With the common man resisting the high prices of real estate in the city, builders are now turning to constructing 1-BHKs (bedroom-hall-kitchen) flats to boost sales.
The trend was visible at the property exhibition organised by the Maharashtra Chambers of Housing Industry (MCHI) where more than a dozen builders showcased small housing units.
Take the case of the Neumec Group, which is constructing
1-BHK units at all its locations – Worli, Lower Parel, Vile Parle and Ghatkopar. “These sell like hot cakes unlike the bigger units that take a lot of effort to sell,” said Pankaj Makharia, manager, Neumac Group. These flats, of around 600 to 750 square feet each, boast all modern amenities. While the Worli project is priced at Rs21,000 per square foot, the Lower Parel project costs Rs20,000 per square foot.
Similarly, Hubtown Builders has come out with a 1-BHK project at Sion where the rates quoted are Rs14,000 per square foot for a flat measuring 750 square feet. Gundecha Builders has come up with two projects – Gundecha Montego and Astha on Andheri-Kurla Road – both boasting small units.
“In the current market of low sales, it makes sense to construct small houses as these sell easily and help us get the much-needed funds,” said Paras Gundecha, chairman, Gundecha Group of Companies and also president, MCHI.
Gundecha has priced his apartments at Montego at Rs63 lakh outright. Another major group, Parinee Developers, has started its project – Essence – at Kandivli where 672 square feet flats are sold at the rate of Rs8,500 per square foot while the Ajmeras are quoting Rs11,430 per square foot for its 693 sq ft apartment in its project Ajmera Regalia in Borivli.
There are reports that both Hiranandani Builders at Powai and Lodha at Lower Parel will soon announce their plans for small units.
Real estate expert Ajay Chaturvedi said, “It is beneficial for both builder and consumer as there is a huge market for these flats.”