An apartment or flat is an independent housing unit that is a part of a building or story. During the pandemic, the real estate sector saw a major fall in the industry and took almost two years to regain its fame. But as the situation is resuming, the real estate sector also started to increase its sales. Hence, in recent times, there is an increase in demand for apartments for sale in Chennai. However, statistics show that 60% of the population are first-time buyers who purchase regular apartments over luxury ones. Standard apartments are the common choice among salaried and middle-class people. Therefore, both the apartments come with their advantages and comforts. Hence, in this post, listed below are some differences between luxury and regular apartments.
The prime difference between the regular and luxury apartments is the price. The rate of luxury apartments in the city ranges from 1 crore to 4 crores with an annual appreciation of 3%-7%. The average rental rate of a luxury apartment is 40% higher than a regular flat. The demand for flats in Chennai or other metropolitan cities is high compared to luxury apartments. It is because of the large number of middle-class families. The price of the regular apartments varies from 40 lakhs to 90 lakhs depending on the location.
Many real sector marketers look up-scale neighborhoods for luxury apartments. They even name their apartments with high standards to attract customers like CEO colonies, silicon valley enthusiasts, etc. But in regular apartments, the neighborhood consists of ordinary people with a simple background. More people move into the community space regularly and form an excellent support system for each other.
The space difference between the regular and luxury apartments is high. The average spacing of luxury apartments approximately ranges from 1800-3500 to sq ft and comprises 3-4 BHK. On the other hand, the space for a regular apartment ranges from 700 to 1200 sq ft with compact units. Most of the standard apartments are 1-2 BHk that is sufficient for a small family.
Height and amenities:
The height of a luxury apartment is 12 feet and above, while the ceiling height for a regular flat is 10 feet. In the same way, the facilities for a luxury apartment are roof-top private pools, maid quarters, attached balconies, and many more. In a regular apartment, facilities like power backup, park, swimming pool are common for all residents.
Hence, luxury apartments or budget flats in Chennai depend on the customer’s budget and comfort. Therefore, consider the differences mentioned in the post to choose the appropriate one.