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Hello all, This post is going to be on Studio Apartments. Before reading my post of 2019, wishing you very happy year and my sincere apologies for not posting any information for the last few months. I was little occupied in official work and other travels. But I will surely continue updating regularly from now on.
Last weekend, I was going through few property advertisements in a popular news magazine. I happen to see a new trend that was catching up in most cities, which i find it is good to share for you.
Usually, most of the home buyers in our cities like Chennai, Hyderabad or Bangalore, intend to buy 1, 2, 3, or 4-BHK based on their affordability with a goal of owning a house. Affluent buyers would go for high end residential apartments with premium facilities, technology enabled (like google home), or with luxury laundry list of products imbibed in them.
There are different types of home buyers, based on their need and budget. This post is for people who have very less budget, still dream of owning a good house. For them Studio Apartments are an affordable one and comes with golden opportunity.
So what is this Studio apartment mean?
Its not an new concept in our cities, but its there in existence for a long time. Studio apartments are small flats with 300 to 500 sq feet, which will have a hall and bathroom. It is also called bachelor style flats, as it offers a minimalist essentials, what is required for living need. Buyers of this flat, can partition the hall, for a kitchen, bed room etc.
It can also be used for commercial needs for setting up a lawyer or chartered accountant or dental offices. These studio apartments is a good option for students/ singles and retired individuals or people who want to stay in an premium community with all the facilities, but could not afford high value homes.
There are lot of advantages of owning a studio apartment,
1) the cost of owning a house is less,
2) you can rent out to individuals,
3) set up office space,
4) make it as store rooms,
5) you can maintain the apartment easily,
6) save on electricity etc and many more
Plenty of good things..
The only disadvantage I am seeing is, if there are guests to your home, it will be difficult to accommodate, and that too if they are not related, else this is also manageable.
A quick research online says, the price of a studio apartment for 300 to 500 sq feet ranges anywhere between 15lakhs to 20 Lakhs Rs. These sort of studio apartments comes with a price tag, which is 1/4th of the price of other flats. Even banks are giving loans to buy studio apartments. Its a boon to low salaried individuals.
Million Carats, Akshaya are some of the builders offer studio apartments. A detailed search online, will get you more information.
The best thing about Studio Apartments is – Owning a home at a very low cost, still enjoying all the benefits of the community like children’s play area, tennis court, club house features like swimming pool, highly secured etc.
Its an real value for money.. also not forgetting to add, your property value also appreciates.
I some how feel, this is going to be trend in the near feature and there would be great demand!
Watch the market!