Com­pact apart­ments to re­de­fine Mumbai

HT Estates - - FRONT PAGE - HT Cor­re­spon­dent feed­back@hin­dus­tan­

Never has there been more fo­cus on the end users—even in Mumbai, In­dia’s prici­est real es­tate mar­ket—than in re­cent months, es­pe­cially in light of the post-de­mon­eti­sa­tion re­al­ity and RERA. While many de­vel­op­ers in the city are try­ing to right-price and right-size their of­fer­ings to suit the end users’ re­quire­ments, some have gone ahead and started launch­ing com­pact­hous­ing projects across key sub­urbs.

The aim be­hind launch­ing such projects ap­pears to be twofold: 1) to im­provetheir own­cash flows as there is a lot of la­tent de­mand, and 2) to at­tract home buy­ers want­ing to live within Mumbai city lim­its with com­pact apart­ments suit­ing their bud­gets.

Re­cent projects launched in precincts like Gore­gaon, Malad, Kan­di­vali, Kan­jur­marg, Chem­bur and Mu­lund point to­wards this emerg­ing trend. A few top de­vel­op­ers with proven track records have also en­tered this seg­ment re­cently .

Home buy­ers look­ing to book in these up­com­ing­pro­jects, how­ever, are ad­vised to carry out their due dili­gence as lo­ca­tion, ameni­ties and a de­vel­oper’s com­pli­ance with the real es­tate reg­u­la­tor are still key fac­tors.

But will com­pact hous­ing help Mumbai’s buy­ers and de­vel­op­ers? Mumbai has al­ways been ahead in terms of prod­uct-level of­fer­ings in its res­i­den­tial mar­ket. In fact, it can be called a lab for In­dian res­i­den­tial realty as trends in this city seem to catch on pop­u­lar imag­i­na­tion in other met­ros and tier-II cities. Chal­lenges in terms of land prices and con­struc­tion costs have led lead­ing de­vel­op­ers in Mumbai to adopt in­no­va­tive mar­ket­ing cam­paigns and project as well as prod­uct-level in­no­va­tion.

More­over, with slower sales seen in the big­ger ticket sizes in re­cent months and de­mand for apart­ments un­der ₹ 1 crore in­tact, it makes good busi­ness sense to of­fer this new prod­uct cat­e­gory. With rapid ur­ban­i­sa­tion, more peo­ple are go­ing to buy their own house. More­over, with ben­e­fits for both the key stake­hold­ers—i.e. buy­ers and de­vel­op­ers—of com­pact homes, this prod­uct cat­e­gory will see the most ac­tion in years to come.

For buy­ers, it prom­ises a coveted city ad­dress. Hav­ing one’s own house within the city lim­its is far more im­por­tant for many res­i­dents than hav­ing a big­ger apart­ment fur­ther up in the dis­tant sub­urbs as they can save time in com­mut­ing to and from of­fice every day.


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