In the recent few years, suddenly, there is a rush for booking studio apartments and affordable housing projects in Mumbai city and its suburbs. Well, not only is it economical to buy one in Mumbai, the subsequent selling and investing models also prefer units that belong to this category. 1 BHK flats in Mumbai are the top selling units even in the new real estate destinations of city suburbs like Virar, Panvel, Kalmboli, Ghodbunder and Mumbra. According to real estate experts in the city, even top builders in Mumbai builders are offering budget homes in the 1 BHK and 1.5 BHK segment.
Costing is below INR 50 lacs
In 50 lacs investment, you can earn a respectable space in Mumbai’s top real estate localities like Andheri, Bandra, Saki Naka, Chembur, Vikhroli and Powai. As you move away from the heart of the city, prices of 1 BHK remain more or less same unlike the 2 BHKs and 3 BHKs.
Smaller units means smaller tax charges
Since the cost of stamp duty and other miscellaneous charges added to the base price of the flat depend on the size of the unit, buyers prefer to stick to 1 BHKs. In fact, it is not only a smart way to have more than one unit in the same city but also a cost-effective choice for low income and middle class families.
Nuclear families are growing in the city
Even when the family members prefer to stay together, the first choice would be to buy 1 BHKs. It ensures privacy and the issue of division of property is completely eliminated. For instance, a family with 2 kids will prefer to buy at least two 1 BHKs flat as a future investment purpose. Till the kids grow up, the rental would finance the education and other miscellaneous expenditures.
Compact housing solutions with maintenance
Bigger houses come with their own set of costs and maintenance issues. With 1 BHK, you can renovate it like a contemporary home with high-end features and smart technologies. The bathrooms and balconies are bigger in 1 BHKs in Mumbai as compared to the 2 BHKs and 3 BHKs. Moreover, it eliminates the maintenance hassles associated with bigger homes, especially when you are a working small family.
The chawl system in the 80s Mumbai has made way for the 1 BHKs stacked vertically one over the other in high-rise manner. The demand and supply is perfectly matched by the builders who understand why offering six 1 BHKs pre floor is more profitable than offering three 2 BHKs in its place.
More 1 BHKs mean you have more number of vehicles per building which again puts pressure on available parking space of apartments. The societies seem crowded. Only a handful of small units in 1 BHK actually offer luxury with affordability for the buyers.