How Common Are Penthouses In India, & What Are They Used For?
Penthouses In India- We examine what a penthouse in India is and what makes it unique from other types of residences. Penthouse ownership has emerged as an apparent alternative for Indians looking for luxury real estate in light of rising income levels in the country. Even though the term is currently used rather frequently in Indian real estate, there is still some ambiguity surrounding its definition. The purpose of this article is to serve as a guide that would explain the meaning, features, cost, and availability of penthouses in India.
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Meaning of penthouse
‘A luxurious and comfortable flat or suite of rooms at the top of a tall structure,’ according to the Oxford Dictionary, describes a penthouse. According to the Merriam Webster Dictionary, a penthouse is a structure or dwelling on the roof or highest level of a building.
Meaning of penthouse in relation to real estate
When the idea of a penthouse initially gained popularity, developers adhered to the definition of the term. As time went on, the term “penthouse” was also employed to describe a luxurious apartment on a different floor as developers understood they could make more money using the penthouse concept.
The idea of a penthouse originally became popular in significant international business centres, where privacy & space was becoming increasingly difficult to come by due to population growth. In response to demand, builders starts creating penthouses on the top floors of apartment buildings and started charging more for them. Building modifications were made as demand patterns changed to make room for more penthouses, which may be construct anywhere in the tower. There may be multiple penthouses in a building that is construct in layers, much like, say, a wedding cake.
More recently, developers have used the term “penthouse” even more loosely to describe privileged homes in housing developments that have more lavish features than the other units due to their advantageous location and facilities. It will also be accurate to state that there is a segment of the luxury home market that may be refer to as the penthouse market. Investors in this group, who desire exclusivity and seclusion, look for the best flat within a large development and are frequently willing to pay a premium to get such an opulent property.
Due to the rarity of penthouses in India, developers choose to sell their products using the conventional definition. In India, a penthouse essentially refers to one in the classic sense.
The amenities available in penthouses
Due to the first-rate amenities they inevitably provide, penthouses also serve as a prestige symbol for the owner in addition to the incredible luxury they provide. Due to the attachment of the idea of exclusivity, the high price tag for these exorbitantly priced residential units’ functions as a unique selling feature rather than a barrier. More significantly, they have the same great demand for money as big, successful, independent properties.
The demand for and availability of penthouses in Indian real estate have increased over the past ten years along with a sharp rise in the population of wealthy people. Despite its rising popularity in India’s luxury market, there is still a lot of misunderstanding among buyers on what exactly constitutes a penthouse. How do conventional flats in the same building differ from penthouses, and what are penthouses?
When selling penthouses to the affluent and luxurious, the pitch typically emphasizes the best amenities and conveniences available. Including lavish interior finishes, cutting-edge control systems and aesthetically beautiful dungarees. However, as real estate is mostly about space. Every effort is made to offer not only a sizable unit but also a one that appears lavish. For this reason, a penthouse would include a private open terrace for the owner. The ceiling of a penthouse is also significantly higher than in a conventional flat. More significantly, a penthouse has a unique floor design that gives it private access via private lifts to amenities like the gym, swimming pools, etc.
Target segment for penthouses
Developers carefully consider their target market because exclusivity and status symbols are associate with penthouses in India. In general, celebrities choose penthouses, especially in Mumbai, India’s financial hub. Which is also home to Bollywood’s wealthiest stars and the biggest names in sports. Anybody with the necessary purchasing capacity, such as businesses, non-resident Indians (NRIs), high-net-worth executives, etc., prefers them.
Penthouse advantages
The usual characteristics of penthouses that set them apart from other types of housing include privacy, terrace space, and high ceilings.
Unobstructed view
In general, penthouses offer plenty of natural light, ventilation, and an unimpeded view of the surroundings. In a huge metropolis, not many people may be able to purchase these products. Because of where the units are located, they provide more tranquilly.
Exclusivity
In India, having a penthouse would be regard as impressive by your peers. A penthouse owner frequently has access to a wide range of services that other tenants of the same building do not.
