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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Mumbaikars downsize their dream homes
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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).
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."
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