Studio apartments in high demand
Currently, studio apartments are in high demand in both metros and tier II cities.
According to the CEO, Jones Lang LaSalle India, studio apartments are usually the first ones to be sold out in a residential project. Studio apartments are generally the most cost effective residential options for people who prefer to own rather than rent.
Studio apartments are in demand especially in projects close to workplace hubs. The maximum demand for studio apartments are in cities like Mumbai, Delhi/NCR, Bangalore, Pune and Chennai. The demand comes from software professionals and executives from the manufacturing sector.
Studio apartments basically comprise of single large room that include the bedroom, living and dining areas, with small kitchen and bathroom. Mainly, studio apartments are priced between Rs. 12 to 35 lakh.
A prominent reason that drives demand for such apartments is the ease with which they can be rented out or sold at a profit on the secondary market.
Studio apartments are not only famous among professionals as an end user but are also the prime target for investors. The best part for studio apartments is that the maintenance cost is less, which makes it easy for purchase as well as resale.
Buyers gives more preference for studio apartments rather than paying high rent for flats and serviced apartments.
As per few surveys, there is also a lot of demand from single working individuals and newly married couples who need to set up a home immediately and upgrade to larger sized homes later on.
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