Bangalore sees high demand for 1BHK
Following the trend of Mumbai, Bangalore realty market is slowly witnessing a spurt in demand for 1BHK apartments over the last few years. The 1BHK units or studio apartments, as they are popularly referred, comprise of a living room, dining area with a small kitchenette and a bathroom. With significant number of young professionals working in the city currently, these apartments are proving to be a convenient option. Moreover, these are fairly affordable for IT/ITES professionals who have a transferable job and don’t intend to establish their base in Bangalore.
According to the data with commonFloor.com there had been 106 new launches of 1BHK house type in Bangalore last year i.e. 2013. Whereas in 2014, during the last seven months there have been some 45 new projects launched with 1BHK configurations, with around 20,000 units.
These apartments are a cost-effective residential option and are mostly suitable for a single person and also for a newly married couple. The studio apartments are also an affordable option for those people who want to own rather than rent a place in close proximity to their work place.
In Bangalore, prominent localities having 1BHK apartments are Electronic City, Whitefield, Marathahalli and Bannerghatta Road. The area for studio apartment varies from 600 to 800 sq. ft. while the prices range between Rs 10 lakh to Rs 20 lakh, depending on the location and the level of amenities available. From the rental perspective, the monthly value ranges between Rs 6,500 to Rs 20,000, with an average of Rs 15,000 per month.
The maintenance cost of studio apartments is also low in comparison to bugger apartments. Hence, buyers prefer to invest in these. The major developers offering 1BHK apartments in Bangalore are Shriram Properties, D.S. Max properties, Vibrant Structures, Prestige Group, amongst others.
Meanwhile, Bangalore witnessed steady growth in the past one and a half year in its residential market in terms of demand as well as capital values. The growth has been healthy, averaging around 20 per cent across the city. While properties priced above Rs 2 Crore have not been selling as fast as being promoted, the mid-segment, affordable sections comprising mostly of 1BHK and 2BHK have recorded a steady growth.
Many new township projects are coming up all across, especially in North Bangalore, which have added to more supply in these areas. As a result, connectivity via road and metro is expected to improve in the coming years. In south Bangalore, areas such as Bannerghatta Road and Kanakpura Road has recorded good growth in the last two years. With time, these areas are also expected to witness a spurt in growth.
