Penthouse | Facilities | Budget | Advantages | Disadvantages | Pricing | Preference Fees | Vastu | Demand | Checklist | Conclusion | FAQs
Do you dream about having a penthouse someday? Because everybody does. And we have heard from so many that they have set their next housing goal as having a penthouse.
And why not?
Though costly, they help you to accomplish the societal goal that everyone is after. It is that thing with which you can flaunt your elevated societal status and will give you a feeling of winning something rare and difficult to achieve.
There are other reasons also to buy a penthouse, like having extra money to invest, having a big family, regular working from home and therefore needing extra space and privacy, a way to save income tax by obtaining a home loan, etc.
In this blog, let us explore what a penthouse is and what makes it unique and different from other regular housing units.
While discussing luxury, read about the most popular posh areas in Mumbai!
What Do You Mean By A Penthouse?
A penthouse is a specially built housing unit, which is very different from the regular flats in any housing complex.
It is on the top floor of any housing tower, condominium, or hotel. The penthouse is usually a spacious and well-furnished unit with ultra-rich amenities to satisfy the customers’ expectations on a full scale. The high-quality materials, unique floor plan, and designs with extra amenities used in the penthouse are the main reason for its outrageous price, keeping it out of the budget of average home buyers.
The penthouse may accommodate the entire floor, or two penthouses may share the same floor space of any building and have a separate entrance to access it. The living standards of Indians living in the metros have improved in the last two decades. The earnings of these demographics have increased, making them purchase luxurious houses, and penthouses are one of them.
The housing developers identified this requirement and built penthouses for this class, who were ready to pay for the luxury and privacy in exchange. The banking industry also tapped this potential by lending funds to the housing industry and retail loans to eligible home buyers.
This situation further boosted the builders and developers, and a trend to have a penthouse in any housing complex was set.
Penthouse Facilities
Let us understand the facilities offered by a penthouse.
- Some penthouses can have a private swimming pool, only to be used by the penthouse owner’s family.
- A private entrance or private elevator is another facility provided in any penthouse.
- Heightened or vaulted ceilings
- Private terrace
- Fireplace (in cool places)
- Spacious rooms
- Big windows
- Garden
- Extra space to put up a home office
- Jacuzzi
- And many more that depend on the builder/developer to offer.
We may see additional facilities as customers’ expectations are growing continuously, and the developers need to provide those.
Does a penthouse target only the creamy layer?
To date, the penthouse is still out of the reach of an average home buyer’s budget. The top class of society, celebrities, sports persons, top executives, high network income individuals, etc., are a perfect customer class for the penthouses.
This class also requires privacy and fully furnished spacious rooms with ultra amenities that enable them to host parties or small events at their penthouse.
Penthouse demand is surging in Mumbai, the financial capital of India and home to many top-notch executives, CEOs, Bollywood celebrities, and TV stars. Though many would prefer to have a penthouse for rent rather than buying, it’s a good option for investors to buy and lease out on rent to earn a good income.
Advantages of having a Penthouse
There are many advantages that a penthouse offers:
- You can enjoy the modern lifestyle and elevate your social status.
- Large and spacious rooms help you to maintain your privacy.
- The penthouse offers you the best aerial view of the location or city.
- A unique feature of the penthouse is having a multi-level structure (upper and lower floor) when living in a densely populated city.
- A penthouse may be located in a busy location yet can offer you privacy and tranquillity.
- All other facilities required for a good livelihood, like schools, hospitals, restaurants, etc., are easily accessible from a penthouse.
- A penthouse may give you a better appreciable value when you want to sell it.
Disadvantages of a Penthouse
Let’s understand the disadvantage of a penthouse:
- The high price may put a large hole in your pocket and force you to obtain external funds from a bank or another financial institute.
- You are always isolated from the rest of the housing complex.
- If the penthouse is on the topmost floor, you may have to face water-leakage problems.
- In the case of a penthouse at the top, you may feel boring to ascend and descending all the floors daily.
- You may have to pay premium maintenance charges to the housing complex society.
- The property tax levied on you will be on the higher side.
- Repainting/wallpaper fitting, renovating, and interior designing work will always be expensive.
Pricing of penthouses across India
Mumbai is the most expensive in the real estate segment and draws a fair amount of pricing in property deals. Other metro cities catching up with Mumbai are Bengaluru, Chennai, Hyderabad, Delhi NCR, Gurugram, Noida, etc., and many others will soon join the list to provide the developers with a large bucket of home buyers interested in owning a penthouse.
Currently, its price in Mumbai ranges from INR 20 cr to 100 cr or more. Other cities like Gurugram and Noida attract a price tag of INR 8 cr to 20 cr for the same. In Goa, the average price is INR 6 cr to 12 cr. In Delhi, it may come at INR 1.5+ cr, while at Dwarka at INR 3+ cr and Karol Bagh at INR 19+ cr.
