Residential Projects Being Customised To Meet Customer Needs
With the constant changing consumer preferences, who have varied budgets at their disposable, developers are increasingly offering multiple variants of apartment formats. By offering such variations, it certifies there are houses for every budget in the country. In an increasingly competitive property market, this allows them the chance to not lose out on valued customers and more importantly when the sector is stagnant.
“Real estate is one industry where you cannot construct at your own will. You need to understand the fact that this is one market where you need to understand the demand from the consumers before proceeding ahead with a project. If the need is not there, there will be no sales and that might hamper the funding of the project with the progress”, points out Kushagr Ansal, Director, Ansal Housing.
To match up the momentum and to be the lead in the race of delivering best projects for the end-users, developers offer multiple sizes of two-bedroom apartments or three to four different three-bedroom formats in single residential projects unlike the earlier standard one, two, three or four bedroom-hall-kitchen (BHK) configurations both in the mid-segment as well as in the luxury category. They make significant efforts in delivering a wide variety of apartments in different sizes and formats. Let's look at a few of the residential projects, where the developers are offering a wide range of houses in multiple sizes.
Puravankara Projects | Purva Westend, Begur, Bengaluru3BHK homes of sizes ranging from 1,427 sq ft to 1,907 sq ft in the price range of Rs 87.3 lakh-Rs 1.4 crore
Purva Palm Beach, Narayanapura on Hennur Road, BengaluruThe project also offers the same format and sizes ranging from 1,482 sq ft to 1,962 sq ft in the price range of Rs 83.7 lakh to Rs 1.11 crore.
In fact, the same company, offers four different sizes and formats in the above-mentioned projects:
A 3BHK comfort: Smaller sized 3BHK apartments with two toilets; a 3BHK Grand: spacious rooms and three toilets; a 3BHK Luxe: largest in the 3BHK category with staff room; and a 3 BHK Penthouse: larger terraces and staff room.
As, there is a good demand for large apartments, the Purva Sunflower project, in Rajaji Nagar, Bangalore, offers Limousine Homes, large 3, 4 and 5BHK apartments along with the normal 2 and 3BHK homes. The unit sizes range from 1,216 sq ft to as large as 2,849 sq ft with prices between about Rs 1.01 crore to Rs 2.36 crore.
Ansal also believes, “Along with this, the size variants also matter a lot because what suits the need of one family in the same unit size might not suit another and in this case, you need to provide them with multiple options for them to choose wisely and live well. Say in a 2 BHK unit, you can provide a plain 2 BHK flat or put in an extra study room or puja room for that purpose or an individual servant room to be used in requirement.”
Due to the rising demand for variants of various sizes of apartments, there is not always a demand for only large sized apartments, smaller flats with a decent price tag are also talk of the town. Real estate developers have started shifting focus from a big sized flat to well-proportioned small sized apartments as it has reduced ticket prices, making it a more affordable proposition.
JP Infra | JP Infra North Celeste, Mira Road East, Mumbai
1 BHK homes of sizes ranging from 615 sq ft to 756 sq ft in the price range of Rs 40.6 lakh – on request. The same project put on display apartments of varied sizes of 2/3/4 BHK. The price tag for 3 BHK can exceed to Rs 91.5 lakh.
In the real estate sector, almost most of the developers apparently think alike. From the developers constructing low to mid budget apartments to luxury housing, their main aim remains to understand the buyer's mindset and offer multiple options. Like for example, Mumbai's House of Hiranandani is also constructing an extensive range of apartment sizes across various price points. By offering multiple options available at five residential projects such as Queensgate, Kingston, Club Meadows, Glen Classic and Chancery in Bangalore, they have able to attract many potential buyers.
In earlier times, developers had fixed plans for 2/3/4 BHK flats and customers were left with no choice and ended up buying houses without their choice of interest. Today's generation of professionals is willing to live in newer and smaller-sized apartment that are nearer to their workplaces and comparatively less expensive.
Ashok Gupta, CMD, Ajnara India Ltd. points out, “With the current trend of modern living in the country, the size of families is gradually shrinking and the need for bigger living spaces is gradually decreasing. In that case, well-planned and laid out smaller sized units would stay in more demand because of them meeting the requirements of the current end users. This way, you tend to give buyers with more options for their purchase and help them choose the property on the basis of their needs. Also, with the developers trying to woo customers and exploring options to sell at a faster rate and at better deals.”