If you’ve decided to purchase a luxury property soon, know that your choice of neighbourhood will be key to ensuring your overall quality of life and happiness.
As such, it’s best to choose a location that aligns with your needs in terms of lifestyle and luxury living. Selecting the right neighbourhood involves considering different factors, including accessibility to amenities, proximity to key institutions, and safety & security.
This blog post can help you out in your home-buying journey as it lays down the key aspects to keep in mind while choosing a neighbourhood that reflects your lifestyle.
Proximity to Luxury Amenities & Services
Access to High-End Amenities
The location of a luxury property largely influences its appeal among home buyers. These properties are often situated in key regions like prestigious districts, iconic landmarks, and scenic coastal areas.
As an example, let’s consider the case of Chembur, a posh neighbourhood in Mumbai.
- Shopping Centres: Residents of luxury properties in Chembur can easily access high-end shopping centres such as the Chembur Central Mall and Cubic Mall. These shopping destinations have designer fashion and lifestyle outlets that offer high-quality luxury products and services.
- Fine Dining and Cafes: The region houses popular premium restaurants and cafes such as House of KO, Le Cafe, and 71 Tales – Bar & Cafe. These spots offer culinary delights from diverse cuisines to satisfy your taste buds anytime, no matter the occasion.
- Recreational Centres: When choosing a luxury property, you should also look for recreational facilities such as lounges and private clubs, which let you socialise and unwind at your leisure.
With such facilities, you can even engage in your favourite sports and games without having to travel a distance while bonding with friends and family. Some popular clubs and lounges in Chembur include Horse Club, Olive The Lounge, and Chembur Social.
The Importance of Cultural and Entertainment Hubs
- A region that integrates entertainment and cultural spaces helps develop a symbiotic relationship between residential properties and these establishments. This ultimately helps enhance the overall lifestyle in a region.
- The hosting of festivals, cultural events, and exhibitions in any region helps elevate its appeal, creating a sense of belonging in a community. As for entertainment hubs, they are pivotal in driving property values in any area since they provide opportunities for recreation and cultural enrichment to the residents.
- Some popular types of entertainment hubs include theatres, film studios, clubs, and shopping complexes.
Safety, Security & Exclusivity
How Security Measures Ensure Low Crime Rates
Luxury real estate is a fast-evolving sector, which is why security has emerged as one of the top considerations for premium home buyers.
- Surveillance with HD Cameras: Today’s luxury properties incorporate advanced surveillance systems that often have high-definition cameras, software for license plate recognition, and motion detectors.
Furthermore, several luxury homes in metropolises, such as Mumbai, are connected to security hubs centrally monitored 24/7 by professional teams.
- Smart Integration of Security Systems: The integration of smart home technology allows users to access surveillance footage from anywhere via a smartphone. As such, anyone trying to enter the premises unlawfully can be caught easily, irrespective of whether the residents are present within the property.
- Facial Recognition: Recent times have witnessed the emergence of software for facial recognition to ensure proper security of luxury home premises. Such software ensures that only authorised people are able to access some areas.
Gated Communities vs. Standalone Luxury Residences
Choosing between a standalone luxury home and a gated community is a significant decision for any home buyer. Here’s a quick look at the pros and cons of each of these options:
Gated Communities:
Pros:
- Premium Amenities: Residents can access facilities like gyms, parks, clubhouses, jogging tracks, and swimming pools that can enhance their quality of life.
- Upgraded Security Measures: 24/7 security with CCTV monitoring, restricted access, and guards are offered in gated communities, which enhances the safety of all families living there.
- Improved Maintenance and Infrastructure: Such communities offer power backup, well-maintained roads, systems for waste management, and water supply, providing a hassle-free lifestyle.
Cons:
- Monthly Costs for Maintenance: Residents need to pay maintenance fees on a monthly basis, which might be a significant amount based on the facilities available in the community.
In Mumbai, maintenance fees for residential properties vary based on the luxury level and facilities provided. For instance, developers may charge between ₹10 to ₹30 per square foot per month as common area maintenance charges, collected in advance at the time of possession.
