by Sanjeev Chandiramani, Chief Operating Officer, Ruparel Realty
Mumbai is a real estate hotspot in terms of interest from investors, developers, and homebuyers alike. It is a well-desired destination, but homebuyers have been flocking to the suburbs over the years due to overpopulation in the city. Residential micro-markets in the suburb provide a cleaner, greener, more spacious, and tranquil setting, along with all necessary amenities within arm's reach One can also witness a substantial shift in homebuyers' preferences towards under-construction western suburb apartments recently, which might be due to affordability and payment flexibility options. This has provided Kandivali, a western suburb located in the northern city of Mumbai, the opportunity of being the next up-and-coming reality boom hotbed for the residential real estate market.
As per the reports available online published in the second quarter of 2021, western suburbs in Andheri, Malad, Goregaon, Kandivali, and Dahisar saw a spike in demand for 2- and 3-bedroom kitchen apartments, accounting for up to 70% of overall demand. Several factors have contributed to the increased demand for 2BHK homes in the western suburbs this year, including the hybrid work model, developers' easy and affordable payment plans, the stamp duty waiver, RBI’s accommodative stance of keeping the repo rate unchanged and banks' providing lower down payment options are all factors that have influenced the market.
Despite the city's recent continuous rains and the prevalent Covid-19 pandemic, property sales have been on the rise. According to the statistics by the Maharashtra Government's Department of Registration and Stamps, around 6,026 homes were sold in July, up to July 17. In the first half of the year, Mumbai saw a buoyancy in the luxury real estate market too, with deals of over Rs. 4,000 crore made.The housing Market in Mumbai has started gaining its sustainable momentum, with April-June residential sales growing 1 percent in Mumbai compared to the previous quarter along with a surge seen in new launches as well. Below mentioned are a few driving forces behind the rise in demand for 2 BHK apartments:
Budget-Friendly Residential Alternatives
Two-bedroom kitchen apartments provide buyers with a cost-effective housing alternative. The smart pricing of this type of dwelling unit has piqued people's attention. Developers ensure that 2BHK apartments have well-designed architectural plans and greater facilities to meet the demand of the new residents.
Cost Analysis & Future Planning
India, being the price-conscious market it is, one can say post examining the price trends and necessity, a two-bedroom apartment is the best option for home buyers looking to buy/Invest. A 2BHK is a good investment for current and future needs for couples, nuclear families, and even single home buyers. By investing a little more than 1BHK flats, one can afford the luxury of a larger and stable home in the long run. Furthermore we have witnessed that there has been a greater demand for 1.25 Cr to 1.75 Cr. ticket size and people usually are more inclined towards 600 sqft to 700 sqft carpet of houses.It will not only give greater space for the owners' multiple needs but also a higher Return on Investment in the future as well.
Abundant Inventory and Availability of 2BHK Options
Mumbai offers a wide range of inventory for 2BHK apartments compared to 1BHK. To meet the high demands in the western suburbs of Kandivali as well, developers are planning their best to provide easily available alternative options for home buyers.
2 BHK apartments are a functional upgradation for homebuyers that is available in abundance, are budget friendly in nature, easy to decorate, furnish and maintain. This sort of residential apartment is simple to keep up with. The cost of upkeep per square foot rises dramatically with a larger unit. So, for home buyers looking to invest in residential property in the western suburbs, 2BHK apartments in the excellent locality of Kandivali are a good choice. Kandivali West is up for a realty boom soon owing to the robust physical and social infrastructure along with the many other benefits like having commercial and industrial hubs nearby and so on. Having a 2BHK home in a convenient location like Kandivali would be a blessing for home buyers both from a social infrastructure and connectivity perspective. This configuration is set to get more popular in the coming months. So get yourself a 2bhk home soon.