Small studio or one-bedroom apartments on the outskirts of metros are gradually keeping up the trend as prices of real estate is getting out of reach for many. Builders having felt the need of the hour are concentrating on this sector these days.
Developers say they are receiving good response to studio, 1-bedroom and 1.5 bedroom apartments ranging between 500 sq ft and 800 sq ft.
"Affordability is a significant influence in a slower market, therefore this segment is relevant in the present scenario," Ben Salmon, CEO at Assetz Property Group, a premium residential property developer told The Economic Times.
In Mumbai Metropolitan Region (MMR), too, the compact home strategy is working well for developers and homebuyers.
"We have been offering two or more than two choices to home buyers so that they can select the apartment that suits to their requirement and budget as well," said Shailesh Puranik, managing director at Puranik Builders. "This approach is working very well. We have been able to register good number of sales in current market conditions," he said.
As per property portal Magicbricks' PropIndex report, around 49% of homebuyers across the country are looking for options in the sub- 60 lakh segment and within this budget range the share of consumer preference in the sub- 50 lakh segment is 75%.