With the realty market facing a slow down and affordable homes being the new mantra. Developers are going back to constructing 1BHks. The smaller apartments are finding takers as it fits the budget of the home buyer.
By Varun Singh
1BHK which had gone missing from Mumbai’s real estate industry has made a comeback. If anyone saw the listings in prominent newspapers or online portals by developers and even property brokers, they would have noticed that many advertisements had 1BHK in them.
From areas like Mulund, Vikhroli, Malad, and even Andheri, all these places do have a 1BHK. Even top developers have ventured in the field of 1BHK. Only last week, did a prominent developer Marathon Group launched 1BHK in his Panvel project. Marathon even has got 1 Room Kitchen Studio apartments in one of his project in Bhandup, where he also has 1BHK.
Similarly a few months ago, even Hiranandani Group led by Niranjan Hianandani launched 1BHKs in his Power Project named Regent Hill.
Regent Hill offers semi-furnished 1 BHK homes designed to be within an inspiring and accomplished residential abode. “We at the Hiranandani Group value these ambitions, and keeping these at the forefront, we have designed Regent Hill – an edifice that offers cosy and aesthetically tasteful apartments,” said Dr. Niranjan Hiranandani.
In Andheri Platinum Corp has 1BHKs available on sale, similarly there are developers who are offering the same configuration in western as well as central suburbs.
After the surge in real estate, most developers had abandoned the smaller configuration homes. Developers had moved towards bigger homes, and luxury projects.
However, when the slowdown hit, the bigger homes and sales of luxury homes was hit the most. Thus forcing developers to go back to the 1BHK concept. Some developers even started selling compact homes that would fit the budget of the home buyer.
Thought, the new compact homes did find takers, but the shrinking sizes of homes did stir up a debate too. Meanwhile, top developers also got into the idea of constructing 1BHKs. Within Mumbai limits the biggest task that developers have is to keep the compact homes within the budget of Rs 1 crore, which few developers have mastered now.
For example, Marathon’s Bhandup project has 1BHKs priced between Rs 55-60 lakh. A project by Ashray developers in Mulund is offering 1BHK for Rs 90 lakh in Mulund west. Dotom Realty is offering 1BHK in Vikhroli for Rs 94 lakh. Rhythm is offering 1BHK in Malad for Rs 81 lakh. Hiranandani’s Powai project has 1BHK for Rs 1.25 crore
Marathon group in its Marathon Nexzone Phase II, Panvel project has launched 1BHK for Rs 44 lakh. Samyag Shah – Director Marathon Group has said, “Nexzone has built a strong legacy over the past 9 years. We have sold more than 2200 homes here & already delivered over 1000 of them in a challenging market. With Phase II we are looking to complete the whole picture by bringing in 1BHKs at Nexzone. Since our launch, this has been one feedback that we received from our customers & channel partners alike. There is a big demand for spacious 1BHK homes in the area which are not only closer to the up-coming airport but also is set up in an area which has a thriving social infra.”
“The 1 BHK apartments in Phase II are thoughtfully designed to minimize long drawn passages & thus provide more usable carpet area. It has large edge to edge windows which allow plenty of natural light & great ventilation. It also has additional storage niches 4 ft wide & 2 ft deep in the bedroom. This coupled with a floor to ceiling height of 2.9meters, provides plenty of storage options without taking any corner space from the room area,” said Shah.
