Increase in the demand for 1 BHK apartment post-COVID-19, Mumbai
The COVID-19 pandemic has impacted the real estate sector across the globe, and Mumbai Metropolitan Region (MMR) is no exception. One of the trends that have emerged in MMR post-COVID-19 is the increase in the size of 1 BHK apartment. Let’s explore why 1 BHK turns bigger post-COVID-19 in MMR.
Work from home culture
The pandemic has led to the widespread adoption of work from home culture. This has led to an increase in demand for larger homes, where people can set up a home office or a study. The smaller 1 BHK apartments, which were popular among bachelors and young couples, are no longer sufficient to meet the needs of people who are working from home. As a result, developers in MMR are now offering 1 BHK apartment with larger carpet areas.
Increased demand for space
The pandemic has made people realize the importance of having a spacious home. The prolonged lockdowns and restrictions have forced people to spend more time at home, leading to an increased demand for larger homes. People now prefer homes with a separate dining area, a study, or a balcony, where they can spend their leisure time. This has resulted in an increase in the size of 1 BHK apartment in MMR.
Affordability
1 BHK apartments have always been popular among first-time homebuyers in MMR due to their affordability. The increase in the size of 1 BHK apartment has not led to a significant increase in the price, making them more attractive to buyers. Developers in MMR have realized that offering larger 1 BHK apartments can help them tap into a new market segment without significantly increasing the cost.
Changing lifestyle preferences
The pandemic has changed people’s lifestyle preferences. People now prefer to live in apartments with open spaces, where they can enjoy the fresh air and sunshine. The larger 1 BHK apartments in MMR now come with balconies or terraces, which provide residents with a private outdoor space. This has made 1 BHK apartments more appealing to buyers who prefer an outdoor lifestyle.
Conclusion
The COVID-19 pandemic has led to a shift in the demand for residential properties in MMR. The increase in the size of 1 BHK apartment is one of the trends that have emerged post-COVID-19. The work-from-home culture, increased demand for space, affordability, and changing lifestyle preferences are some of the factors that have contributed to this trend. The larger 1 BHK apartments with balconies or terraces provide residents with a private outdoor space, making them more appealing to buyers. As a result, the trend of 1 BHK turning bigger post-COVID-19 in MMR is expected to continue in the coming years.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
