Bangalore seen a gush in demand of 1 BHK Apartments

Bangalore : Due to the limited demand of big sized residential houses, Mumbai city adopted a new trend of 1 BHK apartments. By following the same trend, over the last few years Bangalore city recorded a gush in demand for 1 BHK units.

1 BHK apartments and studio apartments are referred as popular segment as it serves living room, kitchen, dining room and bathroom at affordable cost which suits to every individual’s budget. These apartments are a convenient and affordable option to students, newly married couples, singles and young IT professionals who have started their journey and those who are migrating to other locations on Job purpose.
 
According to Oct-Dec 2014 Prop Index report; demand for 1 BHK apartments has doubled in six months of span. During Apr-Jun 2014 quarter, 1 BHK apartments noted a 5 percent demand, where as it increased to 10 percent in Oct-Dec 2014 quarter. It clearly indicates the change in home buyers’ preference.

In 2013 quarter, Bangalore city noted a 106 new property launches of 1BHK units and during the first quarter of 2014 it has seen over 45 new launches of 1 BHK configuration.
 
As these units are the preferable option for IT professionals who plans to live close to their working places, it changed the gentry of the city. Before most of the buyers are the kannadians, but now it is full of migrated people.
 
As per the recent data, Bangalore city, holding more than 30 projects which are offering 1 BHK units with a price trend of Rs 7 Lakh to Rs 1 crore. The localities concentrated a high supply and recorded a high growth rate in past years is Rajarajeshwari Nagar, Whitefield, Electronic City, Begur Road, Bannerghatta Road, Chandapura, Sarjapur Road, Marathalli and Doddathoguru.
Due to the proximity to IT Tech parks and developed infrastructure, Electronic city and Whitefield are gaining a high demand from Professionals.
 
Hence the maintenance cost of 1 BHK apartments is comparatively low; many property buyers are showing interest to invest in this unit.
Bangalore real estate is also offering multiple rental options to individuals who are unable to invest in property. Localities offering 1 BHK rental apartments are namely Whitefield, Marathalli, Bannerghatta Main Road, Koramangala and many other prime localities.