22nd August 2023, Mumbai: The perception of the home has changed tremendously. Gone are the days when large homes were considered a norm. Such isn’t the case any longer as people prefer to invest in premium compact homes consisting of one or two BHK Apartments. According to expert Shravan Gupta, MGF Group, the compact home trend will be on the rise till the end of 2023.
Many things have made this possible. Some of these have a direct correlation with today’s generation. The biggest factor responsible for this is the changing thought process, busy lifestyle and work culture. People no longer want to travel hours for work. Instead, they prefer to live near the business district or close to the workplace. If this means living in a small house, so be it. From this angle, the compact home trend is on the right track and its growth prospect seems very high.
A compact home comes with many unseen advantages. Shravan Gupta, MGF Group believes the biggest selling point of compact homes is its affordability factor. If a person has less budget and wants to live near the workplace, it seems a wise decision to invest in a compact home. A compact home is relatively cheaper than bigger homes and is always in demand. It is ideal for someone whose prime motive is for investment purposes. Hence, in future, if someone wants to resale it, it can be resold at a higher value.
A home loan is a preferred and easy way to buy a home. Real estate experts like Shravan Gupta, MGF Group feel banks give loans easily for smaller homes. Also, the repayment becomes easier as one has to shell out less EMI. Such isn’t the case when one is buying a large home. Hence, it is wise to invest in compact homes if one is looking for easy loan repayment options. Apart from that, compact homes are back in demand.
Such a change is attributed to several factors:
Proximity to the City.
Ease of Transport.
These play an essential role when a person is buying or relocating to a new city. The prime advantage of having a home in the city centre is its proximity to facilities like Schools, supermarkets and offices. For first-time buyers, these attract them to compact homes rather than large homes. Shravan Gupta, MGF Group feels compact housing is the future of the housing sector. Most investments will happen in smaller homes as they are in a gated community with amenities like Shops, Parks and fresh air.
Real estate experts feel metropolitan cities like Delhi and Mumbai are prime markets and trendsetters for compact homes. One is witnessing much more compact homes in recent times.
A trend that had gone down is on the rise again. Hence, it won’t be wrong to say that compact homes are the trend of the future and the story of 2023.
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