According to the industry observers, prominent developers such as Hiranandani, Kalpataru, Radias, Sai developer and Prajapati developers were coming up with a large number of small apartments.
Small apartments are very much in demand once again, all thanks to the sky-rocketing housing prices. Instead of reducing prices, developers are going for reducing the size of the apartments.
According to the industry observers, prominent developers such as Hiranandani, Kalpataru, Radias, Sai developer and Prajapati developers were coming up with a large number of small apartments.
"The small size gives dual benefits to the developers. Firstly, it helps them get tax benefit. As per rule, tax benefits are available for developers constructing 30sqm houses in non-metro locations. Besides, the price of these apartments fits in the buyers' budget," said Pankaj Kapoor, MD at Liases Foras, a property research firm.
Kapoor, however, added that reducing the size of the apartments was not going to solve the city's housing problem. "In Mumbai, a 1BHK costs nearly Rs1 crore. People do not want to stay in a small house and pay a crore for it. This mismatch between aspirations and the demand will not boost the sale of small-sized houses," he said.
Begging to differ, Harnam Singh of the Sawan group said there was a huge demand for small houses. The group has several projects going on in Navi Mumbai. "In a recent property exhibition in Navi Mumbai, we received very good response from buyers. We have to meet the demands of the people to survive and thrive in this market," said Singh.
Kailash Patil, a property agent in Thane, said the property market was very slow. "People do come for inquiries and site visits. After that, when they start calculating the prices, most deals gets abrogated. Price is the main issue," he said.
Meanwhile Manohar Shroff, vice-president of the Maharashtra Chamber of the Housing Industry (MCHI), Navi Mumbai, said the demand for luxury houses has fallen. "Developers have to construct houses as per buyers' demand. Many young couples want to buy small houses in the beginning. Besides, most bachelors investing in property also find small houses the best option," he said.
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