With realty sales hitting rock bottom, builders have once again resorted to building smaller one bedroom-hall-kitchen flats to attract buyers.
At present, at least 1,000 such 1-BHK flats are being launched in the market by a dozen builders across the city.
Hubtown Limited has launched 100 such units, each 750 square feet, in its Jogeshwari Vikhroli Link Road (JVLR) project, priced at Rs 11,000 per square feet. “Our market surveys and customer feedback showed a huge demand in this segment,” said Hemant Shah, Chairman, Hubtown Limited. “We got a fantastic response,” he added. The company also plans to launch 1-BHK houses in its Bandra (East) project near the Bandra Kurla complex.
Similarly, the Prarthana Group of Companies is constructing 600 such 1-BHK flats at Malad (East). Each flat measuring 500 square feet is being quoted at Rs10,000 per square feet, making the cost of each about Rs50 lakh.
“The whole idea was to offer all modern amenities within the budget of Rs50 lakh” said Rajesh Patil, Managing Director, Prarthana Group.
Nirmal Lifestyle is also offering a premium 70 units of 1 BHK houses at the rate of Rs65 lakh onwards at its Mulund Project Nirmal Galaxy.
Real Estate experts said that builders are forced to resort to such tactics due to market conditions. “The realty rates have become so exorbitant that buyers are forced to opt for smaller flats,” said Ajay Chaturvedi, a real estate consultant.
“Even the banks have tightened lending norms and the loan amount disbursed is less,” he added.
However, Pankaj Kapoor, CEO, Liases Foras, a real estate consultancy firm, says even the 1-BHK flats are exorbitantly priced. “They are unaffordable,” said Kapoor. He added that buyers are hardly getting the value for their money.
In the last one year, realty prices have risen to a record high, which has dissuaded buyers from purchasing property. In addition to this, the Reserve Bank of India has tightened lending norms and also hiked interest rates causing further agony to the homebuyers.