W hen it comes to buying a home, multiple factors come into play, varied elements require consideration of which the most important aspect is the budget. While various angles are explored, a factor that is debatable and alters according to changing lifestyles is the size of the residence.
Affordable housing has garnered a lot of interest especially with the government offering attractive schemes, with the current definition altering from built-up area to carpet area of 30 to 60 sq. m, thus increasing the stipulated area.
While budget constraints made units of around 600 sq. ft. attractive and liveable, changing lifestyles are currently altering this perception, with prospective buyers in the affordable and mid-segment viewing 750 to 1200 sq. ft. being ideal. However an increase in area sought automatically pushes up selling price, impacting the allocated budget.
If so, what can be construed as optimal size for a residence in the current altered lifestyle that accords privacy for individual members besides earmarking spaces for multiple electrical and electronic gadgets that are now an integral part of any household?
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A point to note here is that the altered perception of optimal size is based on which city the demand prevails.
A city like Mumbai calls for a much smaller unit size compared to Bengaluru. C.N. Govindaraju, Managing Director, Vaishnavi Group, says, “Bringing in all the requirements along with utility spaces into an area less than 1,000 sq. ft. is a challenge.”
According to him the location, right size and right price drive the demand. The location especially serves as the key as lack of connectivity and good infrastructure are major deterrents. “In areas such as Hebbal, units were sized at 3,000 to 4,500 sq. ft. and priced at over ₹ 10,000 per sq. ft. which had few takers. Instead, units sized from 1,000 to 1,500 sq. ft. and priced right had a significant market and this is amply borne by our experience where our units fitted into this range and were offered at a realistic pricing of ₹ 6,500 per sq. ft.”
Changing perceptions
Says Suresh Hari, Secretary, CREDAI Bengaluru, “Not only perceptions on optimal size of units have changed, affordability range too has changed, with government increasing the stipulated sizes. Funding for housing is more attractive now with special schemes and concessions in play, moving towards the government’s vision of housing for all by 2022.”
According to him, with connectivity to suburbs becoming better with the Metro coming in, farther places are now attractive for living.
“Yet, the sizes sought are larger to afford the comfort required by altered lifestyles and changing perceptions. Future developments would, however, see less frills being offered, with developers working with lower margins and the RERA bringing more transparency and accountability into the sector.”
He adds that while nobody would want small box units, the large luxury segment would invite less demand. “The growth will be seen majorly in this affordable and mid-segment which commands a huge market where units around 800 sq. ft. will serve as a viable proposal.”
Location matters
Contending that the key game-changer is the location and infrastructure when it comes to demand, Harish Achar Brahmavar, Founder and Managing Director, Homz N Space, says, “A unit, even if small, if located in the IT belt where the rental as well as capital appreciation is good, will command a better market than one placed in the suburbs with low connectivity. Even the end user looking at the optimal size of 800 sq. ft. and above will still seek the right location. To address budget constraints here, a less established builder offering a lower price would be sought.”
Innovation needed
Stating that the current move by the government to make it 60 sq. m carpet area rather than saleable area has made the size of units perfect yet affordable, Om Ahuja, CEO-Residential, Brigade Group, adds, “To address changing lifestyles and perceptions, architects will need to come up with more efficient plans which optimise the use of smaller spaces while affording sufficient light and ventilation as well as making the spaces functionally efficient.”
According to him the optimal size of a unit and the layout of the spaces are clearly location based and the product would need to meet the specific market addressed.
“An 850 sq. ft. area would be expected to have two bedrooms in the Chennai market while this would be offered as two bedrooms and study in Mumbai.”
