The unpredictable nature of the real estate business has shown many highs and lows in real estate sales. While many believe that the real estate industry is in a small recession across the country, some cities have been able to disprove the differences and publish positive results.
In India, the city of Calcutta witnessed an increase in housing sales in the last quarter. In the city, there was a 32% increase in units sold compared to the second quarter in 2015, based on data collected by a real estate research agency.
Other reports said that the real estate market saw an increase in real estate sales by 17% on all eight metros. The researchers found that the reason for the growth in sales in the last quarter was due to lower prices for projects.
Can a luxury apartment be a game changer?
While real estate marketers have tried their best to build projects that satisfy the majority, there are a number of projects that target only a few customers. Luxury apartments and complexes are built by developers, and these projects are extremely expensive compared to other projects, but not without reason.
Real estate marketers attract the best designers and architects from all over the world to design and implement these projects. Most of the complexes that fall under the category of luxury are distinguished by large apartments and duplex apartments, as well as many excellent amenities.
Although expensive, luxury projects are considered as a precious stone in the crown for real estate developers, which can help them to stand out from the competition and, I hope, will bring a large income from sales.
Kolkata also sees its share in luxury projects under construction. These projects change the landscape of the city thanks to its decorations. Despite the fact that the luxury market was not the best selling segment in the city, high hopes are pinned on projects.
In most common residential complexes there are 2 BHK and 3 BHK apartments, but luxury projects have larger apartments with 4 BHKs and much more for potential buyers. These apartments, depending on the city, are somewhere between 2 crores to 50 or 60 crores and take longer than to sell than apartments without luxury. Even one apartment sold brings a large amount of money for a real estate developer.
While residents get the best amenities and appreciate the greatness of life in these luxury apartments, this is still a risk to real estate developers - apartments can remain unsold for long periods of time. In an industry in which there are so many projects, you need to have a project that gives the developer a unique personality, is of paramount importance. Since the rewards for building a luxury project outweigh the risks involved, this should lead to even more such projects that will appear in the future.
