People in the city opt for smaller sized properties say real estate agents.
Bangalore 11 April 2019: The dream to own a house in the city is leading to more people looking for smaller sized properties. The affordable pricing of these properties is the main reason for them to be in demand. The smaller a house, the more economical it is.
Real estate agents said that residential property size has reduced by 12 percent and this shift is noticed for a year. “The demand for smaller properties has increased by 40 percent. Earlier a 2BHK property size was 1000 sqft to 1500 sqft while now the property size for 2BHK ranges from 750sqft to 1000 sqft,” said Nandan, senior residential manager at Anarock real estate agency.
Real estate agents said the demand for smaller properties in the city has seen a rise this year. These apartments cost around Rs 30 Lacs to Rs 60 Lacs. “Smaller properties are easily available compared to luxurious big spaces. They are also priced at affordable rates making it convenient for working people to buy,” said Akshay Mahati, a resident of DLF residency.
Customers also said that these properties are easily available within the city limits that make it convenient for buying a property nearer to the workplace. “Recently I purchased 2BHK flat measuring 1000 sqft near to my workplace. It was cheaper compared to other properties. Smaller property reduces the cost of construction,” said Soumya B. resident of Salapuria Sattva.
Experts said that the supply of property is largely influenced by the demand like every other commodity. “Bengaluru has seen an increased demand for residential properties. More people are from the working sector and like to invest less thus buying smaller property is a lot more convenient,” said Anil Bhaskaran, Urban Planner, and Architect at Idea Architects.