1BHK apartments in Bangalore see fresh demand
In Bangalore, the demand for 1 BHK flats is picking up. Previously, the demand for 1 BHK has been on the rise in areas such as Madivala and Mathikere, but in the last couple of months, new localities are seeing entry of developers with 1 BHK segment projects.
Many reputed real estate biggies are entering this segment which has been rampart of mid segment developers such as Prestige, Pashmina, Fortune and SJR Parkways.
Real estate developers like Prestige offers 1 BHK apartments along with 2 and 3 BHKs in the same complex. Also they offer a larger floor plan of around 1,000 sq ft or more. The average covered area of these apartments varies from around 450 sq ft to about 700 sq ft.
The demand for 1 BHK apartments is increasing in areas like Madivala, Koramangala, Electronic City and Mathikere. The general assumption that 1 BHK is targeted by the lower income group is no longer true, the demography of the buyers has changed. Now-a-days, average buyers of these apartments are professionals or double income family just starting their life.
Many people are from outside Bangalore, especially from the Northern part of India. Though these professionals have healthy income, they would not want to take huge loans in the beginning of their life. Those who are going in for larger 1 BHKs are single working professionals who have 7 to 10 years of experience.
1BHK owning population in these pockets primarily include IT professionals who prefer 1BHK apartments over studio apartments due to price advantage and customisation facilities.
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