MUMBAI: What sells in the real estate sector has come a full circle. With fewer buyers, owing to high prices, developers are now building one room kitchen (1RK) flats in the city’s periphery to boost sales.
The logic is guided by sales volume, said developers – the smaller the house, lower the prices and more buyers.
Approximately 400 sqft in area ( 260 sqft carpet area), t hese f l ats are being constructed Panvel, Kalyan, Bhiwandi, Karjat, Ulwe and Koparkhairane. The prices range from Rs7 lakh in the Kalyan-Bhiwandi belt, to Rs25 lakh in Koparkhairane.
Moraj Building Concepts Private Limited is building 150 such buildings. “Bigger apartments do not sell in the current scenario, so we have switched t o building smaller ones,” said Mohan Gurnani, chairman, Moraj Building Concepts Private Limited. These units are being sold from Rs12 lakh onwards.
Tejas Vyas, the director of Oyster Living, said the time has come to focus on affordable homes. “My target group is the blue-collared worker who cannot afford bigger, expensive houses. The whole concept is to sell in volumes,” he said.
Oyster is coming up with a project in the Kalyan-Bhiwandi belt, and the price tag is in the range of Rs7 lakh.
The real estate sector has been facing a hard time the past few years, and builders, who abandoned construction of smaller houses in favour of luxury ones, have now come back to building smaller affordable units.
The Maharashtra Chambers of Housing Industry (MCHI) attributes this to the demand and supply phenomenon. “The current environment does not favour luxury apartments, hence builders are adopting various means to facilitate sales,” said Manohar Shroff, Secretary, MCHI (Navi Mumbai).
If you already own apartment and now looking for opportunity to invest in second home, so first you need to analyze your budget and if you are good with your budget than better to buy property which can draw you some monthly incomes through rents and for that you can buy 2 BHK in Kalyan as it comes in reasonable price and able to get the people for rent because people in Mumbai prefer to live in Kalyan region due to good connectivity with rest of the city.
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