What’s the best thing about New York that entices people the most, besides Manhattan, of course? It’s probably the high-rise condominium that seems to touch the sky. Agree?
Now imagine yourself living on the top floor of one of those high-rise buildings and sipping your favourite cup of coffee while you embrace the beauty of the city from your balcony.
It freshens the mood. Right? Well, this is what you get when you live in high rise condos. Under one roof, you get access to all the world-class amenities and comforts of boutique living.
If you aren’t sure about the perks of residing in high-rise condominiums yet, and if it is even available in India, then keep reading.
High-Rise Condominium: A New Concept or We Just Didn’t Know?
High-rise condominiums are skyscrapers or high rise buildings that render the best view of the city. These are buildings taller than 10 or 14 stories.
Besides introducing you to the breathtaking vistas of the city, these condos are designed to offer you a plethora of benefits. It lets you breathe clean air, offers you proper ventilation, and more.
There are a lot of theories behind why such condos are on the rise. One such theory explains that since the majority of the population is making transitions to the city, the scarcity of living space has become a great concern. The land area is filling very fast. Hence, building skyscrapers seems the only feasible option to combat such a problem.
Another theory says that high rise buildings are a luxury statement. Those who wish to improve their standard of living and want to experience class in every brick of the home can choose to buy houses in such condos.
There are many theories for the development of high-rise condominiums. But, whatever the theories are, the fact is high-rise buildings are making a way in people’s hearts because of their diversified range of advantages.
What’s even more interesting is that it’s not a new concept. In fact, it has been in existence for hundreds of years and has its origin in ancient Rome.
From Ancient Rome to Modern New York City and India- It has Come a Long Way
The history of high-rise condominiums begins with ancient Rome. Romanians built “insulae” apartment blocks that housed the majority of the urban population. The buildings were usually 10 stories tall or more. Besides, these buildings had 200 or more stairs.
In ancient Egypt, tower houses were high-rise buildings that resembled minarets. They were 14 stories high and had roof gardens too.
In the 16th century, Cairo also had high-rise apartment buildings. The two lower floors in those buildings were for storage and commercial purposes, while the multiple stories above them were put on rent for the tenants.
However, Shibam, Yemen, won the race for having the tallest and the oldest mud brick high-rise condominiums. They were constructed in the 16th century.
Ancient Pueblo Indians in America created high rise buildings, too, on cliffs in Arizona.
Today, high-rise buildings have become a definition of luxury and are growing at a greater pace. Not only New York City, but India too has got several skyscrapers.
In Mumbai, the Lodha Group is constructing the tallest residential building in the world. It is considered to have a total of 117 stories.
The Upsurge in Demand of High-Rise Condominiums
Whenever we talk about skyscrapers, New York and Dubai are some of the cities that come to mind. But do you know that India is also making significant progress in this field?
In fact, high rise buildings have been in India for more than 20 to 30 years now.
In the past two decades, the National Capital Regions, including Delhi, Noida, and Gurgaon, have flourished with high rise developments. The residents have developed a profound interest and found a way for modern living.
Besides Delhi, Mumbai is the eight-most populous city in the world to witness a huge spike in the development of high rise residential buildings.
One of the fascinating examples of skyscrapers in Mumbai is the Antilia- the home of India’s richest person, Mukesh Ambani. The tower has 27 stories with three helipads, air control, terrace gardens, 168 car garages, and almost everything a person would ever need.
Apart from this, there are various high-rise condos along Juhu Beach and at various city locations and are almost fully occupied by celebrities, business professionals, and others.
Bangalore, Kolkata, Ahmedabad, and other such big cities are also on the same path.
What’s the Scope for Condos in the Future?
More people moving to the city, in turn, leads to the paucity of living spaces. They are the reasons why high rise developments are witnessing a great spike. However, there are always some challenges associated with the same.
Since more people will be occupying the space in the building, the builder needs to be more cautious about the safety of the people. Besides, the building must be attractive and sustainable to live in.
A report from the United Nations states that 55% of the world’s total population now resides in urban areas. The proportion is further expected to rise to 68% by 2050.
As we studied above, residents of NCR, Mumbai, Banglore, Kolkata, and other cities, today are more inclined toward living a better and luxurious life. And of course, that’s what high rise buildings offer.
The construction of such condos is on a roll and will not stop anytime soon. The demands will keep escalating if people are allowed to be familiar with more of its advantages.
The same thing goes for the population residing in foreign countries such as the United Kingdom, the United States, and more.
Advantages of Living in a High-Rise Condominium
Finding a dream home that gives a feeling of contentment and security could be a strenuous task. But, when it comes to high-rise condos, you get access to all the comforts and world-class amenities right from clubhouses, swimming pools, gymnasiums to gaming zones. High-rise buildings offer panoramic vistas of the city sky, promoting a wondrous and safe sanctuary.
If these are the perks you want to have in your dream abode, high-rise condominiums could be a smart choice.
Magnificent Views
People residing on the top floors of skyscrapers get the benefit of staring at the breathtaking view of the city. Looking at the city’s skyline and being close to a picturesque land could be a wholesome experience.
High-rise condos let you observe all the aesthetics of the city in one place. Besides, you can enjoy the beautiful sunrise and sunset if your office work hours are favourable.
Elegance and Luxury
When you live in high-rise buildings, you are automatically introduced to luxury. Not only do you get exquisite interiors, but you also receive a plethora of amazing services. Every corner of your home oozes class and elegance. Besides, you are offered high-class amenities that are not so common in other apartments and flats.
This is one of the reasons why flats and apartments in high-rise condos in cities like Mumbai, Delhi, Gujarat have been converted into penthouses. They satisfy the needs of luxury seekers.
Enhanced and Better Security
Nowadays, security is of utmost importance whether you live in an urban or rural area. High-rise condos have better security features than others. In fact, they are equipped with a number of safety measures. So, if security is your primary concern, you must go for high-rise buildings.
Say Bye-Bye to Noise
The constant honking of vehicles for a long time could irritate you. However, people having their houses in high-rise buildings are free from noise pollution. It’s one of the biggest perks of living in such buildings.
World-Class Amenities
There is always something different and special about having a personalized parking space, swimming pool, clubhouses, playing courts, etc. These are the amenities you receive when you buy a home in high-rise condos.
Should You Invest in High-Rise Condos?
Before we delve deeper into discovering whether you should invest or not in a condo, let’s indulge in the financial aspect of it.
Do you know what investment is and why do we really invest?
“An investment is an item or asset obtained with a motto of generating income or appreciation.”
If you are planning to buy a condo, first ask yourself what your personal goals and expectations are; whether you want to buy it for your personal usage or rent it out to tenants?
If you want to invest in such condos for your personal usage, it could be a good investment as the property prices may shoot up in the future. However, if you want to resell it after purchase, wait for a few years and keep a check on the property price hike.
In fact, it can demand even more appreciation time. It’s risky, but you may receive a hefty return on the same whenever it is sold.
If the annual rent amount surpasses your annual maintenance cost, then my dear friend, you have earned the profit.
In a nutshell, investing in a high-rise condominium could be a worthwhile investment. Again, always remember that it totally depends on your investment goals.
