BENGALURU: Marketing consultant Raghavendra P recently bought himself a “retirement pad.” The 53-year-old singleton said that the one bedroom-hall-kitchen (BHK) flat in a gated community in North Bengaluru is just about right for him.
“Since I am unmarried and live alone, I don’t want a big house to maintain after retirement. The investment of Rs 33 lakh didn’t pinch my pocket. Amenities like security, hospital, hotel and service living quarters within the premises were a big draw,” he said.
The pensioners’ paradise is witnessing a shift in terms of housing needs. From independent houses and large apartments, the city’s residents seem to be moving towards buying compact apartments.
Developers are, no doubt, capitalising on the trend. Pradeep Joe, president of Confederation of Real Estate Associates (CREA), said there has been a 20% rise in the sale of 1BHK apartments.
“Young software professionals from Delhi, Kolkata and Pune find 1BHKs to be good investment. They are looking for properties near IT parks in Sarjapur and Hennur. Owning a home at a young age is a proud moment for them,” said he.
ADVERTISEMENT
Gated communities are preferred due to rising crime and 1BHK is seen as a prized lifestyle option, he added.
The Ozone Group, which introduced a 1BHK plan in its upcoming project in North Bengaluru, was surprised by the response. CEO Srinivasan Gopalan revealed that he has already sold 160 of these units.
“After demonetisation, there was a slowdown in the real estate market. Since the economic front is still uncertain, people are happy to make small investments,” says Gopalan.
Bengalureans, he said, are looking for 1BHKs on the city’s periphery like Hoskote, Peenya and Electronic City. As much as 30% of 1BHK buyers are 25-32 year-olds. They are either first-time buyers or are living in nuclear families. About 70% are long-time investors of all age groups.
ADVERTISEMENT
Shreekant P Shastry, director at Citrus Ventures, says, “The sweet spot is Rs 30 lakh for a 600-650 sq ft 1BHK. Developers are capitalising on the small-ticket size.” He integrated the 1BHK concept in his new project at Electronics City two months ago and claims that 40% of the 1BHKs have been sold.
Ray Titus, marketing and strategy professor at the Alliance School of Business, believes that people in metros who remain single by choice — including migrant-millennials, older singles, empty-nesters and elderly singles — are going after ‘mepursuits’.
ADVERTISEMENT
“Many millennials are taking ‘marriage’ and ‘kids’ off the ‘must-do’ list. A 1BHK buy is, thus, about acquiring a personal space that is easy on the pocket, easy to maintain and fits in well with their single status,” he said.
