Anuj Puri, Chairman – ANAROCK Property Consultants
‘Small is beautiful’ is the new buzzword with Indian millennials when it comes to buying homes in cities like Mumbai.
These young professionals are less focused on size and look for homes in locations close or well-connected to their workplaces so that their daily commute is reduced and work-life balance is maintained. Compact homes are also low on maintenance expenses and are invariably very budget-friendly in all respects.
With the ever-increasing rents in a city like Mumbai, buying a compact home is also a very suitable option for several new citizens. Taking a small loan and paying up the monthly EMIs on an investment-grade asset which can be easily resold is seen as preferable to shelling out hefty rents.
On the back of this trend – and the prevailing market sentiment which is averse to overly heavy investments into residential property – apartment sizes in the Indian metros are definitely shrinking as developers increasingly deploy affordably-priced homes for which the demand is currently the highest.
In fact, apartment sizes have already reduced significantly enough to justify any and all measures that help maximize the usability of the available spaces.