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.
Lots of studio apartments are being built in the top six cities-Mumbai, National Capital Region (NCR), Bangalore, Pune, Hyderabad and Chennai. Both in the metros and tier 2 cities, the demand for studio apartments are increasing.
In the last one year, around 1,400 studio apartments have been sold in the top six markets. Apart from several small builders, large developers such as Lodha, Hiranandani and Supertech are also entering the fray.
The size of the studio apartment ranges from around 750 sq ft to 1200 sq ft. Projects like these are in the price range of around Rs 20 lakh to Rs 35 lakh.
Studio apartment in Bangalore, to simply put, comprises of a small sitting room along with a dining area coupled with a little kitchenette. Such apartments also have a small alcove in between that is the work place. The bedroom is equipped with an attached washroom for th convenience of the users
Usually a studio apartment will have one multipurpose room along with a kitchen and a bathroom. In India, a studio apartment generally has a hall as well, which makes it a variant on the 1BHK apartment. Such homes are more affordable for young people, both single and married
The statistics of those investing in these studio apartments are typically outsiders who plan to live in Bangalore for about three years and plan to it sell off when they leave the country.
According to sources, in the last couple of months many developers have entered this market announcing the launch of studio projects across North Bangalore, near Electronic City and close to Bannergatta National Park and Vijaya Bank Colony.
Studio apartments, is a growing urban phenomenon and is increasingly gaining momentum in various income segments. For renters stepping in the property market, rich NRIs willing to pour funds in Indian real estate or high-net worth individuals in search of a good investment option, studio apartment in the country are the one to go for.
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.