When compared to international real estate markets such as Singapore, Dubai and London, smaller units such as 1 BHK have traditionally been less in demand in India. However, the trend started changing with last decade, as there has been surge in demand for such units in cities such as Mumbai and Delhi.
In contrast, it took some more time for Southern Indian cities to pick up the trend, as they were more inclined towards larger units. However on the backdrop of changing business and social dynamics, cities in South India such as Bangalore has also started witnessing increase in demand for 1BHK apartments.
Factors Influencing Demand
The rise in demand for such smaller units could be explained on the backdrop of rise in job market, especially the IT and ITES market in Bangalore along with the trend of working couples. The small size of the apartment is convenient for working couples as it involves less maintenance.
In terms of the area wise dynamics the major demand revolves around places such as Whitefield, Begur Road, Balagere Road, Electronic City and Begur Road. Not to mention other places such as Bannerghatta, Sarjapur and Chandrapur road. The high demand of 1 BHK apartments in these places could be explained on the basis of evolving job market in these and other nearby places. Other factor, which investors look besides proximity to the work station, involves a well-developed social infrastructure encapsulating schools, hospitals, restaurants and retail outlets which ideally intercept with the needs of the nuclear families living in such units.
Along with catering to other bigger units, at Kin Housing we do operate proactively across the 1 BHK segment. The price of a typical 1 BHK apartment can vary anything between 20 to 50 Lakhs, which can be further split into below 30 Lakhs and between 30 and 50 Lakhs. Nevertheless, there are properties such as Bhartiya Leela Palace, which are priced over 80 Lakhs and have substantial number of takers.
Properties to watch out for
Though the demand for 1BHK still constitutes just around 5-10% of the overall residential demand in the city; in the coming time, on the backdrop of more job creation driven by arrival of new companies and commercial parks, demand for such small units are expected to rise further. Likewise rise in property prices in the city will also stimulate buyer’s interest towards such smaller units.
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