In vicinity to office spaces and other urban amenities, most of the families prefer living in the city as it assures them greater connectivity and abundance of resources. On the other hand, their budgets are limited and this majorly has paved the way for smaller configurations.
As nuclear families with double earning capacity have grown by leaps and bounds in the past, the buying behavior of the consumer has evolved significantly. Most of these end-users’ desire to own a house of their own, therefore shifted their focus from rented accommodations. However, even though the spending power of these couples is relatively higher but as they belong to the middle income segment, smaller configurations that suffice their need remain top on their priority charts.
In metro cities like Mumbai, where there is huge scarcity of land and density of population is growing day by day, there immense pressure on the available land of catering the existing need of urban populace. This has led to steep spike in property rates. Most of the times the rates are higher than the pocket size of the consumer. This gap between the budget of an urban consumer and the property rates have played a vital role in the emergence of apartments with smaller configurations as it makes the dream of owning a home in city a reality for an urban consumer without impacting their budget.
One of the major shift in consumer preference is that they prefer amenities over space. A sound technology integrated home is more preferred than a spacious apartment which brings in no amenity.
A nuclear family prefers living in a small cozier apartment that is self -sufficient and thus it is safe to say that gone are the days where having a huge spacious house used to please people. The modern home which is equipped with a houseful of amenities and provides a contemporary lifestyle to the buyer is the need of the hour. The smaller configurations not only provide a living space but also assure range of facilities such as parks, parking space, clubhouse, gymnasium, security system, concierge service, water supply, solar panels, swimming pool, and much more. These projects are strategically located and are connected to the workplace, market, schools, malls and temples, which makes them a better choice over living far away in a spacious homes.
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