Penthouse Preference Fees
Preference Location Charge (PLC) is standard nowadays, and home buyers are ready to pay for it. It simply means the home buyers are willing to pay for a scenic view that they can view from their flat or a housing unit facing a park or a garden or having easy accessibility to their flat.
When it comes to Penthouse, the PLC is charged at a premium, as the builder provides many facilities to the owner, such as a dedicated entrance, unique floor plan, best amenities, scenic views of the area or city, etc. Moreover, the penthouse owner enjoys extra privacy than the other members.
PLC rates are not fixed and may vary from builder to builder. On average, for a primely located flat, the developer charges Rs. 50 to Rs. 100 extra as PLC charges, which may be more in the case of a penthouse.
Penthouse Vastu Tips
Using the science of Vastu is very prevalent across India and is a sensitive topic for buyers. This factor has pushed the builders and developers to follow all the compliances for Vastu while constructing a building.
The same is applicable while planning for the flats and penthouses too. According to the Vastu experts, a penthouse should be built across the west and north directions, avoiding the east and north directions. It means the southwest corner of the terrace is the ideal place for a penthouse, leaving open the east and north directions. The northeast corner is the perfect place for plants or a garden. The Vastu expert also recommends having the west and south sides longer for the penthouse.
Commonly, the Vastu experts say the North or East direction should have the slope of the roofs avoiding keeping at South or West directions.
Penthouse demand across India
There is a significant demand in metropolitan and smart cities of India for penthouses. The earning potential of Indians has risen, leading to the want for luxurious houses. The principal reason for people’s option for a penthouse is for its unique and fantastic amenities.
The penthouse amuses the homeowners from every aspect, making them stretch their budget a bit farther to own it. No wonder, in the coming days, we will see demand for penthouses rising as more people come under the creamy layer category.
What to check before finalising a Penthouse?
If you are looking for your dream penthouse, we have screened some points you can check before finalising one.
Architectural Excellence at Par
In today’s world, perception is a crucial factor that plays a prominent role. Your home plays a critical role in reflecting your personality. Look for a penthouse with high aesthetic appeal and striking architecture that adds value to your persona.
Ensure the appearance of the housing complex acclaims grandness during your first visit itself. You should also check on the flooring, light and bathroom fixtures, and layout of the penthouse and ensure high-quality materials have gone into the making.
Location
Have you realised the importance of the location where you stay matters a lot today? If you are living in a prime location and when you inform it during a casual conversation with anyone, do you notice a mutual appreciation in their eyes? Therefore choose a home having all the utilities and prime attractions in the vicinity.
Check for the neighbouring area, sentimental value, and what it would be in the next five years. It’s essential to check on these aspects before taking the critical decision, as it’s a once-in-a-lifetime chance that may never come back unless you are a millionaire.
Before you purchase a property, consider the travel time to bus and railway stations, airports, educational institutes, malls, entertainment houses, clubs, etc.
Services and Amenities
Today facilities like gyms, clubhouses, playgrounds, swimming pools, banquet halls, hospitals, and schools within a housing complex are common. Many housing complexes have indoor and outdoor sports facilities, along with security & concierge services and valet services.
Recently, you can check on solar energy utility, rain harvesting, waste management, and greenery that may add beauty to the complex.
Local Profile
Check whether the local profile matches your standards and whether your housing complex provides you to network with those like-minded peers. It’s a pleasure to network with people similar to your economic and social background and help you gain satisfaction.
You may check with your developer to obtain the list of these elite people residing in the complex. It will help you socialise with them, which is essential in our regular life.
Conclusion
The penthouse is a dream home for many home buyers. Though it’s a challenging goal to reach for many average home buyers, it’s a good deal to own a penthouse, as it offers tremendous benefits against the money that goes into its investment.
The amenities of a penthouse are world-class, and may have a swimming pool or jacuzzi are some factors that justify the investment. Spacious and well-ventilated rooms, a dedicated entrance, and sometimes a separate elevator are some of the basic features of a typical penthouse.
With the multi-floor penthouse, you can arrange your home office setup in an ideal way, with more privacy and creating a no-disturbance zone. You can even host small parties at your penthouse terrace.
Currently, the penthouse construction targets big shots like Bollywood celebrities, eminent sports personalities, top CEOs, or the upper middle and elite class. But soon, the demand may rise as other sector individuals will join the millionaire club and will soon require a luxury house to maintain their social status.
FAQs
What is a penthouse?
A penthouse is a unique housing unit for sufficing the luxurious needs of typical home buyers. It is located on the top floor of any building most of the time and may cover the entire floor or half-of-the floor. It is a multi-floor housing unit with a private terrace, separate entrance and beefed-up security. Some may have a separate elevator too.
How safe is it to live in a penthouse?
Yes, penthouses are safe and secure, as it has a separate way-in and way-out. The security systems are extra in the case of a penthouse as compared to regular housing units.
Why choose a penthouse over a regular flat?
Penthouses provide better floor plans, spacious rooms, great outdoor spaces, ample light and raised ceilings. They come with extra amenities than the regular flats.