Mumbaikars no longer dream big, at least as far as purchasing property goes. While the aam aadmi from Delhi, Bangalore, Hyderabad and Chennai aspires for a 2BHK flat, in Mumbai, the dream homes of the middle class have become synonymous with a single bedroom hall kitchen (1BHK).
Mumbaikars no longer dream big, at least as far as purchasing property goes. While the aam aadmi from Delhi, Bangalore, Hyderabad and Chennai aspires for a 2BHK flat, in Mumbai, the dream homes of the middle class have become synonymous with a single bedroom hall kitchen (1BHK).
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Chhota sa ghar: MHADA received 10 lakh forms for the 3,863 flats on offer this year. Despite corrected property rates, Mumbaikars are optingu00a0 for smaller houses |
This was revealed in a survey conducted by a leading yellow pages web portal (Sulekha.com), between October 2008 to March 2009, on the preferences of house buyers in the four metros. Despite corrected rates, property prices in Mumbai have not fallen and adding to the woes of home buyers are high EMIs on loans and roll backs at work places.u00a0u00a0
About 46 per cent of Mumbaikars desire to buy a 1BHK, whereas only nine per cent of homebuyers in Chennai and two per cent in Bangalore want small houses. More than 55 per cent of Delhities want to invest in a 2BHK.
Gaurav Gupta, operations head of a PR agency, said, only a 1BHK fits his budget. "People claim that property rates have gone down, but I find the property in Mumbai is unaffordable," said Gupta.
The economic slowdown is affecting the decision of home buyers. "Not many buyers are confident about their jobs. Downsizing has forced them to look for smaller houses," said Mankodi Ramda, a real estate broker.
R Karthik, senior vice president, Lodha Builders said, "There is a sudden attraction towards 1BHK flats and the market is changing. It is driven by end users today and not investors."
