Luxury homes still a niche segment in Chennai

The luxury ideology: Sanjay Chugh, Founder, Skylines Property Consultants, says: “Luxury is tied in with feeling uncommon and better than the majority. This inclination is accordingly converted into luxury homes among the specialty segment of home buyers. In India today, such homes incorporate palatial estates and sprawling penthouses furnished with Italian marble, Spanish furniture and private swimming pools, contemporary architectural styles and with all the other accoutrements of a luxurious lifestyle - spas, gymnasiums, golf courses and all the rest.”

As one, the areas themselves must reflect luxury, so we are essentially looking at making a tenuous universe of richness in the prime central areas of the city. This meaning of luxury homes remains constant for Chennai, which is a city known for its conventional esteems yet continually trying for a cosmopolitan ethos.

Chennai’s quotient: Observing that the general perception is that Chennaities are conservative at heart, yet highly educated and fast evolving with the times, Chugh says “luxury definitely has pertinence in a city wherein the skyline has rapidly changed from low-rise bungalows and apartments to the multi-storeyed high-rise apartment buildings. Numerous families are converting and developing their properties that have an independent bungalow on a sizeable land parcel into contemporary luxury apartments with the state-of-the-art facilities and amenities.”

Nungambakkam, Alwarpet, Kotturpuram, Raja Annamalaipuram, and Poes Garden are among the most favoured localities among the discerning home buyer belonging to this segment, he adds.

Gaining momentum: Like any other metropolitan city, Chennai has prime regions that the most princely call home. The most unmistakable are Boat Club Road, which commands residential property prices upwards of Rs 35,000/- per sq ft and Poes Garden, where luxury homes cost in the region of Rs 33,000/- to 35,000/sq ft. However, Chennai is also seeing the emergence of the new luxury precinct - Nungambakkam, Adyar, Alwarpet, Raja Annamalaipuram, Kotturpuram, Egmore, and Anna Nagar. 

“These locations are witnessing the most astounding development since they address the city’s recently discovered requirement for moderate luxury. Additionally, in their mission to address this prospering interest, fact, these localities are witnessing the highest growth because they address the city’s new-found need for affordable luxury. Also, in their quest to address this burgeoning demand, Chennai’s builders are on a spree to acquire defunct factories and mills in the northern and southern parts of the city, with a view to raze them to make way for premium properties. This supply plans to get the upward bend when the luxury homes showcase resuscitates,” Chugh notes.

Area: For ultra-luxury, the address matters. Central location, convenient access to the city’s nerve points, high snob value. A vital paradigm for resale esteem, as well.

View: Breathtaking - not disregarding a slum, busy road or hospital ghetto, occupied street or healing centre. Like location, critical consideration for re-sale value.

Amenities: Top-of-the-line - clubhouse, gymnasium, spa, swimming pool, landscaped garden, ample car parking, high ceiling, large windows, grand visitor’s lobby, professionally managed property management.

Security: No trade off - world-class electronic security all through, Smart homes with mechanised application control and the best-in-class security frameworks at the console and gate.