A place where land is abundantly available at cheap prices allowing home owners to build 2-4 BHK bungalows at their whims and fancy – a feature that is lost in the crowded cities.
The metropolitan and tier 1 cities are facing a reverse trend where the builders are downsizing the size of homes in order to make it affordable for buyers. While per square feet prices have not been reduced, a reduction in the size of apartments has automatically brought own its cost. A wave of affordable housing has hit the nation with "Housing for All" project launched by Modi and builders have also revamped their construction strategy in accordance to the same.
As per Ashutosh Limaye, National Director – Research, JLL India, the average apartment sizes have fallen in all the major cities of India. The largest fall has been faced by Mumbai where the average size came down by 5% year on year in last five years. This was followed by Bangalore with 4% annualized fall in prices and similar trend was noticed in Chennai and Pune. The average size of homes is the lowest in the cities of Mumbai and Pune amongst all 4 cities while the configuration remains the same- A hall, kitchen and two bedrooms.
This is probably happening due to reduced purchasing power of the buyers and their tendency to live in affordable homes rather than shelling out heavy rentals month on month. On the contrary, larger office and commercial spaces are being leased out in the last year. The market has also seen tremendous growth over last year with Pune leading the lot marking an 89% y-o-y growth followed by Bangalore at 78% mark and Chennai at 67%. Real estate developers are now constructing larger office spaces to meet the latest trend.
While people in bigger cities are struggling to accommodate themselves in small sized apartments, the value for which has not appreciated much in recent years, the story in Dholera SIR is altogether different. A huge king size villa can be built in Dholera for the price of a small 2BHK apartment in city. It being one of the fastest developing cities of India and the first smart city to be developed also brings in immense opportunity for real estate price acceleration at a much faster rate than rest of India.
Dholera SIR definitely proves to be both investors and home owner's paradise; a real estate investment option which is currently attracting the investment of many conglomerates only to be cashed in at a later stage.
Source : articlesbase.com
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