India’s real estate has experienced quite a few transitions over the previous decade. Among the major changes is the manner by which builders have been diminishing apartment sizes to suit the affordability of purchasers. Developers are investigating creative approaches to make private lodging across significant urban communities more appealing to potential purchasers during an era when it is progressively getting hard to sell costly flats.
Not able to sell expensive homes in a slow market, developers across India are making smaller condos without bringing down the cost per square foot and compromising the quality of the product. In the most recent five years, normal condo sizes fell across every single major cities of India. Mumbai Metropolitan Region (MMR) – including Mumbai, Thane and Navi Mumbai – saw the most extreme fall in flat sizes on annualized premise, alongside Bengaluru, Chennai and Kolkata. Different urban areas additionally saw shifting levels of fall in apartment sizes.
Mumbai, which already had smaller condo sizes contrasted with different urban areas, saw a reduction of 26.4 percent in the previous five years. Bengaluru enrolled a 23.7 percent diminishment in average condo sizes, while Kolkata saw a 24 percent cut in flat sizes and Chennai by 22.2 percent. Average apartment sizes have decreased by 9.7 percent in Delhi-NCR and 7 percent in Pune.
A large percentage of the Indian population consists of students or young citizens in general. This crowd usually prefers low-cost houses that are small and easy to maintain. A report mentioned that buyers are increasingly opting for homes that are closer to their workplace in order to cut down travel time.
Several urban buyers are increasingly looking for new homes near their office locations which could be small in size. They prefer a house that is sufficient enough for their family requirements. This does not mean that they are compromising on their lifestyle, but prefer a small compact home equipped with all basic amenities.
Buyers are increasingly opting for homes that are closer to workplaces in order to reduce commute times. As these locations are expensive compared to the suburbs, buyers may be able to afford smaller units, which is more than acceptable. To enjoy the luxury of bigger homes with good amenities, they prefer to buy homes in peripheral areas of the cities, from where the concept of second homes is emerging on the outskirts of the cities.