Thursday, 17 July 2014

What really defines luxury in Patna real estate market?

Luxury Apartment in Patna

The question ‘does location provides you with luxury?’ is an interesting one. Is a family that lives in a compact, old, stuffy and featureless 2 BHK flat in Exhibition road, Patna living in luxury? Or would such a family live in luxury if it sold this flat in Patna and moved to a more modern, spacious, comfortable and better appointed flat in New Patna, Gola Road or Shaguna Mode?

Given the ever worsening shortage of land in the prime locations of our city, Patna; Property prices in central areas of Patna are largely beyond affordability for most home buyers in Patna. Homes in such locations are bought by the extremely rich for the sake of address value and easy access to the business avenues, even if they lack the superior amenities of newer, more modern buildings in further-flung areas in Patna. In such cases, the luxury factor is vested almost exclusively in the snob appeal of the location in Patna.  

For a family living in Exhibition road Patna that plans to move to a bigger place, the options available in their neighborhood would either be non-existent or extremely heavy on their pocket. One must remember that many families owning homes in central locations in Patna purchased these homes many years ago. In some cases, these homes have been handed down over at least a generation. Not all such families would be generating income that matches the locations they live in.

However, if such a family were to put its current home on the market and obtain the kind of selling price that such locations can yield solely on the basis of address value, they can relocate to a home in another part of town that offers all the luxuries of a modern lifestyle. For this family, the luxury factor will then have increased dramatically. In other words, if we look at the concept of luxury as a matter of perception, the ballgame changes entirely.

On a different level, but keeping the same principle in mind, families living in the suburbs or far-suburban areas who are seeking to upgrade their lifestyles in the same locality may have only a marginal additional budget. Nevertheless, the sale proceeds of their current home coupled with this additional budget would certainly fetch them something that provides them with more luxury in terms of space and amenities in Patna.

In other words - if the true meaning of luxury is assumed to be solely about spending huge amounts of money to buy a super-premium property in Patna in a prime location, then certainly only the ‘ rich’ would get the taste of such luxury.

However, luxury means different things to different people - it literally exists in the eyes of the beholder. If someone who feels the need to upgrade their lifestyle and to move to a better, bigger home that meets all their requirements, any option that provides them with a perceptibly superior living experience is luxury for them.

In Patna real estate market terms, the definitions of 'premium' and 'luxury' are more or less standardized and fairly rigid in terms of ticket sizes, amenities offered and locations involved. However, these are market standards and do not account for a far more human factor - namely personal perception.

The best form of luxury is where in Patna we get both the prime location and modern amenities like swimming pool, gym, wi-fi, terrace gardens and much more. Surprisingly one can get opportunities like this still in Patna and one such luxury buying exists in west Boring canal road- Anandpuri in the form of Heaven Villa by Khalsha Multicon Pvt. Ltd.

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