Interested to own a house near your workplace and size does not matter? Then the recent concept of micro-apartments will lure you for good.
Micro-apartments have been a rage in the United States and Europe for a long time. Students and young professionals prefer such housing to live close to their university/workplace as well in proximity to the cultural and entertainment hubs of the city while saving the huge rentals of living in a bigger house.
Over the past few years, the micro-apartments have been gaining popularity in India as well. Such housing is increasingly becoming in demand in the metro cities, Â especially Mumbai and NCR, that has a large migrant population of working professionals with an annual income of more than Rs 8 lakh. The popularity of micro-apartments can be ascertained by the fact that in some of the recent launches, total inventories have been sold off within 72 to 96 hours.
What makes these micro-apartments attractive to the new crop of generation is that despite being in small size, such housing does not lack anywhere in comfort, style or convenience.
Offered at 189 sq ft., going up to 320 sq ft, such houses equipped with all the modern comforts and amenities and are located at prime locations. These units are designed to offer privacy with a separate bedroom and kitchen and is becoming popular with small families too.
Some developers are offering all the modern amenities and facilities that large-scale luxury residential projects offer, including a clubhouse, community sports facilities, 24/7 security systems, and retail outlets. In space-constrained metros, such micro-homes are the best option when it comes to owning a house in a central locality, without compromising on their lifestyle.
Mumbai has been the frontrunner when it comes to the concept of micro-apartments, followed by Bengaluru, Gurugram and Noida, ET reported. Given the fact that India is home to the largest number of Millenials in the world, it is evident that micro-apartments will grow in leaps and bounds in the coming times.
As per a Morgan Stanley’ market research in 2017, India’s millennial population is expected to spend over $330 billion annually by 2020. The report also indicated that around one out of every 10 millennial in India plans to purchase a home before a car. Additionally, over 35 percent of Millennials are expected to spend on housing in the next five years.
Apart from end-users, micro-apartments are also attracting the investor community in big numbers owing to higher returns stem from robust demand and better utilization of the available resources and a higher rate of appreciation.