Why Is Bangalore Witnessing Increasing Demand For 2 BHK Apartments?
In a recent survey, when queried about the top 3 features that homebuyers look for while buying a residential apartment in Bangalore, the hot favourites were budget, location and developer. The survey may show that the size of the flat may be pushed to the back-burner but then why is Bangalore witnessing an increasing demand for 2BHK flats in electronic city? To know that, first let’s look at the pros and cons of purchasing a 1 or 3BHK.
About 3BHK’s
While they are great for large families owing to space, they have their cons. Firstly, they are tough to sell or rent out. The return on investment is low when compared to a 2BHK. While 3BHK may cost 40-50% more than a 2BHK the rent differential is just about20-25%. Additionally, the maintenance charges are high.
1BHK’s or studio apartments
They are relatively affordable when it comes to cost. They are easy to maintain. Also, they are a good option if you don’t want to pay much rent. The major con though these units are most suitable for bachelors or newly-married couples. Also, there is a huge demand-supply gap in most metros. Judging by the above factors, many people seem to find 2BHK Units as a good option. Also, a report conducted by NoBroker.com says that a whopping 48% are seeking to buy a 2BHK which is a significant jump from the past year’s statistics. But the other reasons behind this increased demand.
Ideal for first-time buyers
Most first-time home-buyers are individuals who are entering into matrimony or planning to start a family. With new additions to the family, a 1BHK will not be sufficient for them thus prompting them to purchase a 2BHK instead.
Budget
2 BHK apartments in electronic city offer the luxury of a good home along with withbeing kind to the pocket. It is very much suited to bachelors, IT employees, students, newly married couples, or anyone on a budget.
Lesser interest on your loan amount
It is almost impossible to buy a property without a loan for most people. Since, lesser the loan amount the lesser is the interest, most people find it beneficial to buy a 2 BHK.
Easy to maintain
Nowadays, with both partners working and with an increasingly busy lifestyle, the time devoted to maintaining house has become restrained. Also, finding domestic help in Bangalore is becomingincreasingly tough. Homes should be simple, compact, and easy to maintain and 2BHK flats in Bangalore fulfils these criteria.
Easy to sell and rent-out
Most of the urban families in Bangalore are usually small and look for compact, maintainable yet comfortable homes. Also, affordability and budget play a key role. So, it makes it easier to sell or rent-out 2 BHK flats in Bangalore when compared to a 1BHK or 3 BHKflats in Bangalore. Additionally, the burgeoning middle class has fuelled the sales of these residential apartments in Bangalore thus giving good returns.
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