Real Estate Outlook

Compact Housing: The Future of Urban Standard

The changing dynamics of space requirements has resulted in several developers consciously driving compact housing provisions. Indian buyers who traditionally opted for more spacious spaces have begun realizing how compact homes configurations are more suited to their needs. This housing trend has especially reared up in prime metros like Mumbai, Delhi, Bangalore and Kolkata, where land is marginal and prices are steep. With construction costs and land scarcity, developers deliver viable alternatives like-Compact Homes– that suit demand profiles.

House hunters, too, are actively looking for smaller pads and subsequently, the supply side has substantially increased. In the past year, demand in India has become largely focused on smaller, space-efficient units.

Projects below 400 sq feet fall under this segment, which primarily include studio apartments and 1BHK homes.  Convenience and Connectivity highlight this home type. Neighbouring recreational areas, local shopping, social and transport infrastructure are synonymous with compact housing. Thus, well-situated vicinities are a crucial factor here. With emerging needs and shifting trends; working professionals, smaller families and modern buyers are the ideal audience. With the stated parameters, ideal suburbs to own compact houses in include Malad, Mulund, Kandivali and Goregaon.  Such compact homes often exist within the confines of larger complexes equipped with a slew of services that come with it. Thus, buyers can not only avail of additional amenities, but also have lower maintenance costs.

With the Government’s aggressive focus on ‘Housing for All’, this wide-ranged initiative will drive apartment sales on account of its affordability. These apartments are expected to outperform bigger properties owing to the demand from the low- to mid-range markets, who are essentially the biggest buyer-demographic in the country. Compact homes will define the future of urban living in India on account of the rising population, land crunch and civic concerns.

By Dharmesh Jain, Chairman and Managing Director, Nirmal Lifestyle

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