The residential property market in South India has been conservative for a long time. Traditional style large sized homes and villas were in high demand in these regions. However, according to last years reports, the market is seeing a good deal of demand for the smaller size homes.
Being the nerve center of country’s IT sector, a number of people are attracted to Bengaluru in search of better job opportunities. These people need temporary homes- so they either rent apartments near their workplace or buy 1 BHK apartments that are economical and require less maintenance. Owing to this influx of people from different parts of the country to Bengaluru, the city recorded a substantial increase in the demands of 1 BHK homes.
To meet the rising demand, a number of builders have come up with their projects offering 1 BHK apartment and studio apartment in different parts of the city. The highest supplies are recorded in the areas closer to the commercial hubs like Raja Rajeshwari Nagar, Electronic City, Bannerghatta Road, Begur Road and Chandapura. Besides being closer to the job locations, these areas also boast of a well developed physical and social infrastructure. Rental accommodations are also on the rise in and around these locations. People who do not wish to settle in or are in no mood to invest in property are the ones going for rented apartments.
Reputed builders like Sobha Developers, Mantri Group, Prestige Group and Skylark offer 1 BHK apartments in Bengaluru. The prices of these units range between 7 lakhs and 1 Crore, thus catering to buyers of all financial capabilities. As per PropIndex Reports for the last quarter of 2014, the demand for 1BHK apartments in Bengaluru increased by 100% as compared to the Apr-Jun quarter. Though the percentage contribution of this category is only 10%, the rapid increase in demands suggest a revival of buyer sentiments towards small sized homes.