Why Millennial home buyers opt penthouses to stay

Owning a house has always been everyone’s dream and millennial are no different. When it comes to buying a house the millennial today prefer to go for luxury apartments, especially penthouse. It is the topmost floor of an apartment and is typically different from others with luxury features.

These houses do not occupy the entire roof area & are usually large, spacious houses with amenities like private entrance or elevator, swimming pool, higher ceilings, terrace, Jacuzzi and others. It is seen that the demand for this segment among the millennial is on a rise.

"Penthouses, per se, define the living standards of the individuals. They cherish lavish lifestyle and investing in a penthouse is considered to be a rich decision for them. Penthouses are considered as ultra-private havens which offer better feel than the normal apartments. Considering the increasing demand for penthouses in Delhi-NCR, developers are offering refined varieties of these in the market creating anxiety in individuals to look at it as luxurious options. Penthouses also allows scope for joint families, bringing family bonding to the fore." said Mr. Rahul Singla, Director, Mapsko Group.

If we go back to the pages of history, the idea of penthouses was born in 1920 with New York City putting foundation stone for this segment.  The high demand for living in built-up areas and the prosperity of Americans led to luxury apartments on the top floor or floors of a building. The trend of these luxury projects are not just restricted to metros but are also being launched in tier II cities.

“For a millennial who loves exploring new things, a penthouse also lets you enjoy the benefits of a bungalow, without the hassles of one. Unlike in an independent bungalow where minor problems like plumbing make one run around, in an apartment, the housing society would take care of all these odd jobs. With a bungalow offering a view just till one's boundary wall, a penthouse gives an approximate 60 acre view,” said Asmita Acharya, a potential buyer.

The price of penthouses varies depending on the location and the demand for these projects is in one direction that is upward.

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