By: Manish Agarwal, MD, Satya Group
Track2Realty Exclusive: Congested city roads, traffic jams, pollution and on the top of all, constantly growing demographic pattern has given rise to a new lifestyle in urban areas. People have started preferring small flats or apartments owing to various reasons in comparison with old traditional bungalows or mansions.
New luxuries like swimming pool, shopping complex, ultra modern gymnasium, billiards and table tennis, party area, internet broadband connection, etc., have drawn a wide attention in the past few years.
Gone are the days when people used to ask for ancient family houses and quarrel over boundary encroachment or right of passage with neighbors. This new modern phase of real estate development in the cities has witnessed a broad concern over the rent-outs or tailor-made apartments.
Developers are constantly thinking out of box to bring out a way which could maximize the comfort level while reducing the troubles of people on the flip side in cities.
For those who need to commute on poor infrastructure through jam-packed peak traffic hours and who are unable to afford a house (which probably requires tons of money ) in a city have found an easy choice in the form of apartments to support their living.
Not only rent-outs, owning a small flat is not that far off, when it can easily be financed based on simple instalments through banks. People these days invest more on education and healthy living while focusing less on house area.
One can easily find a family of five adjusted in a one or two bedroom flat ranging from Rs. 4000 – Rs. 20,000 or more. Migrants from different places who come to cities in the search of work accommodate themselves in such localities.
Moreover, in today’s time of increased cost of construction, buying land and then constructing a house is costly and time consuming. Major cities across India are witnessing this architectural evolution- wherein bungalows on the block are paving the way for multistory buildings.
…..to be continued
