A penthouse is the space directly below the roof of a building. They are different from other apartments in tow ways, that they are located at a higher altitude and offer luxurious lifestyle. The penthouses are located on the topmost floor of the building and are provided with some personal terraces ensuring privacy, and amenities that are usually not given with other flats or apartments. In Chennai, one can find numerous penthouses, which are available at very higher prices and are beyond the reach of middle class segment. There has been a rapid increase in the construction of penthouses in Chennai, which have thereby redefined luxury in real estate. These penthouses have been a major determining factor in increased capital values.
Penthouses have been the sign of luxury and economic growth. The concept was first conceived in New York as there was space crunch in the city and these penthouses solved the accommodation problems in the urbane areas. With the passage of time, dwellers found some innovative ways to decorate these penthouses and later made big money out of it. The concept was later adopted by other western countries, and is now an important part of the residential segment in India as well.
The real estate developers have their own segment of buyers for these penthouses, as they are too costly to be bought by a commoner. However, there are chances that increased construction of penthouses in any town or city would lead to reduced green ecosystem and create a concrete jungle. The real estate builders have been somehow unable to provide their clientele with the desired features, as those are not included in the list of projects lack such features.
Although the builders offer some exclusive features such as smart home technology, automatic security & surveillance systems, fast elevators and Jacuzzis have already been added to the upcoming projects, so that they can lure more and more customers now.
The penthouses offer some extra features, which are usually not provided by the flats or apartments, and include:
· Larger accommodation area.
· Open-to-sky terraces.
· High-end facilities and amenities.
It is in the regular practice to construct a penthouse in a minimum area of 500 sq. ft. According to Sandeep Mehta, the President of CREDAI and the Managing Director of Jain’s Housing and Construction Limited, states that the prices define luxury, and this is the reason why the pent houses constructed with an area of 3,000-4,000 sq. ft. are quite costly
This consideration has been the installation of elevators in buildings because the penthouses are positioned at the top most space of the building. In many cases the dwellers need to go through extreme and variable temperatures and humidity, because of their proximity to the roof.
Some penthouses are reused as bedrooms and offices, perfected with stairs and windows, though most remain difficult to access and are often used as warehouses. It also helps control the temperature by providing a large mass of moving air. Warm air rising from the lower levels of the building often gets trapped in the penthouse, creating in inhospitable atmosphere. However, in recent years, some of these penthouses have been insulated to help reduce cooling costs.
The penthouse means the space between the inner ceiling of the top floor and/or the roof. Penthouses can also be constructed in multi-story homes or one-story homes. Penthouses form a very important part of the real estate projects, but due to their very high purchase and maintenance costs, only a few can afford it.