The Changing Face of Residential Apartments in India
As there’s a boom in the overall commercial segment especially in the National Capital Region (NCR), the demands for residential projects have been on the rise. In the recent past, the end users of this market have been opting for a new type of residential property – the studio apartments. These strong western concepts of studio apartments are fast catching up among Indians—especially young professionals. A studio apartment is an apartment that usually has one large room with certain areas designated as bathroom and kitchen.
Of late, this concept has become quite popular with Indians with more young professionals opting for this kind of an apartment. The reason behind this is the affordability tag that these apartments come with and they are definitely apt for a single individual or a family of two. The popularity of such residential properties can be gauged from the fact that several builders have come up with such condos and many are about to join the pipeline. Most interestingly, the fact that more than 1600 units of studio apartments launched in Noida by a prominent real estate builder was booked completely within four days of its launch.
Since the spurt in studio apartments, other builders have also taken the plunge and the resultant effect is an increase in studio apartments all across NCR. One of the biggest advantages of these condos is their affordability tag. Other aspects that are responsible for the popularity of these apartments are that they are highly suitable for investment purpose. Keeping in mind the growing popularity of these condos, industry experts vouchsafe that such properties are bound to yield good results in the near future. Studio apartments also make for great rental properties. Interestingly, the IT hubs of the NCR, i.e., Gurgaon and parts of Noida, are the most popular areas where studio apartments are being built.
Prominent real estate builders have ventured into this. One of the renowned developers, BPTP has come up with their new project comprising studio apartments. This time the builder has targeted Greater Faridabad as the new location. Thus, Greater Faridabad has a new address for single professionals, small families and investors.
The builders have taken into consideration every minute detail that is required in order to persuade the modern-day end user. However, this established builder has not only limited themselves in this new residential segment. Along with studio apartments they have invested in a lot many residential projects all across NCR. Most of these apartments are targeted at the affordable budget end-users segment.
Interestingly, these new styles of condominiums are fast catching up among modern Indians, especially the younger generation who have long started following way of living. According to several real estate developers, the new styles of apartments are already quite popular in India, might increase in near future. Another trend noticed by experts are that even nuclear families residing in metropolitan cities these days have started opting for studio apartments. Reasons behind such a movement are affordability and lower maintenance cost. Following such trend, experts predict that demands for studio apartments are bound to increase in the near future. It also implies that investing in such properties is worth as they are expected to yield great returns, a decade down the line.
In a rapidly urbanizing Indian society, the concept of new-age living is growing at a fast pace among the citizens. Today, just living is no the idea, it is more about ‘lifestyle’ – living life in style. This very urge has furthered the demand of studio apartments and other new types of apartments. The increasing demand of studio apartments and serviced apartments are an example of the same.