1BHK Flats Enticing Professionals in Bangalore

Bangalore: Prominent real estate players are now focusing more on one-bedroom apartment as the demand for such apartments are catching up again in Bangalore. Earlier, one-bedroom apartments were found only on areas like Madivala and Mathikere but in the last few months, developers are eyeing emerging localities to come up with one-bedroom apartments in Bangalore.

This 1BHK segment is mainly dominated by mid-segment developers but now several prominent players are showing interest to enter in this segment. Prominent players like Prestige, Fortune, Pashmina Developers and many more, reports Kanchana Dwarakanath of MagicBricks.

The average one-bedroom apartments come with a floor plan of almost 1,000 square feet and above. “Wherever there is a proliferation of educational, especially professional institutes, the 1BHK apartment has done well,’’ explained Avinash Rao, Regional Director – South, Knight Frank India. “Hence, the demand in Bangalore is growing in specific areas around the Ramaya Institute, Tata Institute of Fundamental Research, Indian Institute of Science and other engineering colleges,” added Rao.

Surprisingly, the category of buyers for 1BHK apartments has also changed over time. There is was a school of thought that 1BHK apartments are only for lower income group, which is no longer true. In today’s date, the average buyers of such apartments are professional as well as double income family. Besides, in this busy lifestyle people find small homes are easy to maintain.

“The number of couples coming from outside Bangalore, especially from the North has increased. Though they have a healthy income they would rather not take huge loans at this time of their life,” said a spokesperson of Pashmina Developers. Also “It is this segment combined with professionals from the education sector who want to be close their place of work, which form the bulk of our buyers,” added the Spokesperson.

 “This segment of buyers is established professionals, who want to live in a large up market that befits their income and lifestyle. They are used to having an upscale lifestyle and can afford the larger price tag required to own it,” said Tushit Baalajee of Devorkglobal.com, a global property marketing firm.