Studio Apartment Culture in Mumbai Gains Ground
While property prices and rental values in Mumbai skyrocket, studio apartments in the financial capital of India have surfaced up as one of the most preferred housing alternatives for expatriates, corporate executives and frequent travelers.
A studio apartment is the one, which is smaller in size usually around 300-350 Sq. Ft, and thus the cost of acquiring such property is comparatively lower. Typically, the apartment has one large room which is divided into sections such as a small kitchenette, living room and bedroom, bathroom and toilets.
Need and Advantage
“Besides, expatriates, young corporate executives are the one who have been creating demand for studio apartments in Mumbai Real Estate. Most of the times, these young chaps prefer to buy apartment by taking home loans rather than shelling out hefty rents that comes near the value of EMI (Equated Monthly Installment),” explains a Mumbai-based property broker.
Eyeing the demand for such options many developers and hospitality majors have entered the space making the segment more competitive. In Mumbai residential property markets, studio apartments are available in many variants starting from those that are as luxurious as a five star hotel and obviously charge a premium to the budgeted option that are not as luxurious but still provide all the facilities.
Growth drivers
As more and more international firms are setting shops in India, the need for long term stay options have increased. Mumbai being the business capital of India is obviously one which sees the maximum number of business travelers that stay for longer duration as compared to routine tourists. At the same time, corporate executives with aspirations of good lifestyle and privacy also prefer studio apartments.
Moreover, as the travelers stay for a longer duration the apartment needs to be fully furnished hence a bare shell wont do. Considering the economics of booking a five star hotel room for longer duration, more and more developers are coming up with studio apartment centric projects.
Such apartments have mushroomed all over the city especially near the business centers as the main clientele for such an establishment include business travelers. However, it has been observed that apart from business travelers even tourists that come for longer duration prefer a studio apartment rather that a hotel room.
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