Amidst dwindling demand from home buyers, developers across the country are not leaving any stones unturned to spruce up sales. Developers in Bangalore are no different. One of the ways developers are trying to woo back buyers is by offering 3BHK units in the price of a 2BHK.
For an average Indian family, one of the major concerns while planning to buy a house is to decide whether to go for a 2 BHK or 3 BHK unit. While, a 3 BHK apartment would offer better comfort and more personal space as well as provide scope for future developments in family members, due to the substantial added burden on ones pocket, the dream of buying a 3 BHK house is very often sacrificed. Moreover, with growing number of nuclear families, 2BHKs had become the accepted norm. However, to offset this, developers in Bangalore are revamping their existing strategy and are offering apartments which are congruent in terms of affordability, number of rooms and space.
This trend has become quite evident in the city of Bangalore where various developers are targeting the middle-income group buyers by providing 3BHK apartments at prices that are almost similar to that of 2BHK units. The only way of making this financially viable is by offering an extra room within the same area as that of a 2BHK unit. Thus, what was being marketed as a luxurious 2BHK apartment at 1000-1200 sq ft is now being re-positioned as an affordable 3BHK unit. While a typical 2BHK unit was being sold for a price tag of approximately Rs 55-70 lakh, a 3BHK unit, with the same area, is being pegged at Rs 60-75 lakh. Thus, buyers are able to get a larger configuration by stretching their budgets slightly.
The trend is more prominent in locations of South and North Bangalore. The projects in these regions are constructed by established developers such as Provident Group and VBHC. However, the IT belt in the eastern part of city has not seen this trend yet barring a few exceptions like VBHC Serene Town in Whitefield.
Commenting upon this trend, Anujay Tiwari, a city based property consultant at Assetsrun Consultancy LLP says, “Apart from the existing developers who are offering this option in Bangalore, there are various other projects that would be ready in the next 2-3 years with the same product line. Thus, it seems this trend is here to stay.
Due to the surge in demand from buyers of the affordable segment and the increased focus on affordable housing by the government, many luxury sector developers have also aligned themselves to this trend and find it an effective segment to diversify their existing business.
With the enormous presence of middle-income segment in India, this trend is likely to continue in Bangalore as well as in different metropolitan residential markets of India. Developers are likely to develop projects in these segments as the buyers are already responding well to the existing offerings.