Facing slowdown, builders opt for small flats

The slowdown in the real estate has forced many developers to build small-sized flats – studio apartments and 1BHK – in the city and the outskirts of Mumbai, within

The slowdown in the real estate has forced many developers to build small-sized flats – studio apartments and 1BHK – in the city and the outskirts of Mumbai, within ₹1 crore.

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Take the case of Mayfair Housing for instance, which is selling studio apartments at Powai for ₹63 lakh. To buy a studio apartment, the buyer needs to pay ₹2.67 lakh the booking amount and the remaining amount on getting the possession in the year 2022.

According to Nayan Shah, president, Maharashtra Chambers of Housing Industry (MCHI-CREDAI) and chief executive officer (CEO) of Mayfair Housing, builders have tailored their products according to the buyers’ demands.

“Buyers don’t mind having smaller homes within the city limits. It saves travel time and their social life also gets better,” said Shah.

In the eastern suburbs, Marathon Builders is offering 197 sq ft area studio apartments worth ₹37 lakh for sale at Bhandup.

In the outskirts, there is a surge in the number of smaller housing units, with amenities such as swimming pools, landscaped gardens and clubhouse, which were previously offered only to luxury projects.

Puranik Builder has Japanese-themed residencies to offer. Named the Tokyo Bay project, the flats are located at Ghodbunder Road. While a studio apartment is available for ₹38 lakh, the developer is selling a 1-BHK flat for ₹65 lakh. The residents will be offered a zen-and-fire garden and a clubhouse with water bodies.

“It is an era of compact houses, as buyers are not willing to shell out exorbitant amount to buy large houses. There’s a large housing stock available in the current market and builders are giving the best deals,” Manohar Shroff, vice president, MCHI-CREDAI (Navi Mumbai) said.