1 BHK Apartments in Pune- Necessity not Choice

October 21, 2008	(Be the first to rate this story!)  Loading ...
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The real estate market is going through an uncertain phase, leading to desperate measures by builders. Freebies like BMWs, focus once again on one-room flats… it’s all happening. Starting today, a 3-part series on a boom market that’s going bust but one where the principals are trying to stay afloat

This is one mode of housing that almost went out of fashion. Making a strong comeback after almost five years of dormancy is the one-bedroom apartment that was once the most common kind of housing options across the city. Called ‘compact housing’ in its reinvented format, the 1BHKs are set to storm the city as there are no less than 10,000 such units getting readied by Pune builders to come up in the next one year. The overriding reason behind the builders turning to 1BHKs is the unprecedented rise in realty rates over the last three years that has put 2 and 3BHKs out of the reach of many aspiring buyers.

It was only a couple of weeks ago that Promoters and Builders Association of Pune president Lalitkumar Jain sent a notice to all its 250 member builders to reintroduce 1BHKs in their projects. “With these 500-700 sq ft compact homes priced at Rs 15-Rs 25 lakh, they will be in demand,” said Jain. At least 1,200 units that will come up immediately will cost below Rs 20 lakh, he said.

In some of the fringe areas like Undri and Wagholi, the rates on offer for 1BHKs are as low as Rs 7.5 to 9 lakh. And these are not ‘economy’ flats as they come with all the frills - swimming pool, health club, children’s play park and generator back-up. With interest rates going up to 11.75 per cent to 12.5 per cent as compared to the 7 to 7.5 per cent two years ago, the buying capacity of citizens has been compromised and hence the rise of this new segment, says Jain.

However, wannabe buyers of these 1BHKs are not willing to buy this argument and say the builders are doing themselves a favour and not the other way round. Many 2, 3 and 4BHK projects are languishing across the city with no takers. Earlier, buyers were forced to stretch their budgets to meet the demands of the builders. Now the situation is just the opposite.

News Published Under:   Pune |

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