Demand for Size of Property Going Down in Mumbai

PNI Demand for Size of Property Going Down in Mumbai

 

Demand for Size of Property Going Down in Mumbai :

As the price points in Mumbai have seen a meteoric rise over the past few years, realty players have innovated on their market approach and have started introducing properties that are smaller in size and at the same time low on budgets.

In keeping with the emerging demand and trend for the availability of affordable property options, the sizes of homes across the Mumbai metropolitan region (MMR) are going down over the past two years.

This is happening as more and more real estate developers are listening to their end customers and are developing small-sized properties that are better suited for the affordability factor and hence are fast being made available at a good pace.

According to a recent survey, the size of homes has decreased by as much as eight per cent since 2012. This is going to further strengthen as a trend and likely to be adopted by more developers to quench the demand for affordable property options.

It is important to note that this trend started as early as the start of the year 2009 but became increasingly visible over the last two years as the property rates in Mumbai has risen sharply, there is a lack of affordable property. This gap is increasingly being filled by these affordable projects which offer lesser space but are cheaper on their pricing.

Another important aspect of these developments is the fact that property buyers do not mind compromising on the size of the properties if the property falls within the budget limits of a family or household.