All the fuss around a studio

Affordability is still the number one asset of the studios. This economy-sized configuration is a more sophisticated, refined, and equipped version of the old one-piece kitchen. Even during the Covid-19 pandemic, many promoters pushed studios into Indiametros where budget home seekers are in abundance.

“The need for a bigger home will remain as home working and online teaching will also continue this year,” says Rajani Sinha, Chief Economist and National Research Director, Knight Frank India. But the question of accessibility remains. So, will people buy a studio in 2022?

Diagrams galore

If purchased under government schemes, studio apartments can save Rs 1-4 lakh due to their smaller size and lower cost. Niranjan Hiranandani, national vice-president, NAREDCO, says: “The studio is the ’boutique apartment’, efficiently designed to meet the demands of young buyers. Along with rapid urbanization, the realization that the safest place to be in times as difficult as the pandemic is your own home is also translating into the need for a home that meets the demands of young buyers. This is where studios come in. They offer a solution as entry-level homes for first-time buyers.

Affordability is key

The Monitoring Center for Indian Economy (CMIE) reports that unemployment in urban areas rose from 8.09% in January 2021 to 9.3% in December 2021.

Harish Sharma, founder of a real estate company, describes how this directly affects the studio. “Covid-19 has caused many people to lose their jobs or face pay cuts. In such circumstances, the studios offer the right price. the NDE of a studio is equivalent to rent, which could be a major attraction for young people. This is an affordable and manageable asset with relatively low registration fees, stamp duties and other formalities.

So, are new projects even launching studios? Yes they are. In fact, developers make sure there are a few in every new project, as they are often snapped up quickly by savvy millennial investors.

“Many big developers include studios in their projects because they are the first to go to market with 1BHK,” Sharma shares.

Millennials continue to show interest in buying rather than renting a home, observes Chichir Baijal, director, Knight Frank India. Redefinition

While affordability is a draw for studio apartments, the charm of owning a studio-style home has also become a trend. A sub-genre of the studio is now the luxury segment in which homes as large as a three- or four-bedroom apartment are also sought after for their larger windows, good ventilation, brick walls, and space-saving minimalist designs. .
Times Property