Popular abroad, these budget homes are now in demand in India, as young and urban professionals are becoming aware of the value for money and convenience that these apartments can provide
For twenty-five-year-old Saira, spending many years living in PGs and shared apartments, and tolerating nosy roommates and sharing her food and belongings with them, was a harrowing experience.
She was determined to live by herself in a good locality, even if it meant breaking into her savings. As a graphic designer who didn not want to spend too much time commuting to work daily, Saira was interested in finding a suitable 1BHK in a reputable and well-connected part of the city.
Unfortunately, houses in those localities were too big and expensive to suit her requirements. Saira found it difficult to find a suitable house that met all her requirements as well as fit her budget. After six months of looking, she realised that instead of settling for an expensive 1BHK, a well-equipped studio apartment, that combines the functions of a living room, bedroom, and kitchen into a single area, would perfectly fit the bill.
A studio apartment, also known as an efficiency flat, is substantially smaller than a regular one bedroom apartment, and usually varies in size between 300 sq ft to 600 sq ft. Quite popular abroad, these apartments located in places with high student and young professional population, is ideal for someone looking for a cheap and convenient place to stay in temporarily.
India is also seeing an increased demand for such properties, as young urban professionals are becoming aware of the value for money and convenience that these apartments can provide.
Students and young professionals are not the only ones driving the demand for studio apartments. Families too are finding it easy to sacrifice living in one and two BHK homes. Apart from being affordable, these compact houses offer the benefit of minimal maintenance. The money saved in choosing a studio apartment can be invested into smart, well-designed furniture, which can make living in these homes more comfortable, convenient, and rewarding.
Besides, people have realised that buying a small apartment in a prime location is a better option than booking a bigger flat in distant suburbs. Compact houses in prime locations help these people commute to their schools, colleges, and offices more easily.
The increased demand among families for studio apartments also comes as a consequence of the fading away of the joint family system. Today, most families consist of three to four members, and a studio apartment is ideal for families with young children, that are saving money for the future. Living in these apartments makes it easier for families to live within a budget, as it is more efficient, and raises lower utility bills. Also, there are many who move out of their mansions, leave their families behind in villages to work in bigger cities and make a living. For them, a reasonable budget home, along with contemporary amenities, are more than sufficient to live in a city.
For young millennials who are constantly on the move, living in a house that is the size of a hotel room, serves their needs perfectly. They tend to switch jobs and homes more often and are always looking out for something better – a home closer to their office.
Developers now are looking at building properties that have a quick turnaround in terms of sales. By offering studio apartments or compact houses, they are enabling people to access homes in premium locations. These new-age homes are witnessing a rush of mid-level salaried employees, who willingly prioritise location over space. Most of the developers are also keen on offering high-tech solutions and making use of every inch of space efficiently in order to attract buyers. The designs are highly functional, with a folding bed, sliding doors, higher ceilings, and mirrors on the wall that create an illusion of space.
In the recent years, there has been a major shift in trends in the housing market. A combination of factors – economic, social and monetary – drive a buyer towards a studio apartment. Today, having one’s own house within the city limits is considered a luxury for many residents, rather than owning a bigger apartment in the suburbs.
There is also a surge in interest of buying or renting studio apartments in bigger cities, where development costs and rents have gone up in recent years. With a sustained rise in property prices across India, and a crunch in the availability of space in every city, it looks like studio apartments are here to stay.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)