Younger Generation Homebuyers Interested More In Affordability Than Size
The younger generation seems to be more interested in affordability than size, given that 77 projects with compact units have been launched since 2013 in Mumbai Metropolitan Region (MMR), seven of them this year alone. The minimum carpet area of these homes is between 136 sq ft and 281 sq ft, and the basic cost varies between Rs 8.35 lakh and Rs 60 lakh.
Smaller homes are what Indian millennials prefer, especially when in cities like Mumbai. The young professionals are less focused on size and look for homes close or well-connected to their workplaces to cut commute. Compact homes are also low on maintenance and are budget-friendly, says a report by Anarock Property Consultants.
Rising rents have also contributed to the trend. Chairman of Anarock, said taking a small loan and paying EMIs on an investment-grade asset which can be easily resold is seen as preferable to shelling out hefty rents.
Micro homes have been a solution to lack of housing and congestion in countries like Japan, Hong Kong, Britain and Spain, where the demand for homes is higher and space comes at a premium, says the director of realty advisory Grant Thornton. India took time to accept the concept, but there is now a growing realisation that owning a micro home is better than not owning a home at all, even if the micro home is only the size of a larger master bedroom in a traditional Indian house.
Chembur Central by Xrbia, Mayfair Hillcrest in Vikhroli, Haware Paradise by Haware in Kalyan, AddressOne by Peninsula Land in Gahunje along the Mumbai-Pune Expressway and Sheltrex Nano Housing by Sheltrex Developers in Karjat are among the projects on offer in the section.
Most of these projects come with all the modern amenities including a clubhouse and 24X7 security system. Haware Paradise in Kalyan is a sports-themed township with sports grounds and courts, AddressOne comes with community halls, indoor games room and a school inside the township.
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