The lure of buying a penthouse!

By | May 9, 2014

When Nikhil moved to Chennai for beginning his new work life, he decided to ditch the standard homes and considered purchasing a contemporary penthouse. The rapidly increasing net-worth, enhanced aspirations and the desire of enjoying an affluent lifestyle have played a major role in increasing the number of individuals who invest in these ultra-modern high class homes. The premium penthouses reflect the affluent lifestyle and the financial as well as social standing of the individuals. The luxury housing segment is set for constant growth in India, despite the slow paced Indian economy. The previous year has been a mixed one for the luxury housing industry, as Mumbai, Bangalore, Hyderabad and Chennai contributed 5%, 7%, 5% and 4% respectively, to the annual housing supply. According to the estimates, the annual sales of the penthouses and other forms of luxury houses is expected to increase at a CAGR (Compound Annual Growth Rate) of more than 30% in the upcoming years in India. What is a Penthouse? Penthouse is a term used to define the uppermost floor of the apartment that is archetypally discerned from the adjoining apartments on the basis of additional luxury features. These houses do not occupy the entire roof area and are often located in the multi-storey buildings. Penthouses were generally constructed for dealing with the ever-increasing demand of the urban living. These houses are adorned with Avant-garde modern luxuries and serve as a status symbol for the well-heeled individuals. What are the Extra Features? After making waves in the metros like Mumbai, Delhi, Bangalore, Chennai and Hyderabad, the extra luxurious features of penthouses are catching up fast with the top and the middle class populace of the other cities as well. The super-facilities of these high-rise penthouses tend to attract more and more riches towards the multi-storeyed buildings.

  • The owners of the penthouse enjoy an awe-inspiring panorama view of the entire city.
  • It spreads over 2200-2500 sq. ft. in area, ground to roof windows are one of the most common features of these luxury homes, which provide the best natural lighting.
  • Penthouses often include separate rooms for laundry and include walk-in spacious closets.
  • Plunge pools, swimming pools, aquariums, house cinema, library, Jacuzzi, private terrace garden, on-site gym, lounge spa/bar and other wealthy features are an integral part of these deluxe apartments.
  • Separate entrances and elevators provide a cloistered entry to the penthouses.
  • Penthouse can also come in duplex and one can have an office or a separate living space for any other kind of entertainment or tranquility needs.

How Much Will It Cost? The price of the penthouses varies significantly, depending upon the city and the position in the city. The branded housing companies are also emerging with the concept of new, ultra-modern apartments. The rates of such residential places can vary with the high-end facilities and their celebrity endorsements.

Metro Cities Mumbai Delhi Bangalore Chennai
Price 7 to 85 Crore 1 to 60 Crore 5 to 70 Crore 0.80 to 55 Crore

With the ever increasing shortage of land and residential places in metropolitan cities, the price of the high-profile premium homes is on the rise and is expected to increase by over 12% in the coming years. Is It Right For You? Penthouses are generally made according to the status needs and requirements of the affluent individuals.

  • If you have more than enough net-worth income, a penthouse can meet your swish lifestyle and status needs.
  • It provides a spacious and well-secluded place to retreat after a day full of hectic work and eases all the tensions through the offerings like Jacuzzi, lounge bar, spa or just a normal swimming pool. The innumerable facilities make penthouses the ideal dwelling place.
  • However, if running around the errands or more social gatherings form an integral part of your life, the isolated premium abodes won’t be an ideal option for you.

What is the Resale Value? The resale value of a penthouse is generally calculated on the basis of the current market price, age and condition of the property and the locality. In the metro cities, your penthouse can be sold at a price discount of over 7-10% of the original value. In cities with limited residential space, the discount can mount up to 17-25% of the original value of the property. For those who hope to fetch better selling price in the future, purchasing a penthouse in Chennai would be the best option to consider. The current average rates are within the expendable limits of a middle class man and considering the 12% (approx.) price rise in the future, the penthouse might present a profitable resale value to the owners. Even if not for profit, the owners might be able to sell their penthouse at a price, almost equivalent to their original purchase price in the future. Is It Worth the Money? When one considers purchasing a premium high-rise dwelling, the price could be the factor that can affect the final decision. The final decision can even be affected by the penthouse not providing enough ritzy features at the given price. Obviously, if you are investing a huge amount to purchase a penthouse, you’d surely want the best perks with it. In order to make the final decision, comparing the quoted price with the features provided would be a wise move. You need to make sure that you are really investing in the best property available in the market. All in all, having a penthouse as the primary place of residence is a statement of class and affluence. Investing in a luxurious penthouse can prove to be the most fanciful experience and an incredibly rewarding one. The experience of returning home from a hectic schedule and retreating in a sheer luxurious penthouse is second to none. So, identify your personal preferences, explore the available options and enjoy a rewarding hunt.

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