Small is beautiful. Mumbaikars prefer homes less than 500 sqft: Survey

  • Small is beautiful. Mumbaikars prefer homes less than 500 sqft: Survey
    14May 2022

    The verdict is out. When coming to buying new homes in Mumbai, millennials prefer homes less than 500 sq ft, says a new study. With a focus on a happy work-life balance, new-age home buyers are looking for compact homes in locations close or, well-connected to their workplaces so that their daily commute is reduced. Small-sized homes are also low on maintenance expenses and invariably budget-friendly.

    One such offering being sought-after by home seekers is Hera, the 36 floors tower comprising studio apartments and 1 BHK flats in Navi Mumbai at Panvel in a self-sufficient township project, Hiranandani Fortune City. Designed as a mixed-use space, the township is home to well-planned residences and commercial options. Created on the philosophy of Live, Work, and Play, Hiranandani Fortune City is well connected to other parts of Mumbai by road, rail and sea.

    Financial hindsight

    The monthly rentals in Mumbai are one of the highest in India. And buying a compact home is a suitable option for new-age homebuyers. Taking a loan and paying up the monthly EMIs on an investment-grade asset that can be easily resold is a better option than shelling out hefty rents.

    Connectivity makes all the difference

    Connectivity is perhaps one of the most important drivers of demand. Compact home seekers prefer residential projects which have close proximity to commercial hubs and are also well connected. Hiranandani Fortune City is well connected via the Old Mumbai-Pune Highway, the Mumbai-Pune Expressway, and the Panvel-Karjat rail corridor. With upcoming projects like the Sea Link, the water taxis, and the new Airport, the connectivity and the importance of the township will go up.

    Outdoor amenities add value

    To make compact homes more functional, home seekers look for trendy townships that offer state-of-art outdoor amenities. From indoor game zones to a modern yoga and meditation den, Hiranandani Fortune City offers homebuyers all the modern amenities at the cluster level.

    Easy loan options

    The slew of incentives rolled out to buyers by the Government along with banks that provide home loans for compact housing buyers, make buying a compact home a wise decision. What's more, the documentation process for availing of loans for such homes is simpler and easier than for other homes.

Popular Blog Posts

  • Housing Apartments
    5Jan 2019

    Housing apartment gets the high-end look

    Read More
  • Property Market in Panvel
    29Jan 2019

    Why the property market in Panvel is set to take off!

    Read More
  • Real Estate Developer
    9Jan 2019

    Benefits of buying your apartment from a reputed real Estate developer

    Read More
  • Eco-Friendly Home
    17Jan 2019

    Top 5 ways to build an eco-friendly home

    Read More