SATURDAY, APRIL 29, 2017

The trend of offering apartments equipped with different configurations within a single project has gained much momentum among potential home-buyers. But is it a sustainable idea? Let’s understand from the experts…

Residential Development

Buyers with different purchasing capacity can all own a home in the same project. And this is made possible due to the efforts of the developers who are now taking note of the smallest of requirements of their customers and making them an integral part of their design when planning a project. In a city like Mumbai, per-square-foot price is a very important consideration and many buyers would have budget constraints.

“Having smaller configuration flats in the project ensures that budget buyers are not excluded from the potential customer base,” says Ashwinder Raj Singh, CEO – residential services, JLL India.

For instance, Bhaskar Dasgupta was interested in a project at Kharghar that offered many advantages in terms of amenities and connectivity. “I was interested in the project but didn’t have a budget for a 3 – BHK apartment, which the building mostly comprised of. Luckily, there were four flats each of 2 – BHK and 1 – BHK too. And hence, due to this availability, I could invest in a 2-BHK. The flat not only fitted my budget but also was ideal,” he says. Another reason that Singh points out is the diversity in buyer needs – buyers may have specific size requirements. They may require slightly more space than a 1 or 2-BHK would normally offer, but would not wish to buy a much bigger flat. Finally, having a variety of unit sizes in a single project can allow the developer to utilise the available FSI very efficiently and ensure maximum saleable area.

IS IT A POPULAR CONCEPT?

Although this trend works well at some locations, the same cannot be applicable to the rest. “It will not be fair to generalise that multiple configurations work in all cities. However, when it comes to metros, particularly Mumbai, developers offer multiple configurations to suit the needs of a varied segment of customers,” says Manju Yagnik, vice-chairperson, Nahar Group.

“It is undoubtedly a successful trend in peripheral micro-markets like Virar, Kalyan and Dombivali but does not work in established micro-markets such as BKC,” points Kaizad Hateria, brand custodian and chief customer delight officer, Rustomjee Group.

THE MINOR HURDLES:

There are also inherent disadvantages in the approach of providing mixed configurations in a residential development. Realty experts believe that it creates a much diffused neighbourhood profile in terms of social stratification, which may not complement everyone’s tastes and preferences. “The affordable housing projects can benefit by getting slightly bigger areas or a bigger room but as far as the luxurious projects are considered, this mechanism does not work because the target audience and their requirements are different,” says Manish Bathija, managing director, Paradise Group Builders & Developers. Everyone’s requirement is different. “Usually, people who can afford to buy a 4-BHK flat in a project may prefer to have neighbours of a comparable purchasing power. Also, such an approach can create a densely packed residential environment, which may have ramifications of equitable distribution of available amenities,” concludes Singh.

Publication / Source: Times of India