With increasing land prices and a limited number of land parcels within the city, today smaller homes or compact homes are gaining immense popularity among the millennials. Especially if we talk about Mumbai, these compact homes have witnessed a huge jump in the last few years. Here, most of the working professionals and families who want to stay within the city limits or nearby the peripheries are looking to purchase or invest in compact homes.
These compact homes are mostly developed under the affordable housing category and because of a mid-segment buyer loves to purchase such property. However, there are several other reasons behind the increasing popularity of compact homes in Mumbai. Let’s take a look:
Focus of Millennials
With Mumbai being the financial capital of India, most of the leading MNCs, banks, and corporates have their major business centers situated here. Bandra-Kurla Complex, Parel and Andheri are some of the important centers where these companies are located and due to this most of the working unmarried professionals and families want to live in a locality which must be nearby their office. This has given developers a reason to construct compact homes. Although their size is smaller as compared to normal unit or flat, then living nearby office tops the priority chart of the millennials.
Luxury at Affordable Price
Living in a smaller or compact home does not mean that a homeowner has to compromise with the amenities and the facilities of living in a hi-rise apartment. These homes are equipped with all the daily conveniences required for a family and the units are also perfectly crafted with maximum space utilization.
2 instead of 1 BHK
As per the latest data, to develop more compact homes with effective costing, the developers have reduced the size of the units. For instance, the size of 1 BHK has been cut to 325 sqft and of 2 BHK it has been reduced to an average of 525 sqft. So, leaving the negativities behind, prospective homebuyers who were earlier looking to invest in 1 BHK home are now focusing towards 2 BHK and that too in an affordable price range.
Attractive Resale Value
As the demand for compact homes is increasing in Mumbai’s real estate market, many individuals are looking to purchase such homes. Due to this, a homeowner can get the attractive resale amount as compared to other big-sized apartments. Also, these homes are sold more quickly and hence offer high profit and ROI to the property owner.
Because of these factors, the development of compact homes has gained considerable increase in the city and developers are announcing more such projects for the growing prospects.