21st November 2023, Mumbai: It’s hard and unthinkable to buy an apartment in metropolitan cities like Mumbai, Delhi and Bangalore. When a person thinks of home the first thing that comes to mind is 2 BHK apartments. However, this isn’t completely true. Now it is possible to own a Studio apartment in India too. This concept is very popular in the west but is slowly catching up here. One might ask what is Studio apartment? Well, it is a single room comprising of living room, dining, bedroom kitchen in a single area. Studio apartments are ideal way to meet the demands of a gowing popilaare way to fulfill the dream of having your own home. The scenario becomes more unaffordable if you are a first-time buyer or young investor. And Studio apartment might be the answer and fulfill the dream of having a home.
A studio apartment is ideal for young professionals, ex-patriats and single people. It is priced less in comparison to 2 BHK apartments. This further enhances its appeal amongst the youth and the working class.Some companies are moving towards Studio apartment for their employess rather than big apartments. It saves money and comes pre loaded with all the amenities.
The concept of Studio apartment originated in the West but it is slowly gaining prominence here too. The reason for this can be attributed to inadequate space, high rentals and affordability factors. As a first-time buyer or an investor, it makes sense to go for Studio apartments and inhabit your dream home.
There are many factors which make the Studio apartments the flavour of the year. Experts like Shravan Gupta, MGF Group feel 2023 is going to be the year of the Studio apartments and are very bullish about it
The unique appeal of Studio Apartment lies in its compact feature. In a typical Studio apartment, the living room, bedroom, bathroom and kitchen are in a single room. These are self-contained units and much in demand in Metropolitan cities. It is slowly becoming the featured choice of youth, working professionals, ex-patriots and travellers. Some reasons that make it high in demand are:
The Cost Factor
It is becoming increasingly difficult to buy a home in a vibrant city like Mumbai. Hence, going for a studio apartment makes a sensible and affordable option. It is usually priced lower than 2-3 BHK apartments boosting its affordability factor. A person planning to buy a home close to the workplace ideally should go for a Studio apartment. It saves money on transport and utility bills. This could come as a boon for a new buyer in Mumbai who wants to live close to the workplace and yet pay less for an apartment.
Real estate experts are very happy about this changing trend. There is a feeling that this trend is likely to continue till the end of 2024.
Experts believe Studio apartments are sold easily in comparison to 2- 3 BHK apartments. There is always going to be a buyer for such apartments. It may happen due to India’s economic growth and Job opportunities in Cities.
In a hectic schedule, one is always on the lookout for easy manageable homes. Studio apartments are very easy to manage. Some prominent builders and hotels have entered into Studio apartments boosting its manageability factor. These apartments come with their own hospitality and laundry services hence one doesn’t have to hire someone to clean the home. This concept has come from Western countries where Studio apartments are a common feature. However, it is picking up in the Indian market too.
And ultimately it is the optimum source of income. Unlike 3 BHK apartments or houses whose demand may slow down. Such is not the case with studio apartments that will always have a high resale value. It is always in demand due to its space and security features. A studio apartment is going to be the ultimate game-changer in the future. Experts like Shravan Gupta, MGF Group feel the demand for Studio apartment is going to be on the rise. And this scenario is likely to continue till the end of 2024.