As the Mumbai property rates are still on the rise, many property developers are focusing on constructing small housing units. People are finding it difficult to buy a flat with large area. Therefore, they have to settle down for 2BHK flats that are affordable in some parts of the city.
Mumbai comprises a maximum of middle income group population. So, the developers are coming up with projects in the northern part of Mumbai where a 2BHK apartment is reasonably priced. The builders and property developers are aiming to fulfill the needs of the people with smaller families or working professionals who would like to invest in a small home first.
There was drop in sales of houses in the last few years, but as the markets have stabilized, people have started investing in smaller units. There is still hope that the market will go down further. The builders are promoting 2BHKs more to revive the markets. The demand for larger apartments is reducing and to balance the proportions, developers are coming up with smaller area and offering them at reasonable rates.
Since the property hiked manifolds, the buyers took the back seat and waited till the property rates stabilized and showed a downward movement. There are many apartments in the city that are still vacant due the skyrocketing prices in the past. There has been a pressure on the real estate market and developers are forced to construct more homes that are affordable for the middle class.
Hence, the government has given a go ahead to the construction builders to build smaller units like 1BHK or a 2BHK which can be easily bought by the public. This initiative will reduce the real estate pressure and help revive the property market that was in the lull period for quite some time.
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