The allure of triplex villaments
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Next-generation living in urban India takes a turn with these three-storey residences that are a fusion of spacious villas and the convenience of apartments

November 24, 2023 04:47 pm | Updated November 25, 2023 04:57 pm IST

The concept of triplex villaments is a relatively new and exciting addition to India’s real estate market, catering to the evolving preferences of a new generation of homebuyers. The term “villament” is a portmanteau of “villa” and “apartment,” underscoring the hybrid nature of this housing concept.

Triplex villaments are the ultimate choice for discerning, affluent millennials who are looking to invest in an enduring asset class. The triplex villament is the epitome of next-generation living, including three levels of luxury that cater to evolving urban lifestyle needs and offer a versatile investment opportunity for multi-generational families.

These three-storey residences represent the perfect fusion of the space and privacy of villas with the convenience and shared amenities typically associated with apartments.

However, villas and villaments are statutorily two different concepts: For villas, the owner gets full rights to the property, whereas in the case of villaments, the owner gets rights to a portion of the land as per the UDS. The approval for villas comes as a villa development, but for villaments, it comes as a group housing project. Additionally, villaments are usually designed as gated communities and have multiple units. The ownership structure of it is like any other apartment development, and the owners of different villaments in one part need not belong to the same family. Metro cities such as Bengaluru, Delhi NCR, and Mumbai are increasingly filling up with villaments, usually priced around ₹1.5 crore and above.

Multiple levels

Hybrid work has radically changed the luxury real estate sector. One of the most attractive aspects of villaments, and the triplex villament in particular, is the ample living space they offer. They are significantly more spacious than standard apartments, with flexible living areas and designated work areas, making them a preferred choice for families or individuals seeking a more roomy living experience. These properties also come with outdoor spaces such as terraces or balconies.

Customising choices

Residents often have the flexibility to customise their interior spaces to a certain extent. This level of personalisation is a significant draw for those looking to make their living spaces unique and tailored to their needs. The presence of a private entrance and the provision to include a private lift, as in independent villas, add a sense of exclusivity and personal space, which is highly sought after by homebuyers.

Shared amenities

In many cases, residents of villaments have access to common amenities such as gardens, swimming pools, gyms, and clubhouses. These shared facilities provide a community feel while still maintaining the individuality of each unit.

Security and privacy

Villaments typically come with advanced security features to ensure the safety and peace of mind of residents. Gated communities and surveillance systems are commonly integrated into these properties. While triplex villaments share certain amenities, residents typically enjoy a higher degree of privacy compared to traditional apartment living. This balance between community and individuality is a key selling point.

Reason for demand

Affluent millennials and high-net-worth individuals are increasingly seeking high-end properties that offer a luxurious lifestyle. Triplex villaments fit the bill with their spacious design, customisation options, and premium amenities.

They are ideal for multi-generational families. With three levels of living space, they can cater to the diverse needs and preferences of family members, allowing different generations to coexist comfortably. For millennials looking to invest in a home that will have ample room for their young families as well as their parents, triplex villaments will prove inviting.

Triplex villaments often appreciate in value over time, making them a lucrative investment option. These properties are often located in strategic urban locations, offering residents the convenience of city living along with the serenity of a villa-like setting and the benefits of community living.

Triplex villaments represent a harmonious coexistence of tradition and innovation, privacy and community, luxury and returns on investment. They will continue to shape the real estate landscape, offering a distinct and sought-after living experience for those who value individuality and luxury above all else.

The writer is Executive President, Residential Business, Embassy Group.

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