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A recent observation of NCR’s residential market highlighted that the cost of 1 BHKs remain costlier in the area. As per the recent report of Anarock Property Consultants, NCR has the highest unsold inventory of 1BHKs.The area has an abundant supply of 1 BHKs, both in primary as well as for the secondary market. These are a part of new launches; some of them are built years ago and are available in resale.
It is seen that majority of these 1 BHKs lies in the secondary market are standalone apartments, with super built-up areas of 300-800 sqft. These units range from Rs 8 lakh to 92 lakh.
Here we look into the trend and present some suggestions by experts.
Some prime areas have seen corrections in prices. Gaurav Mittal, Chairman of CHD Groups, says: “Prices across segment saw a drop on account of the oversupply in the market. More-over, buyers have turned cautions. Sales are likely to improve and rates will increase and later firm up.”CHD is developing Restorico, a 1BHK serviced apartment project, in sector 34 in Gurgaon.”
Developers however pointed out that area with good growth potential have better demand for this unit provided with amenities. For instance, serviced apartments in an industrial town like Bhiwadi have a high demand for such apartments. BDI Group’s residential project, Ambaram offers 1BHK units along with 2BHK units in Bhiwadi.
Ssumit Berry, managing Director of BDI Group, says “Bhiwadi has good demand for one-bedroom units among the business operators and people coming to work in the big companies.”
Some realtors are with the view that the premium on 1-and 2BHKs is just a result of the high demand for such properties. Some of the developers suggested that the buyer should look for some other options like to go for a 2BHKs which has more demand in the market.
“Two-bedroom units are being sold easily and remain in demand.”said Mittal.
Some suggested that if a buyer is opting a 1BHK, then he should buy in premium place. Berry of BDI Group points out other fundamental checklist: “Other factors like developers track record of delivery, developer’s maintenance record within the project, sales in the project, and whether the project is RERA compliant also require close security.”