Demand of 1-BHK in Bangalore

Lately builders have reduced the apartment size to reduce the apartment cost but it will be interesting to watch whether there will be demand of 1 BHK apartment in Bangalore.

A city that rarely saw a 1-bedroom hall kitchen (BHK) apartment or a studio apartment could soon have a plethora of them. Many developers in the city are looking at building such units — 1-BHK ranging between 500 sqft and 800 sqft with a price tag of around Rs 10 lakh to Rs 15 lakh. This could particularly benefit young professionals, newly-wed couples, and senior citizens.

Most of the handful of 1-BHK apartments around are actually 2-BHK apartments converted into 1-BHK ones, sporting a large drawing room. Pricewise, these units command the same rates as a 2-BHK.

Electronic City, Whitefield, Marathahalli and Bannerghatta Road are the current hotspots for 1-BHK and studio apartments. “The trend of buyers wanting 1-BHK units and developers acceding to their wishes hinges on affordability,” says Ravi Ramu, director, Puravankara Group. Ramu adds that in the heyday of real estate, even 2-BHK units were not in great demand, as majority of consumers here preferred 3-BHK ones. With salaries in the IT sector zooming, so did aspirations and spending power of buyers and the demand for 1-BHK units vanished.

Brigade Group, which just announced the launch of its value homes, says that 30% to 40% of the 10,000 units it’s expected to build would comprise 1-BHK units. “As investors in the realty market become younger, it spurs the demand for smaller units which fit their wallets,” says M R Jaishankar, CMD, Brigade Group.