Shrinking flats is the new trend in Mumbai
Mumbai’s real estate sector has seen a considerable transformation over the past few years. When it comes to buying a house, what matters is the size, right? But times have changed now.
The millennials prefer affordability along with location over larger space. Nuclear family is one of the reasons why buyers these days don’t need that extra space.
Homebuyers are very clear in their mind about what they want to purchase depending upon their requirements and the amount of money they can shell out in buying a home.
How buying preference affect flat size?
With urbanization, increase in migrating population in cities like Mumbai has increased many folds and so the demand for housing. With time land prices, construction cost, taxes have increased. To keep the profit margin high developers are now building low space homes in budgets. Homebuyers who have restricted money to buy a home prefers low-cost housing schemes in Mumbai. For them, the budget is more important than the space of the flat.
And this has exactly proven beneficial for developers who have come out with affordable Mumbai housing schemes. As a result of which the sizes of the flats has shrunk to nearly 17 percent between 2014 to 2019. The invent of RERA has not made much difference for the buyer in the real estate market except a certain timeline that the developers need to now follow during the completion of their project.
In fact, the scenario differs according to cities. In a metropolitan city like Mumbai, there has been a 27 percent average decrease in the size of flats from 960 sq. ft to 700 sq. ft in 2019. The term budget-friendly housing has become so common among the masses that has led to shrinking of flat sizes.
It doesn’t matter how big or small a flat is, but owning a home in a city like Mumbai is a big achievement. There is an array of properties that caters to every income group, make a choice that you can relish forever!
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.
