Think of the days when everyone used to live in an independent home of their own. When space was in abundance and homes were built on bigger plots. The days when rentals used to be low and homes used to be sizable. Isn’t this a tale of the yesteryears?
It is a flip situation now. The average size of apartments is shrinking while the cost of the same is increasing. Our Prime Minister has launched a program with the vision of providing affordable housing for all by 2022. The builders and developers have diminished the size of apartments and homes in sync with the vision to keep the rentals and cost at bay and make it affordable for the residents.
As per statistical data, the sizes of apartments have gone down by as much as 26.4% in Mumbai since 2010, 23.7% in Bengaluru and 22.2% in Chennai over a period of five years. The average size of apartments in Mumbai earlier used to be 1400 square feet which has been reduced to a mere 1050 square feet now. Similar trend has been noted in Bengaluru where size has shrunk from 1800 square feet to 1500 square feet and in Pune where the size has gone down by 7% over a period of five years.
Housing has also been made more affordable not just by cutting down on size but by also by devising attractive payment plans that are flexible and offers discounts. Many apartments are also being built on the cities suburbs where home owners are forced to live as they cost less and are more affordable.
“The biggest issue in the market today is the ticket price and we need to make that attractive for buyers,” said a realty firm executive.
In midst of all this, there is a small town of Dholera Smart City and Greater Dholera which is being developed as the first smart city of India and offers one of the best investment options to investors. The growth potential that the city offers is tremendous owing to various factors such as ultimate connectivity, excellent planning and being a special node on the DMIC Corridor.
The city offers opportunity to investors to invest in residential plots at a very low price and build 2BHK bungalows and villas at the cost of buying a small apartment in any of the developed city. Since the development in Dholera SIR is happening at a very fast pace, the value of property built on it shall grow exponentially and give better returns on investments than any other apartment brought in any of the developed towns and cities. Besides, it also offers the luxury of staying in a spacious home that can now only be dreamt of.
The residential plots and homes can be searched online through various sites including www.smart-homes.in/.Source:- http://www.livemint.com/Consumer/Z9XZ0nLdRiMDGb7DRDnv8L/Homes-sizes-shrink-in-urban-India-Mumbai-sees-264-fall-in.html