Residential properties are now affordable due to reduction is size

If you have a small budget and still want to have your own home, buy small apartments. Most of the people by choice or necessity are living in small apartments. But you should know that you are not all alone there, today many of people are buying small apartments as residential flats in metro cities like; Delhi, Mumbai, Bangalore, Gurgaon and Hyderabad. Due to reduction in size, it becomes easier to own an affordable apartment.

Reduced sizes of properties have made them affordable.

Reduced sizes of properties have made them affordable.

Delhi/NCR,Mumbai, Bangalore and other metro cities are the host of strategic locations and national importance with the centre of development and growth in all sectors of economy. Price of properties in these regions is growing-up aggressively, especially for commercial and residential properties from last few years. These regions are strategically located and these places are the host of offices of top enterprises. According to recent reports, apartments in metros are now more affordable due to redaction in dimension. In past few years metro cities are witnessing a 10% to 12%reduction in apartment sizes and due to that prices are now affordable.

Now developers are experimenting and tweaking with products to make them more affordable. Now a days, banks are also backing to the end-user by providing home loans on low interest rates. Reduction in size is the product of stress among developers, which is forcing them to launch attractive projects in affordable prices. Now developers are injecting a dose to robust the sales numbers into their balance sheets. In present, affordability is the key for developers to sale the residential units. Delhi/NCR and Noida recorded the sharpest decline in size i.e. 16%, while other cities recorded the decline of 10% to 3%.

In present most of the metro cites are witnessing the launch of mid-segment units of 1BHK and 2BHK with the reduction in dimension of approximately 100 sq ft. Gurgaon, Hyderabad and Chennai witnessed the additional push towards new affordable options as they introduced a little decline in prices due to size reduction. Metro cities are the price-sensitive locations, where growth drives by end-user purchase, so it becomes necessary to meet price expectations in Indian real estate market.

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