We all are driven by our desires and one common goal that bind us together. One such common goal is to own a house. This is one such goal that also has a string of mentions attached to it. While there are few who crave luxury, a majority crave for a decent quality home where they can reside peacefully with their family for life. Incidentally, there are people who opine that luxury is never affordable and one might have to compromise on the standards of living for any house that falls below the bracket. Herein, lay the essence of compact homes which is gradually changing the very fabric of Indian real estate industry. Research studies reveal how more than 80 percent of families these days are nuclear. Hence, for a lot of people, spacious apartments might not be a top priority. To add to that, budget often plays a primary constraint and compact homes are an essential solution to the same. It only makes sense to comprehend that one doesn’t need to spend heavy on spaces that render useless for their family type. Instead, investing in compact comes are a worthy investment that would lead you to save money which can be further used for other needs. Further, compact homes compared to other luxury settlements are much easier to manage for one and all nuclear families, yet they turn out to be big to accommodate people in the future, when the next generation grows up. Houses across India are fast becoming a favourable ground for compact homes as developers are bent on resizing apartments for a certain target groups that impacts the majority of house buying population. Buyers are looking to invest in properties that answers to need for top class amenities rather than other useless items or space often referred to as “Luxurious”. As such, 2 BHK apartments are primary choices for compact homes to meet a home buyer requirement, taste and budget in tandem. Here’s a look into why compact housing is the next big thing for Indian real estate market.
Custom to fit
Value for money is often the governing factor while looking to buy a compact home. Today, one has to tap a buyer’s mind that thinks in the line of facilities amenities that are being offered and not very much concerned with the area of the apartment, considering his family size rests between 2-3 members. This has made developers come up with a customised plan that won’t require major change of shift in the master plan of the project, but still be able to cater to a middle class person’s need for a quality apartment. Having said that, apartment sizes are now slowly becoming more and more customer centric, with multiple options to select from across each price segment. In other words, it’s not just about creating spaces, but making way for efficient spaces that are meant to answer your requirement. That is precisely why 2BHK and 3BHK apartments are in more demand compared to 4 or 5 BHK apartments. Moreover, compact homes also seek to offer what a luxury project would have, minus the extra space. However, when it comes to saving money and mortgage, compact homes are better suited to any other apartment type owing to a string of benefits.
- Your income from your job doesn’t come with a guarantee tag. Considering multiple incidents of layoffs and a depressed economy, there can be desperate situations to which you might succumb. A compact housematches your budget and post buying promises zero to almost negligible cost for upkeep and maintenance. Hence, it can save your money for hard times and build on your savings.
- Compact homes are a significant contributor to your income. Although , some res estate companies are bent on offering amenities that match luxury apartments, living in a compact apartment does lower your charges of maintenance and lower utility bills which help you save for other things in the long run, like your children’s education, for instance.
- Compact homes demand you work in limited spaces, hence, you can ask your developer to have a customized design, wherein your furniture can fit in easily without taking up too much of floor space.
The future of Housing
Given the population density of India, coupled with land prices as well as infrastructure and other associated costs, there is no denying compact houses is the future of real estate. Developers have witnessed a strong demand across mid-segment market which further drives them to build smaller units like 2 or 3 BHK for residential needs. The trend is on a spree as land prices steep up and any increased floor space adds to the cost of buying as well.
Another strong reason that goes in the favour of compact apartments becoming a trend is perhaps the absorption of a large volume of spaces being converted into office by the IT sector which is believed to have translated towards demand for residential units, in smaller offerings. Also, one needs to acknowledge the fact that most of the buyers are millennials who are below 30 years and support their buying by acquiring a home loan. With smaller and compact apartments, the outflow of equated instalments tends to become more manageable. As such, IT employees are more inclined towards buying houses that are in close proximity to their offices and are placed across commercial zones strategically.
So, is it only affordability that dominates compact apartment purchasing? What’s in it for a buyer besides meeting his budget? The buyer’s requirement oriented towards any compact 2 or 3 BHK apartment passes through a crucial juncture. Developers are constantly bogged down by construction costs as higher number of units stand for increased investment. Now, when compact homes form a significant part of even larger residential projects, a buyer will have ample to enjoy with similar range of amenities sanctioned for the project on a whole. Coupled with lower maintenance costs, it’s a buyer’s delight all the way!