How Expensive of An Apartment Can I Afford?

I often wonder where I would reside if money was not an issue? What would I prefer: an apartment in a township with amenities like a clubhouse and a pool, or a cosy private villa equipped with a garden, distant from the hustle and bustle of the city? And how expensive of an apartment can I afford? Even if you have developed realistic expectations for the type of home you can afford, being inundated with advertisements that feature overly edited glamour shots of stunning bedrooms with sea views and lush gardens teeming with playing kids will tempt you to yearn for a house that is at least somewhat, if not significantly, outside of your price range.

How people in India are able to afford costly apartments?

There'll always be people who are dissatisfied with just any style of home at any given time, regardless of economic circumstances and other market factors. Because of this, the demand for luxury residences in India fluctuates but never completely disappears.

How people are able to afford such luxury apartments depends on a lot of factors like their income sources, investment decisions, their ancestral properties and family’s financial support. It is fueled by the improving standard of living and increased discretionary income among prosperous scions of historically affluent families, high-flying corporate executives and software experts, and successful entrepreneurs. They don't only want a parking space and four walls.

I can tell you a few reasons why they prefer luxury and costly apartments.

* Status Aspiration

It seems to make sense that purchasing a luxury home is a matter of prestige. After all, most wealthy homeowners spent their hard-earned money to purchase their prized possessions.

* Comfort

The necessities of a comfortable lifestyle are catered for in the construction of these residences.

* Security

The high level of security seen in luxury residences is a significant characteristic. In addition, accidents and medical situations can be handled promptly because of technology's immediate response and the accessibility of hospitals and emergency rooms nearby.

* Better Neighbour

These initiatives essentially create societies with a certain level of culture, education, and beliefs, or better neighbours.

* Investment Value

HNIs accurately view luxury residences as the ideal investment opportunity that ensures multiple returns in the future given the fact that they are constantly in demand, even on the secondary market.

Most of the people struggle and this is how they do it -

They borrow the biggest amount of money possible, typically between 50 and 100 lacs, depending on their salaries. If both husband and wife have jobs, they try to borrow even more.

Indians have a strong network of family members who are always willing to lend a helping hand. They would then sell the land they had purchased for a few lacs a few years earlier, which would have been valued.

I think now you can understand the answer to the question “how expensive of an apartment can I afford?”.