Several developers, including top ones, have started focusing on 1 bedroom-hall-kitchen (BHK) flats, pricing them below the Rs 1-crore mark.
Mumbai's real estate market is seeing a significant change over the past few months, with flats located well within city limits being advertised with price tags of less than Rs 1 crore. Several developers, including top ones, have started focusing on 1 bedroom-hall-kitchen (BHK) flats, pricing them below the Rs 1-crore mark.
In areas like Andheri, Goregaon, Kandivali, Chembur, and even in Matunga, one can get a 1BHK for below Rs 75 lakh. According to experts, in the last one month, more than 20 to 25 such projects, comprising 1BHKs, have been launched only in Mumbai. A conservative figure would put the number of such flats at 2,000.
Omkar Developers recently sold flats in Malad for Rs 72 lakh. Similarly, Sai Estate Consultants are selling in Matunga for close to Rs 72 lakh. 1 BHK flats in Malad are being offered at Rs 85 lakh, while in Kandivali, they are available for Rs 68 lakh.
According to Dr Samantak Das, Chief Economist at Knight Frank India, an international property consultancy firm, a few years ago, builders had turned their focus to 1BHKs, but they did not find many takers at the time. "Things have changed now. Developers are engaging in proper planning. A small house, if done scientifically, is good to live in. In Mumbai, an office-goer wouldn't mind staying in a smaller home closer to workplace, instead of travelling great distance. Developers have now understood that the prices per square foot are too high, and hence, if they construct efficient, smaller homes, the ticket price comes below Rs 1 crore, which many wouldn't mind shelling out for a home closer to where they work."
Vikram Mehta, president of Confederation of Real Estate Brokers Association of India, said there were around 25 such projects in Mumbai offering 1 BHK homes below Rs 1 crore. "Builders have realised that not just small but planned homes do sell. Despite being smaller in size, they are getting takers. In the western suburbs, one can find homes below Rs 75 lakh in Andheri, Kandivali, Malad, and other areas, while in central areas, they are available in Matunga and Chembur," said Mehta.
For office-goers like Bhushan Joshi, who works at Currey Road, and stays in Kalyan, the ticket size is important. "I travel everyday for almost three hours to reach office and back. I wouldn't mind staying in a smaller apartment if it is below the Rs 1-crore mark," said Joshi.
Meanwhile, developers also agree that efficiently designed 1 BHKs are attracting buyers and are a success in the real estate industry. "Mumbai real estate market is seeing rising demand for smaller and efficiently designed 1 BHKs offering key elements like convenience, luxury amenities and, most importantly, affordability," said Devang Varma, Director, Omkar Realtors.
"We made the first move with the launch of our project in Malad and offered 1 BHKs of 318 sq ft carpet area in the range of Rs 72 lakh. They had received excellent response. We are going to introduce a similar project at Jogeshwari east," Varma added.
Small is Big
In the last one month, over 25 1BHKs projects have been launched in Mumbai alone.
Experts attribute trend to office-goers opting to stay in smaller places close to their workplace.
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