Why 1 Bhk Is The Noticeable Miss In The Greater Faridabad Area?

Real-estate market segments in India has grown as the government has given an impetus to the all round development of this business segment

. A range of residential apartments has also come up in the different projects of the private builders all over the country. From the reasonably sized flats to the super luxury apartments, from the independent floors to the apartments, there are a range of variations in the different properties in the newly developing projects. In the Greater Faridabad region, there is a varied mix of 2 BHK, 3 BHK, 4 BHK and even the penthouses, being developed by the national and local building groups in projects such as SRS Residency Faridabad. However, even though there is a wide assortment of the projects and their units in this region, one of the noticeable miss is the 1 BHK apartment. Most of the projects do not offer the 1 BHK option to the customers in this area.

It is often seen that the small unit area flats often have high resale rates. The rate appreciation is not only more but is also faster than the larger flats. For this reason, these always have a good demand from the investors as well as the people who have small family or small budgets for having a home of their own. But, it is the builders who are reluctant to go by this wish of the people and cite reasons of high investment and low profitability in these units. The opportunity cost of developing a 1 BHK apartment in place of a 2 BHK apartment is more than the profitability to be derived from it and, for this reason, builders are generally not interested in providing these in their project. Most of the projects in the region begin with the base unit of 2 BHK apartments. The 2 BHK in SRS Residency Faridabad is considered to be a more suitable proposition for the developers to meet the demands of the middle class.

The builders contend that the investors or the prospective residents prefer the 2 BHK because it meets the future requirements of the people for living. Even if the 1 BHK are preferred by graduates, small families and other niche segments who do not need much space, there is always a good chance that their future requirements of housing a bigger family will arise in the next one decade in which case they will again have to switch to a higher unit.

Further, there is not much difference in the prices of the 1 and 2 BHK units in a project, though the difference in area is quite significant. For example, a 2 BHK in SRS Residency Faridabad or any other project in the area would come at a basic sale price of about 20 lakhs but the 1 BHK in similar projects is priced at 12-15 lakhs.

by: kamal bhatt

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