A Complete Guide on Penthouse

Looking to invest in a penthouse? Whether you're an investor or a potential buyer, navigating the world of penthouse living requires insight. This comprehensive guide equips you with the knowledge to make an informed decision. Dive into understanding what defines a penthouse, its myriad advantages and potential drawbacks, distinctive characteristics, pricing dynamics, and even Vastu tips for harmonious living.

What is a Penthouse?

The Oxford Dictionary defines a penthouse as "a comfortable and expensive set of rooms or a flat on top of a building." In simple terms, a penthouse usually refers to a posh living space on the topmost floor of a building, whether it's an apartment building, condominium, hotel, or tower. These lavish residential units stand out from other apartments due to their top-tier amenities and spacious designs.

Modern penthouses are not limited to the top floor, as certain features and amenities can classify a unit as a penthouse, even if it's not on the highest level.

Advantages and Disadvantages of a Penthouse

Advantages of Buying a Penthouse

1. Multi-level Apartments: One distinguishing feature is the multi-level design, providing ample space for families with various needs. The lower level offers a cosy space for quality family time, while the upper level may boast a terrace or balcony for relaxation.
2. Amazing Views: The breathtaking panoramic views of the cityscape are a hallmark of penthouses. Perched atop tall buildings, these residences offer a visual feast that adds immeasurable value to the overall experience of living in a penthouse.
3. Superb Investment: Penthouses, with their exclusivity, represent not just a real estate investment but a venture into a luxurious lifestyle. The upward trend in India's real estate and the allure of upscale living positions penthouses as a sound investment choice.
4. Elite Location: Penthouses often find their place in the most desirable localities, offering proximity to business hubs, parks, malls, schools, and restaurants. The exclusivity of these locations adds another layer of appeal for potential buyers.

Disadvantages of Buying a Penthouse

1. Exorbitant Price: The exclusivity of penthouses comes at a premium, making them considerably more expensive than traditional apartments. Depending on the city's real estate market, prices can range from Rs. 15 Crore to Rs. 100 Crore.
2. Maintenance Costs: The sheer size of penthouses translates to higher maintenance costs. The need to upkeep both indoor and outdoor spaces, like balconies or terraces, contributes to the overall expenses of owning a penthouse.
3. Long Elevator Rides: Extended elevator journeys and some stair climbing within the apartment are the trade-offs for enjoying picturesque views. These factors might pose a slight inconvenience, especially when time is of the essence.

Distinguishing Characteristics of a Penthouse

Real estate brokers label apartments as penthouses based on features like spacious outdoor areas, high ceilings, and additional luxury amenities. Here are a few characteristics to look forward to in a penthouse:

1. Amenities Beyond Ordinary: Picture this – a separate entrance or a private elevator taking you directly to your penthouse door. Additionally, Penthouses typically offer access to in-house amenities like fitness centres, swimming pools, and exclusive parking facilities.
2. Security That Stands Out: Penthouse offers an extra layer of protection that makes these residences stand out. The exclusivity of a penthouse is not just about luxury; it's about a secure and private living environment.
3. High Ceilings: High ceilings are a common characteristic of penthouses, contributing to an open and expansive atmosphere.
4. Personal Open Areas: Penthouses offer private outdoor spaces like balconies, terraces, or rooftop decks, providing residents with exclusive areas to relax, entertain, or enjoy the fresh air.

Penthouse Pricing in India

The price range of penthouses in India varies across cities. Mumbai, known for its exorbitant real estate, sees penthouse prices ranging from Rs. 20 Crore to Rs. 100 Crore. Gurgaon, Pune, Bengaluru, Noida, and Greater Noida Extension also have their own pricing dynamics.

On the other hand, the price range for penthouses in Noida and Greater Noida Extension is Rs. 6 Crore to Rs. 12 Crore. Adding preferential location charges (PLC) to your home purchase could result in an extra cost of Rs. 50 to Rs. 100 per square foot, and this amount may escalate significantly for penthouses.

Potential buyers should be mindful of preferential location charges (PLC), which add an extra layer of cost based on the exclusivity and advantageous views of penthouses.

Vastu Tips for Penthouse Construction in India

According to Vastu experts, it's perfect to build penthouses facing the west or south directions. Avoid building them facing north or east. In simple terms, penthouses should be constructed in the southwest corner of the terrace.

Leave open space towards the north and east. The northeast corner is great for a garden or some plants. It's also suggested that the penthouse be taller on the west and south sides. Just like any other construction, the roofs of penthouses should slope towards the north or east. Avoid sloping them towards the south or west.

Demand for Penthouses in India

The changing real estate market and evolving consumer preferences have shifted the demand towards luxury housing, including penthouses. Recognizing this shift, many developers now incorporate luxury penthouses into their housing projects. In cities like Delhi, where independent houses, builder floors, and flats dominate the market, a select few developers are meeting the demand for luxury by introducing penthouses in residential projects. This expands the options for buyers beyond affluent areas in South Delhi, offering luxury alternatives in various parts of the city.

The pandemic has further fueled this demand, with more individuals aspiring for larger, private residences. Future infrastructure developments, like the proposed film city in Noida, are expected to elevate the demand for penthouses, attracting celebrities and high-net-worth individuals.

Conclusion

So, as we wrap up, it's clear that penthouses in India redefine luxury living, offering spaciousness, breathtaking views, and exclusive locations. While they come with a hefty price tag and higher maintenance costs, the investment is justified by their unique lifestyle. The demand for penthouses is on the rise, driven by a desire for independent living, especially in the post-pandemic era. In essence, owning a penthouse isn't just about having a home; it's about embracing a lifestyle that epitomises elegance and opulence.