November 09, 2017

 

More 1BHKs, studio apartments on sale to meet buyers’ needs

MUMBAI : As the realty sector continues to struggle with the slowdown, builders are focusing more on 1 BHKs (bedroom hall kitchen) and studio apartments so as to suit the budget of homebuyers, a survey has revealed.

Developers are launching smaller houses of between 180 and 400 sq feet in the range Rs 40 lakh to Rs 60 lakh — the segment that still sees demand in the Mumbai property market.

In the last one year, from October 2016 to September 2017, 48% of houses launched have been smaller in Mumbai Metropolitan Region, compared to the 35% in corresponding period in 2015-16.

The number of smaller flats launched from October 2016 to September 2017 has risen to 14,346 of the total 29,626, compared to 12,943 of the total 34,678 between October 2015 and September 2016.

Real estate research firm Liases Foras, which conducted the survey, said there is a spurt in the construction of small flats. “There is huge demand, people are buying these apartments,” said Pankaj Kapoor, CEO, Liases Foras. “In keeping with their goal of ‘Housing for All by 2020’, both the state and central governments have been encouraging affordable housing schemes by offering various incentives to both builders and buyers,” he explained. Banks, too, are offering sops on loans for affordable housing schemes.

Ruparel Realty which has sold more than 700 1BHK flats in the past one year, said the industry status offered to affordable housing schemes played a vital role in the sector’s growth. “This made most real estate developers move their focus from luxury segment to affordable apartments,” said Amit Ruparel, MD of the firm.

Bhavesh Sanghrajka, CEO of property developer Shraddha Lifescapes, said it is an end-user market. “People prefer compact homes at affordable prices. They sell very well compared to luxury apartments,” he said. Shraddha Lifescapes is planning to offer 125 smaller houses in Jogeshwari.

For years, builders were focused on premium and luxury apartments. However, the realty sector’s slowdown has brought down the number of new launches and sales. Now, builders are facing a crisis and have an inventory of 2.67 lakh unsold flats in the MMR.

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Source: paper.hindustantimes.com