The fall in the demand of premium housing projects in different parts of the country has led to a rise in unsold inventory with the real estate development companies. Weak sale of inventory forced the developers to resort to methods they have never tried before. One such strategy they are adopting these days is to reduce the size of flats they offer. These smaller configuration apartments will enjoy the same amenities and facilities, only the size of the flat will be smaller.
Developers have come up with this strategy as they find it to be the most effective way to offer all modern amenities to the buyers at affordable rates. Major cities like Chennai, Mumbai, Bengaluru, Pune and Kolkata have seen considerable reduction in property rates. Mumbai was already known for the smaller size of apartments due to the burgeoning urban population of the city. Now, as reported by the Property consultants JLL India, the size of residences in the city has been downsized by more than 25%. [Read more…]