October, 2018
The 1-BHK makes its way back into our lives as many opt for it due to favourable market conditions and affordable EMIs
Although it has been overused, the term ‘upwardly mobile’ is a strong driving force in the real estate market, and people who have lived in small homes for most of their lives are daring to dream big.
One of the most important driving factors is the fact that the average Indian earns a net income of Rs 40,000 per month, which demonstrates this mobility; this along with the usual frantic SOS sent out to family and friends in order to help rustle up just enough for a downpayment to book their square feet of heaven.
These factors along with the fact that there has never been a better time for home loan borrowers to make the move. The comfortable Easy Monthly Instalments (EMI) of a 1-BHK, which doesn’t paralyse your quality of life for almost a decade, has made this category one of the most sought-after.
Although it has been overused, the term ‘upwardly mobile’ is a strong driving force in the real estate market, and people who have lived in small homes for most of their lives are daring to dream big.
One of the most important driving factors is the fact that the average Indian earns a net income of Rs 40,000 per month, which demonstrates this mobility; this along with the usual frantic SOS sent out to family and friends in order to help rustle up just enough for a downpayment to book their square feet of heaven.
These factors along with the fact that there has never been a better time for home loan borrowers to make the move. The comfortable Easy Monthly Instalments (EMI) of a 1-BHK, which doesn’t paralyse your quality of life for almost a decade, has made this category one of the most sought-after.
Anita Chitale (29), who is shifting from Mumbai to Pune in order to realise her family’s dream of owning their first home, says, “I grew up in the heart of Mumbai, our living quarters, thanks to my dad’s job. However, now he is retiring soon, and since my sister’s income as a beautician and mine as a teacher would not allow us to afford a house in the city, we did not want to stay and spend our money on rent,” says Chitale, adding, “So we decided to purchase a 1-BHK on the outskirts of Pune, near Kothrud.”
The trend hasn’t gone unnoticed by developers. In fact, as the dust settles on demonetisation and with the economy picking up in tandem with the one-year completion of RERA, there have been significant launches in the compact housing segment in cities like Mumbai, Delhi and Bengaluru.
The trend is not only limited to those who live in one-room houses, but also to those who rent 1-BHK apartments and want to switch to owning their own property such as Jishu Malekar. A resident of Mumbai, this 35-year-old illustrator lived with his family on rent for almost five years before they made the move from Delhi to Mumbai. “I lived on rent in a good housing society, but we knew that we had to buy our own home. The earlier I did it, the better it would be for me,” he says.
While on the other hand, people like Ashok Kamble (45), who bought a 1-BHK in his hometown (Kolhapur) after saving up for almost 15 years, says, “I have three kids and was the only earning member of my family. I lived in a one-room house at Thane, which my employer gave me, free of cost. Saving up all these years finally enabled me to take the plunge and buy a 1-BHK back in my hometown.” He adds, “After I retire, I will shift there with my wife, and hopefully my kids will be well-settled by then.”
The trend hasn’t gone unnoticed by developers. In fact, as the dust settles on demonetisation and with the economy picking up in tandem with the one-year completion of RERA, there have been significant launches in the compact housing segment in cities like Mumbai, Delhi and Bengaluru.
The trend is not only limited to those who live in one-room houses, but also to those who rent 1-BHK apartments and want to switch to owning their own property such as Jishu Malekar. A resident of Mumbai, this 35-year-old illustrator lived with his family on rent for almost five years before they made the move from Delhi to Mumbai. “I lived on rent in a good housing society, but we knew that we had to buy our own home. The earlier I did it, the better it would be for me,” he says.
While on the other hand, people like Ashok Kamble (45), who bought a 1-BHK in his hometown (Kolhapur) after saving up for almost 15 years, says, “I have three kids and was the only earning member of my family. I lived in a one-room house at Thane, which my employer gave me, free of cost. Saving up all these years finally enabled me to take the plunge and buy a 1-BHK back in my hometown.” He adds, “After I retire, I will shift there with my wife, and hopefully my kids will be well-settled by then.”
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Source - timesgroup.com
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