2BHK Units: A Hit Among Buyers

Barring Mumbai where costs are a barrier, homebuyers across major Indian cities like to invest in a 2BHK unit, data-old and new, prove.  Homebuyers who are yet to start a family also prefer 2BHK units to 1BHK, previous studies by PropTiger.com indicate. Why so?

The cost analysis of 1BHK versus 2BHK

Most people will state affordability as a reason why they shy away from buying 2BHK units. Clearly, 1BHK units come cheaper. However, a cost analysis would show that the comparison isn't such a simple one.

Sample this. A 1BHK unit may cost anything between Rs 15 lakh and Rs 1.72 crore in Gurugram. In the same price range or by stretching it a bit, a buyer can have for himself a bigger house. In this otherwise expensive city, 2BHK units available for purchase, fall in the price range of Rs 25 lakh- Rs 2 crore. However, rates may vary depending on the location, developer and the amenities provided in a particular project. For instance, a 1BHK unit at a comparatively better locality, from a popular brand, at a project with high-end amenities, would cost more than a 2BHK flat at an average locality, from an average developer, at a project that offers average facilities. A similar price trend is seen in other cities such as Bengaluru and Chennai, data by PropTiger.com show.

The buyer can thus, afford the luxury of a bigger home by spending a few lakh more, making 2BHK units more popular. Most people would therefore, prefer to wait for a couple of years, save this additional amount and then book a flat.

Future planning for finances

People living in Metropolitan cities have started taking their home-buying plans quite seriously. Most would prefer to have a roof over their heads before they enter into matrimony or start a family. Thus, they plan according to changes that are likely to take place in the future. While a 1BHK unit would be quite enough for a single person, with new additions to the family, the house may start feeling much smaller than it actually is. It is with this futuristic thinking that most homebuyers pick 2BHK homes.

Would they not like to have an independent villa or a builder floor though if it costs them the same amount? Not necessarily. There are several benefits that the residents of an apartment project enjoy. For instance maintenance of an apartment is easy in a complex, with an agency present that takes care of services including plumbing, electrical works and security.

More inventory for 2BHK homes

It is a well-known fact that the demand-supply factor works both ways. If you research for a future property purchase, you will see that the market availability of 2BHK homes is much higher than the smaller 1BHK homes. Acutely aware that the demand for bigger units is high, developers also pay special attention to supply better amenities. Buyers of 1BHK units thus often find access to only limited amenities and inventory.