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Data have time and again proved that homebuyers across the main cities of India like to invest in a 2 BHK unit rather than going for bigger or smaller ones, Mumbai being an exception due to the cost barrier. A survey by online real estate aggregator shows that 2 BHK apartments are the most preferred choice of more than 40% of buyers across NCR, Bangalore, Chennai and Kolkata. Due to the reason of affordability, buyers in Mumbai prefer 1 BHK units and the number of such buyers are approximately 51%. Homebuyers in NCR and other metropolitan cities are inclined towards investing in an apartment than in villas or builder floors.
Analysis through cost frame
Now, the question is what other possible reasons for 2 BHK being so popular are? Is the cost only factor or there are other reasons too? If we look at the costs, 1 BHK units are more affordable than 2 BHK units, and it is apparent that 1 BHK has less space than 2 BHK units. In many projects, the cost of 2 BHK is 50% higher than of 1 BHK units, but still, buyers first prefer to have a 2 BHK.
A 1 BHK unit at a comparatively better locality by a popular builder will have the cost higher than a 2 BHK unit at average location by not so popular builder. Amenities such as swimming pool, clubhouse, adequate open parking space, wide internal roads, green area can also lead the buyer to stretch his budget. An apartment without basic amenities around can’t make the residents happy for always, one day, the residents will need these facilities to lead a balanced life.
Though in Delhi NCR, a 1 BHK unit can be purchased at an average cost of Rs. 15-17 lakh, whereas, the possession of a 2 BHK unit can be taken by spending approximately Rs. 24-27 lakh.
But, an extra amount of Rs. 9-10 lakh looks worth to buyers when they take the buying decision. Considering that they get to enjoy the luxury of a bigger space by spending a few lakhs is a key attraction that makes 2BHK units more attractive. Even, most buyers will first save the difference amount of 1 BHK and 2 BHK, wait for few years and then book a flat.
Planning for the Future
Buyers in Delhi NCR or other metropolitan cities where people come for jobs and other career related opportunities are quite serious about their home buying plan. They prefer to have a shelter before they tie the matrimonial knot. This is the other reason that ‘would be bride or groom’ will be more inclined towards having a bigger space and thereafter choose a 2 BHK.
While a 1BHK unit would be quite enough for a single person, the same space would look crunched if another person starts living there. As new additions are made to one’s family, the house may start appearing much smaller than it actually is. It is with this futuristic thinking that, most homebuyers go for a 2BHK.
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