Studio Apartment Gains Popularity Among Young Buyers
Studio apartments are already gaining popularity among several property investors across the country, mainly because of affordability and rental factors. More refined dwelling options and modernity have also given boost to studio apartments. There are several entrepreneurs and artists who love such a place where they can live and work. The trend of studio apartments is now catching up among youngsters across the country.
Increasing demand by young professionals
Studio apartments are increasingly becoming popular among young professionals across the country. Delhi and Mumbai are two cities where these configurations are already popular. Bangalore, Hyderabad, Kolkata and Indore are other cities where studio apartments are gaining popularity as well. Owing to this increased interest, several developers are looking at delivering more apartments within their budget.
Some of the major developers in Delhi and Mumbai active in this segment include Supertech Builders, Nirman Constructions, Om Constructions and Kushi Builders. Ittina Group is offering few such configurations in Bangalore whereas Big Deal Properties are active in this segment in Kolkata.
Reasons for popularity amongst youngsters
Affordability is, undoubtedly, one of the major factors supporting the growth of this segment, especially among young professionals. One can buy a studio apartment of size 400-600 sq. ft. within a budget of Rs 10-20 lakh in most cities. Apart from being within the affordable range, there are few other reasons as to why these configurations are popular amongst youngsters.
Studio apartments are also often called bachelor apartments. As such, they are popular among many bachelors as well as young married couple. A studio apartment is usually a small 400-600 sq. ft. apartment with a living room, bedroom and dining room all in one room. There will be an attached bath room with an option of having a small kitchenette. Hence, a bachelor or a young couple find this convenient to stay in.
There are also young professionals who immigrate to big metros due to job opportunities in MNCs. Hence, it is more comfortable for them to live either in a studio apartment or a service apartment, as they are compact and affordable. Moreover, many young professionals today want to make their mark by having a real estate investment of their own. Studio apartments are a good choice for these people.
Going forward
The studio apartment segment is becoming more popular, especially among companies and young professionals. For companies, it becomes easier and cheaper to accommodate young and/or single employees in a studio apartment or a service apartment, instead of putting them up in a guest house or hotel. For the above mentioned reasons, the segment is becoming increasingly popular among young professionals, especially in the bigger metros. For investors, it is a good investment prospect as well as a good prospect to earn a regular rental income. As such, the segment has a good growth potential in the future.
