Penthouses stand apart from other apartments by two factors
– height and luxury. Typically, penthouses are located on the topmost floor(s)
of the residential block, with exclusive private terraces and other luxury
amenities. Height restrictions on residential buildings were recently lifted in
Chennai and luxury, for those that can afford it, has never been a restricted
commodity. A rise in the number of penthouses, presently being seen in the
city, is an obvious indicator of a real estate boom.
Historically, penthouses have always stood as a symbol of
economic growth. First conceived in New York the “Roaring Twenties” decade,
they were built to accommodate the space shortage in highly developed urban
areas, juxtaposed with the increasing affluence of those who were making big
money in an economy that seemed rock-steady at the time.
Even as basic salaries stay put, affluence is increasing
among the high-income groups, driving a demand for penthouses from those who
don’t mind paying a little extra for the exclusivity. Developers who pay close
attention to the whims of elite clients have woken up to the trend and are
offering elaborate customization, outfitting the deluxe pads with everything
and the kitchen sink. “It is a segment that has been steadily picking up over a
period of time,” says Kalpana Murthy, Associate Director of Residential
Services at Cushman and Wakefield.
Kalpana has met several clients who are specific about their
demands for a penthouse and do not want to settle for less. Although statistics
that deal purely with the proliferation of penthouses are hard to come by, it
is largely accepted that the trend is catching on in a rapid way. “Despite the
increase, I wouldn’t say that there are as many penthouses in the city as there
are in Bangalore,” says Kalpana, citing Bangalore’s expansive green cover and
the perceived lack thereof in Chennai as a reason to blame. “Buildings are
getting higher and it is the right time to promote the greening of our
communities to prevent it from becoming a sterile concrete jungle,” she says.
Another deciding factor that has worked against Chennai’s favor
has been the shortage of unique features at most penthouse projects, which the
luxury clientele are normally keen on. In this regard, Chennai has only begun
to shed its conservative thinking and key value-additions like smart home
technology, automated security and surveillance systems, swanky automobile
elevators and rooftop Jacuzzis are yet to become viable, if not popular. Basics
like waterproofing, tiling, fittings and fixtures, and space-allocation for the
support-staff also deserve the highest attention. As Kalpana points out, “If
the penthouse above my apartment has a rooftop swimming pool, I’ll naturally be
concerned about my ceiling leaking out!”
Larger accommodation area (whether single or duplex),
open-to-sky terraces and high-end specs are the three main characteristics of
penthouses but Kalpana urges that there is a lot more to look into when you go
shopping for one. “The expanse of the total built-up area and the private area
is to be looked into. A minimum area of 500 square feet of private terrace is
the norm. A built-up area of four bedrooms alone does not command the
exclusivity of penthouse,” she says, adding, “When a penthouse occupies the
entire floor, the non-FSI area is not a common area and yet it involves a
certain amount of construction cost to the builder which has to be
compensated,” Norms for Non-FSI garden space, terrace space, floor rise charges
and PLC also influence prices but given the extra area that’s available,
penthouses can be an interior decorator’s dream feels Kalpana.
Sandeep Mehta, President of CREDAI and the
Managing Director of Jain’s Housing and Construction Limited, believes that
premium prices command the best facilities and in Saligramam, the uppermost
floor has been converted into a luxury floor with penthouse apartments of 3,000
to 4,000 square feet in size.
Sandeep acknowledges that builders have to try
and upgrade specifications suiting to the needs of high-end buyers and stresses
on the livability aspect.
In paperback fiction, penthouses may have gained a
reputation of being high-end bachelor pads and swanky love nests but they are
also ideal for families. “The proximity to nature, availability of breathable
air, lack of noise and pollution give penthouses the warmth and feel of a villa
of an independent house within an apartment block,” he says.
At Savithanjali, a project by Marg Properties, located near
Kelambakkam, penthouses are designed with no common-wall sharing. “Given the
preferential location, penthouses have an in-built advantage because of the
height. At Savithanjali, the penthouse at the 16th floor offers expansive views
of the sea and of OMR at night,” says B Balaji, the spokesperson.
At present, things are getting heated with the announcement
of Akshaya’s Abov, which will be Chennai’s tallest residential tower. The
penthouse on the 38th floor at Abov could be Chennai’s most exciting one as
yet. “The duplex apartment at 11,000 Square feet will have South India’s
largest floor plate for a penthouse of 6,800 Square feet, offering the
architect plenty of scope to play with form,” says Chitty Babu, Chairman and
Managing Director of Akshaya Properties. The distinction could mark the first
step in making Chennai a hot destination for luxury penthouses but high-costs
ensure a limited supply and accessibility to only those with deep pockets.
Maybe money can’t buy you love, but penthouses could well be the next best
thing.
Source: Times Property, The Times of India, Chennai
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