Millennial homebuyers put price before size in Mumbai

The younger generation seems to be more interested in affordability than size, given that 77 projects with compact units have been launched since 2013 in Mumbai Metropolitan Region, seven of them this year alone. The minimum carpet area of these homes is between 136 sq ft and 281 sq ft, and the basic cost varies between Rs 8.35 lakh and Rs 60 lakh.

"Smaller homes is what Indian millennials prefer, especially when in cities like Mumbai. The young professionals are less focused on size and look for homes close or well-connected to their workplaces to cut commute. Compact homes are also low on maintenance and are budget-friendly," says a report by Anarock Property Consultants.

For budding advocate Tushar Mahale, a smaller and affordable house makes more sense than staying in a bigger house in the suburbs, as it saves time.

Rising rents has also contributed to the trend. Anuj Puri, chairman of Anarock, said, "Taking a small loan and paying EMIs on an investment-grade asset which can be easily resold is seen as preferable to shelling out hefty rents."