1BHK Residential Apartments in Mumbai are in Demand

The demand for one bedroom-hall-kitchen flats (1BHK) is growing in Mumbai. Going by the enquiries being made with real estate companies, more and more buyers are opting for 1BHK flats that cost anywhere between 30 to 65 Lac INR. Demand for such flats is also rising in Thane and its neighboring areas such as Kalyan and Dombivli too.

Considering the skyrocketing rates of properties in the city, people planning to buy a 2BHK apartment have to do with either rented flats or a 1BHK apartment. In the last couple of years, demand for 2BHK residential apartments in Mumbai has slowed down.

According to the real estate experts, unless the property rates in Mumbai reduce, which is an unlikely thing to happen due to high registration and stamp duty costs, demand for 2 or 3BHK flats will not increase. There are various other factors due to which property rates are skyrocketing such as delay in administrative approvals, expensive labor, and expensive raw materials and so on.

There are mainly two factors for which buyers are finding it difficult to invest in a larger apartment- high loan rate and economic uncertainty. With the rise in carpet area, cost of living also increases. Thus, buyers prefer to purchase a 1BHK flat so that society maintenance cost, EMI and other expenses fall within their budget.

A large section of the population in Mumbai is opting for affordable homes because home loan interest rates are quite high and costs are increasing. Buying a luxury home has become a distant dream for many due to rising rates. Demand for affordable housing is up, especially in densely populated areas. Currently, prices are not regulated in the city and middle-income buyers have no other option left than investing in smaller properties that are affordable in nature.

According to real estate reports, more than 65% of the population constitutes of buyers within the age group of 35 years. Their needs as well as budget are limited, so when they have to buy a house, they opt for a 1 or 2BHK apartment rather than a high-end apartment. The demand for such units is mainly from young professionals who are working in IT or ITeS sectors.

There has been a significant change in the buying patterns of consumers. Growing number of young professionals are choosing studio apartments that consist of a living room, bedroom and a kitchenette in the same area. Since they are getting various amenities under one roof and that too for less price, they are choosing to invest in smaller units.

If you are looking for a 2 BHK apartment in Goregaon West, you might have to spend a lot of money. If you are on a budget, renting or buying a smaller apartment will be a more lucrative option. Just make sure you choose a reliable real estate property developer. Their agent will help you get a good property. They have a better understanding of the market and its functioning.