Realty firms pursue buyers with extensive range of apartment sizes, price points

Q: To maintain standard configurations, developers are changing apartment sizes and price them differently to deal them as value-for-money options.

Vasanth,

9th September 2015

Real estate News in Mumbai

real estate

affordable housing

real estate in mumbai

realty firms

change in apartment sizes

change in price

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Replies (4)

But at the same time, a few think that so many alternative can actually lead to confusing the customer and somehow shows that the developer is not completely sure of his product.

Companies focusing on mid segment projects that are mostly providing these multiple choices, but not all of them are entirely necessary.

Aman Sohal, Faridabad

10th September 2015

Comment

Since sales market is slow, a developer wants to get hold of each and every customer and not leave out anybody. Customers being so valuable today that companies want to offer everything that is on their wishlist.

If a customer say that he wants a 3BHK apartment in affordable price, and so developer wants to make sure that he has that product unlike earlier times, when they only had standard types.

Mirza Ali, Greater Noida

10th September 2015

Comment

Hi Mirza,
Builders are very tricky. The price sensitive customer prevails the mid-segment category of homes, where affordability is key. But even in premium and luxury projects developers are being pushed to rethink their product offerings.

Priotosh D , Bangalore

10th September 2015

Yes, In Mumbai, Omkar Realtors and Developers Ltd is developing 1973 Worli, a luxury project. Buyers can choose an apartment from a price range of Rs.12-100 crore and 3000-9000 sq-ft in size.

In this segment, buyers are very choosy and exactly know what they want. In this project, buyers appoint their own design team and decide the plan, design and even room sizes.

pradyumanapte, Mumbai

10th September 2015

It's true Abhijit and Aman.....
Last week, VBHC Value Homes Pvt. Ltd, promoted by businessman Jaithirth Rao, pre-launched an affordable housing project called Palmhaven near Bengaluru, which has 4 types of 2BHKs and 2 types of 1BHKs, with 430-900 sq-ft in super built-up area. 2BHK homes here range from 600 to 900 sq-ft and cost Rs.17-18.5 lakh, giving the customer different choices to buy a bit larger homes.

Priotosh D , Bangalore

10th September 2015

Comment

Now, the developers are feeling that buyers wanted more options. A couple of projects met with some issues due to the lack of options, and they have slowly started offering these in their new projects. In their project segment, where budget is critical, sometimes loans do not get sanctioned and buyers come back to settle for smaller-sized homes too.

Abhijit Thanki, Mumbai

10th September 2015

Yes, that is why they are looking to maintain margins and reducing the size of their apartments to make up for lower prices. 1BHK apartments/flats, which would earlier start from 550-600 sq-ft, are now being reduced to 400 sq-ft.

Priotosh D , Bangalore

10th September 2015

Because of that, in the past year or so, the sizes of apartments in the Mumbai metropolitan region saw the sharpest fall i.e. 5% on an annualized basis followed by Bengaluru and Chennai at 4%, and Pune at 1%.

Abhijit Thanki, Mumbai

10th September 2015

It is right. Real estate developers are more and more offering multiple kinds of apartment sizes to make sure there is something for every budget, and are modifying them as they fight to win customers in a slow market.

Aman Sohal, Faridabad

9th September 2015

Comment

You are right Aman.....
A single residential project today having as many as 4 to 5 different sizes of 2BHK apartments or 3 to 4 different 3BHK sizes, unlike some time ago when there were standard 1/2/3/4 BHK configurations were available.

Abhijit Thanki, Mumbai

10th September 2015