Mumbai offers bigger 2BHKs than Kolkata

If you think that Mumbai cheats buyers with spaces, hold on as there is more to that.

 


Magicbricks research data studied the property markets of eight major cities namely, Delhi, Mumbai, Hyderabad, Bengaluru, Noida, Gurgaon, Navi Mumbai and Thane. The study shows that out of the list, Mumbai offers comparatively bigger 2BHKapartments than Kolkata.  Whereas Kolkata offers smallest 2BHKs. What is interesting to note is that Kolkata has large land parcels still available for development, unlike Mumbai which is already facing land crunch. The average flat size remained close to 1000 sq ft in Kolkata whereas for Mumbai the 2BHKs are marginally bigger at 1025 sq ft. Interestingly, the biggest 2BHK flats are available in Gurgaon where the average size remains close to 1400 sq ft followed by Bengaluru where the median space remains 1350 sq ft.

 


Other major cities such as Chennai, New Delhi, Noida and Hyderabad remained in range of 1100-1300 sq ft when it comes to two-bedroom flat size.

 


The satellite town of Mumbai offered homes in varying ranges. For instance, the average apartment size in Navi Mumbai remained more than 1100 sq ft while in Thane, the size was less than 1000 sq ft. This is so because majority of the buildings in Thane are age-old constructions, except in Ghodbunder Road where there are new projects only and have spacious apartments to offer.

 


What worked for Navi Mumbai is CIDCO’s efficient planning in distributing land. This is contributing to create more spaces. Mumbai being the space starved city justifies the home size it offers as compared to areas such as Thane which still have enough space to be constructed.

 


Another point which Magicbricks research pointed out was the size of 2BHKs in new projects. Areas such as (East suburbs) Kanjurmarg East, Bhandup and Mulund have many new projects coming up. These projects offer 2BHK apartments sized 900-950 sq ft, which is much less than the city’s average. Although these areas have considerable bigger land parcels, the demand for a bigger apartment from the end-user is less. This has left the builders with no option other than to construct smaller units. Moreover, the cheaper price points make it more desirable.

 


Localities in island city (South Mumbai) such as Worli, Mahalaxmi and Prabhadevi offer comparatively bigger 2BHK units sized 1050-1100 sq ft. It is an intrinsic fact that these projects are build over mill land which was supposed to be given to the mill workers. The land over the years has been used to build spacious apartments for people looking for status symbol and is worth a fortune. As of today, the price of a 2BHK unit starts at Rs 5 crore.
If you too have an appetite for space and have really deep pockets to fund your appetite tthen  you know where to look for!

 


Source: magicbricks.com dated May 30, 2015