in a location away from the city or have easy access to schools, colleges, offices, shopping complexes and hospitals are the foremost concerns," says Raffi Mather, Director, Mather Projects and Constructions. "People have started considering Kakkanad too as a premium location," he adds.
"Buying 10 cents of land costs over Rs.65 lakhs in Panampilly Nagar. Building an independent house of 3,000 square feet would cost another Rs. 40 lakhs to Rs. 50 lakhs. Considering this, buying an apartment is cheaper and provides other facilities and benefits that an independent house does not give," he explains.
Waterfront apartments are also in high demand. So, are locales that give a better view of the city. "Treetop levels and a better view of the surroundings influence people to choose the upper floors," says Anil Kumar, marketing head, Southern Investments.
Costly view
In cities such as Thiruvananthapuram, Chennai and Bangalore, the rates of the apartments go down as one opts for the higher floors. The trend in Kochi is different and is similar to the one in Mumbai, where the higher you go, the costlier the apartment becomes, the rates increasing by around Rs.50 per square feet. The scenic beauty and the cost of transporting the materials up are among the reasons for the higher cost.
"Demand decides the price," adds Mr. Anil. The cost factor also varies with the kind of apartment - whether it has three or four bedrooms.
Most high-rises have two penthouses and others, duplex apartments, which are costly, compared to other apartments in the same building. The penthouse provided by Chakolas Habitat at their new apartment at Thevara touches the Rs.1-crore mark. These penthouses have an area of around 7,000 square feet.
Penthouses of Mather's projects costs Rs. 75 lakhs each. In general, penthouses are 30% costlier than other apartments. The terrace space and a lawn area are the added benefits. A duplex apartment spread over two floors and can cost anywhere upwards of Rs. 45 lakhs, again depending on the locale.
An apartment having a space of above 3,000 square feet is favoured by those who choose luxury flats. Costing Rs.30 lakhs or more, they generally consist of two living rooms, three to four bedrooms, a balcony, kitchen and a work area. Why two living rooms?
"This is to give more privacy. To quote an instance, when guests arrive and the parents are busy entertaining them probably the children can still watch TV," explains Mr. Raffi.
Super luxurious
Abad Builders have flats categorised as luxurious and super luxurious. A super luxurious flat comes with features like 200 square feet bedrooms, balcony attached to all the bedrooms apart from expensive fittings.
Cross-ventilation is also a part of luxury. Apartments on a floor are limited to two to three in the luxury category. This provides for a good breeze and ventilation. Those buying such flats show a strong dislike towards buildings having more than three apartments on a floor.
Spacious car parking facilities, health clubs, swimming pools, Jacuzzis and Saunas, party areas, home theatres, business centres - these are the other luxury add-ons, the facilities varying from flat to flat, builder to builder, with the price factor also thrown in.
Security is also another benefit. E. George, Director of Infra Housing, says an intercom facility for added security is a highlight of their new project "Gallant" coming up on Layam Road.
The door lock can be released only via phone. This facility - the video phone and security locking system is available abroad and probably being introduced here for the first time."
The buyers
"The majority of our customers are NRI's. People having the financial capacity to spend for these apartments, certainly have another house to live in. They, in most cases, are seen to consider these apartments as investments," says Joseph Parekatil, Senior Marketing Executive, Abad Builders Private Limited.
Community living
Community living is the in-thing. The increase in crime rates is making people opt for living in a place where there is safety and security.
Says Mr. Kevin Thomas, a businessman (name changed on request): "We bought the apartment in keeping with the current trend and also considering it to be one of the best forms of investment available in the present times. Living in an apartment also gives one the feeling of living in a joint family."
How far this will hold good remains to be seen, given the busy and somewhat insulated lives of people living in big cities such as Kochi.
RESMI SHAJI-JAIMON
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