Developers launching smaller sized apartments to increase sales
As the demand for luxury homes have gone down, the developers are now concentrating on smaller-sized apartments in India. Developers are now offering cheaper homes without decreasing per area price to increase sales.
Last year home sales have seen a downfall, with the increase in property prices. Though the home slaes have dropped, the demand for housing is still on rise. Home buyers are sitting on the fence to make investments but waiting for prices to come down.
Real estate developers are showing more interest in launching smaller homes at affordable rates. An higher official of Lodha Group said that they have launched a smaller sized project in the new Lower Parel. The name of the project is Blue Moon. These project managed to lure many property buyers in the south Mumbai market.
Around 500 apartments will be launched under this offering. The builder is launching two towers out of a total six that are planned on this plot. These smaller-sized apartments are offering 1370 square feet for 2BHK apartments, 3-bedroom of 1,670 sq ft and 2,000 sq ft size and 4-bedroom of around 2,300 sq ft. While other under-construction projects in the same area are coming up with a price range of about 3,000 per square feet.
Other reputed builders like Brigade Group, Amrapali and Supertech are also coming up with smaller-size apartments to gear up the home sales. As the developers are finding it difficult to sell expensive residential projects due to high property price.
Amrapali Group have launched apartments of 1350 square feet size, Supertech have come up with apartment size of 1000 square feet and Brigade Group have reduced the size between 950-1150 square feet.
Click here for related forum discussion
Related Real Estate News:
Lodha group follows IPO model to sell project in Lower Parel
Lodha Group goes for smaller and affordable flats
Affordable flats in Bangalore, Apartments in Bangalore, Bangalore, Flats in Bangalore, Lodha Group, projects by lodha group, Real estate developers in India, real estate sector in bangalore, Real-estate market
