Like most of the things, the sizes of our homes are also becoming small. Thanks to technology! Easy maintenance, comfort and a desire for close living tempt one go for small sized homes, often termed as ‘Compact Homes’.
Demand, price and certainly there are many other factors. As per a study published by First National Bank (FNB), the value of a small property accelerates at a higher pace as compared to high end home. The reason is growing demand in affordable housing and much broader consumer market. Even it has been observed, there is an on-going demand for the small sized properties, regardless of economic conditions.
Small sized homes, compact homes inventory are available highly in areas, adjacent to the establishment of companies & industries. Usually, the reason is white collar workers has nuclear families and they like to settle nearby industries and companies. Next question arises what is the size of compact homes? There is no such standard definition, but a home less than 600-700 Sq.ft in size in top cities is considered as a ‘Compact Home’. If we talk of NCR, these types of homes can be easily found in micro markets such as Bhiwadi, Sohna, Maneshar, Yamuna Expressway, and Knowledge Park. Adjacent NH24, Wave City is an integrated township, offering small sized apartments at reasonable prices. Over the past few years, Government housing bodies like Delhi Development Authority (DDA), Haryana Urban Development Authority (HUDA) has announced lucrative schemes for small sized apartments.
Even there have been many instances, where the private builders have changed the plan of building 2 BHK into 1 BHK just for sake of sale of the property. The small sized apartments create a win-win situation for both developers and home buyers. Keeping in tune with consumer demand, developers are making their offerings affordable. However, in real sense these are different from affordable as these offers all the amenities such as gym, clubhouse, swimming pool, central command centre, and rain water harvesting.
|Area||City||Average Range of 1 BHK Units (Rs lakh)||Size Range (Sq.ft)|
|Noida Extension||Greater Noida||8-19||300-700|
|DLF Phase IV||Gurgaon||28-30|
|Golf Course Road||Gurgaon||20-47||325-800|
|Palam Vihar||New Delhi||34-80||231-747|
|Greater Kailash||New Delhi||24-56||300-550|
|Vasant Kunj||New Delhi||39-92||440-1000|
|Wave City, NH 24, Ghaziabad||New Delhi||11.09 lakh+||376+|
Right size, competitive pricing, smartly designed, easy maintenance, savings on transportation and greater scope of resale on consumer market is tempting today one go for small sized apartments.
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