A recession-proof investment
Developers in India have been cautious when developing projects with penthouses, unlike in western nations where they are widely available. Because there is a limited quantity, penthouse values keep rising. There is no need to be concerned about value depreciation as long as the supply is less than the overall demand.
Since “such properties are not affect by the downturns in the economy,” businessmen, corporate executives, NRIs, and prominent members of the HNI group are eager to invest in these homes.
Issues with the penthouse
Large spaces are available, but they also come with a larger monthly maintenance cost. When compared to other flats in the building, penthouses are also more exposed to heat and air. As a result, the interior of the unit could get very warm in a hot city. Seepage may be frequent in cities with a lot of precipitation. A big house with lots of seclusion could make you feel lonely.
Housing units on the top levels typically have a lower resale value. Therefore, their location on a higher floor affects the resale value of penthouses as well. If the owners were to rent out the property, there would be fewer takers for such a unit because of the high price. The rental income generated from a penthouse would be far below your expectations. At least in India where there is a significant demand for apartments and flats in the rental category.
India’s penthouse costs
There are variations in penthouse costs among Indian cities. Depending on the location, penthouses in Mumbai can cost anywhere from 20 crores to 100 crores of rupees. Another place in the national capital region (NCR) where purchasers can discover upscale penthouses is Gurugram. In this market, penthouse prices may likewise reach several crores. In Pune and Bengaluru, where penthouses are very popular, a similar tendency may be noted. On the other hand, the price range for penthouses in Noida & Greater Noida Extension is Rs. 6–12 crores.
Investors in penthouses should also be aware that each unit. Which is the best among equals, is distinctive in its own right. As a result, comparing the cost per square foot of various units may not be fair.
Penthouse location fees with preference
Due to the exclusivity they enjoy in terms of the view and height in comparison to other apartments. Penthouses in housing societies are subject to preferential location costs (PLC). PLC is not fixed & varies from builder to builder, unlike stamp duty, registration fees, or GST on real estate. If you purchase a penthouse, PLC may increase the price of your home by an additional Rs 50 to Rs 100 per square foot.
Vastu advice for building penthouses
Today’s buyers pay close attention to a home’s Vastu compliance. The construction of penthouses must also adhere to all of Vastu’s fundamental principles. Modern gurus, however, also provide a few further suggestions to improve a penthouse’s Vastu. According to Vastu experts, the north or east orientations should be avoided when building the unit, while the west & south directions are ideal. In other words, the south-west corner of the terrace should be where penthouses are built. This requires that you leave room clear to the north and east. A garden or other plant arrangement would look great in the northeast corner. The west and south sides of the penthouse building should also be taller, according to the recommendation.
The roofs should slope towards the north or the east, as is true of all buildings. They shouldn’t slope to the west or south.
India’s desire for penthouses
As it stands, the Coronavirus epidemic has greatly raised the demand for large, independent residences. This is demonstrate by the fact that, in February 2021. A penthouse in Ahmedabad’s otherwise affordable property market was sold for Rs 25 crores. Despite a general slowdown in the housing market. The spacious penthouse, which was a part of a luxurious home development and had a super built-up area of 18,000 square feet, was situate behind the Rajpath Club and Ashok Vatika in Bodakdev. For Rs 9 crores, another penthouse in the same development was also sold.
In areas where massive infrastructure expansions are anticipate, there is a good chance that demand for penthouses in India will increase in the near future. Penthouse demand, for example, is anticipate to rise in Noida. Where the state government recently announced plans to establish a film city. The Noida film city, according to developers, will attract famous people to the region. Driving up demand for expensive luxury penthouses.
“Bollywood professionals seek out real estate spaces that can accommodate their needs. Thus developments with specialist offers will reap the benefits. Customized penthouses, villas, and farms will be more in demand in the area. Demand for wellness homes will also significantly increase, predicts Deepak Kapoor, director of Gulshan Homz.
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