According to the most recent poll conducted by real estate research company , studio flats—once viewed as a compromise option in metro areas—have replaced one-bedroom apartments as the preferred option among aspiring Indians.
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Consumer Confidence Survey results show that homebuyers in all parts of India are willing to spend extra for a fully furnished flat, and this choice is consistent across all age groups. According to the report, this tendency is seen all throughout the nation.
According to the report, "Indians are increasingly looking for convenience and lifestyle choice with a compact house, contrary to the industry narrative of bigger houses and preferences shifting to periphery locations."
The pan-India study was carried out in April 2023 from April 1 and April 30 to evaluate the new preferences of Indian homebuyers. Through a variety of offline and online polling techniques, 5,000 people were included in the survey's overall sample size. Women made up 46% of the participants. The responders were given a structured series of open-ended and closed-ended questions. Most of the respondents belonged to the salaried class, and many of them were from double-income households with more access to lifestyle options.
According to the report, "Indians are increasingly looking for convenience and lifestyle choice with a compact house, contrary to the industry narrative of bigger houses and preferences shifting to periphery locations."
What do Indian homebuyers want?
The pan-India study was carried out in April 2023 from April 1 and April 30 to evaluate the new preferences of Indian homebuyers. Through a variety of offline and online polling techniques, 5,000 people were included in the survey's overall sample size. Women made up 46% of the participants. The responders were given a structured series of open-ended and closed-ended questions. Most of the respondents belonged to the salaried class, and many of them were from double-income households with more access to lifestyle options.
I moved into a larger home once I retired. But my wife and I found it difficult to maintain the big house when the kids started to leave the nest. As a result, we sold it and spent less for a luxurious studio, and we're happy with the lifestyle and entertainment opportunities offered by the complex,.74
Indians choose luxury studio flats in the centre of the city by a margin of at least 74%.
It's interesting to note that 80% of participants don't believe that a small studio flat qualifies as cheap or low-cost housing.
The primary consumers of studio apartments are Indians investing in real estate for the rental returns, with a staggering 70% of them considering this market to be the best option. On the other side, 74% are certain that studio flats provide rental returns that are significantly greater than the neighbourhood average.
According to the poll, 78% of respondents believe that developers may not be paying heed to purchasers' preferences, which results in a mismatch between supply and demand in the real estate market.
"I just went to various studio apartments, and to be very honest, they weren't much better than the affordable accommodation. Additionally, the site was distant from my office in the Hinjewadi neighbourhood. I am aware that the idea of studio flats is developing and that our standards are much behind those found elsewhere in the world. However, it is clear that the developers are not addressing our requirements and wishes.
62% of Indians have been discouraged from choosing studio apartments due to a lack of high-quality availability in and around key commercial centres. At least 80% of Indians choose studio apartments located in office buildings, shopping centres, hotels, or high-traffic areas, according to the report.
According to the poll, 58% of respondents think a luxury studio in the city centre that is close to or in the same building as the place of employment is a far greater luxury than a larger property in a low-profile neighbourhood. Indians select studio apartments 88% of the time for the walk-to-work idea with amenities.
However, compared to a large-format house in a low-profile neighbourhood, 64% of Indians think that a studio apartment's neighbourhood has a far more cosmopolitan social profile.
Young professionals (74%) choose a studio apartment, as do newlyweds (66%), retirees (62%), and travelling professionals (60%) throughout the buying spectrum.
Mumbai has the highest demand (82%), followed by Bengaluru (78%), Hyderabad (70%), Pune (66%), Gurgaon (60%) and Ahmedabad (56%), in terms of cities. Additionally, Kolkata (40%) and Noida (44%) are quickly catching up to the trend.
Key conclusions
• 78% think that developer studio offers are out of step with consumer demands.
• 62% of respondents lament the scarcity of good studio flats.
• 80% of people prefer studios to be in commercial districts.
• For 58% of Indians, city centre apartments represent the pinnacle of luxury.
• 88% choose studio flats because they can walk to work.
• Studio living is deemed to be cosmopolitan by 64%.
• Studio flats are recommended by 74% of young professionals, 66% of recentlyweds, 62% of retirees, and 60% of travelling professionals.
• Pune (66%), Gurgaon (60%) and Ahmedabad (56%), Bangalore (78%), Hyderabad (70%), and Mumbai (82%), have the greatest takers for studio flats.
• Both Kolkata (40%) and Noida (44%) are developing markets for studio flats.
Source From:- navimumbaihouses