- Higher Costs: Generally, buying a property in a gated community is costlier, owing to the premium infrastructure, amenities, and security offered.
Studies indicate that properties in gated communities can be priced 10% to 40% higher than those in standalone buildings.
- Restrictions on Modification: Homebuyers might have less freedom for exterior modifications, usage, or parking imposed by the body responsible for property management.
Standalone Luxury Residences:
Pros:
- Better Flexibility: Residents of standalone buildings get greater control over modifications, renovations, and usage of the properties without the need for approval from the management or society.
- Lower Cost: Standalone buildings are priced comparatively lower than those in gated communities. The absence of costs for shared security and amenities can ensure buyers get larger spaces at lower prices.
- Higher Resale Value: In case they’re located in a prime area, standalone buildings appreciate substantially in value owing to the limited availability of land.
Areas like Ambivali have seen property prices surge by 213% over the past three years, while Malvani experienced a 73.4% increase during the same period.
Cons:
- Maintenance Challenges: Owners of the property are entirely responsible for the repairs, upkeep, and management of utilities, which might turn cumbersome.
- Fewer Amenities: Standalone buildings don’t offer recreational facilities such as gyms, swimming pools, and parks, unlike gated communities.
- Limited Security: Most of these buildings don’t offer dedicated security forces, controlled points for entry, and CCTV surveillance, which makes them more prone to security risks.
Community Demographics & Prestige Factor
Choosing a Neighbourhood Aligning with Social and Business Circles
Gauging the demographics of a region is important when choosing a luxury home. That’s because demographics have a strong impact on the real estate market and the quality of life in the neighbourhood that home buyers are considering.
For instance, homebuyers who belong to the millennial generation prefer a region where they can enjoy the proximity to key landmarks along with the amenities of luxury living. Retirees, in contrast, choose smaller luxury home options such as senior communities.
Read Also: Exploring Mumbai: The Most Desirable Neighbourhoods for Luxury Homes
How High-Profile Residents Influence Property Values
Every region includes some prestigious locations that are reputed to be well-maintained, safe, and culturally rich. These regions also include the homes of eminent personalities from different fields, including business, politics, and cinema, which further enhances their appeal.
For instance, the Prabhadevi region in Mumbai is one of the most popular areas among premium home buyers, with celebrities like Bollywood actress Deepika Padukone contributing to its charm and desirability.
Future Development & Investment Potential
Upcoming infrastructure projects in any region, such as the construction of bridges, roads, and tunnels and improvements in modes of transport, directly impact the appeal of any location to real estate buyers.
According to recent data, the real estate sector in India is set to expand to US$ 5.8 trillion by 2047. This growth is likely to be driven partially by several infrastructural projects and the influx of commercial spaces.
Read Also: Evaluating the Long-term Appreciation of Luxury Properties in Indian Metro Cities
Final Thoughts
All in all, the neighbourhood you live in influences your lifestyle in various ways, be it by improving connectivity for work or business purposes or easing access to quality recreational facilities. So, it’s important for any home buyer to consider the above key factors when choosing the location for their luxury home.
Rustomjee offers a range of luxury residential projects spread across the key neighbourhoods in Mumbai that are complete in terms of amenities and offer efficient connectivity. To know more, reach out to us today.
FAQs
- Is investing in a luxury neighbourhood always a smart financial decision?
Luxury neighbourhoods tend to hold or increase their value over time due to limited inventory and high demand. However, factors like future infrastructure development, property taxes, and resale potential should be evaluated with expert guidance.
- Can digital tools help me shortlist luxury neighbourhoods remotely?
Yes, high-end real estate portals, virtual tours, and AI-powered platforms can help you explore neighbourhoods based on preferences like walkability, noise levels, green cover, and proximity to lifestyle hubs, even before a site visit.
- How do I assess the future potential of a luxury neighbourhood?
Look for upcoming infrastructure projects, zoning plans, and the presence of branded developers. These indicators often signal future appreciation and sustained exclusivity in the area.
