Gone are the days where one would dream about living in a spacious house that overlooks an amazing pool and a green lawn. Today it’s all about compact spaces thanks to the ‘nuclear’ style of living. Off late, studio apartments have gained immense popularity amongst bachelors and working professionals. A number of property developers across India have tapped into this trend and are offering limited number of studio apartments that provide state of the art amenities and facilities.
Studio apartments are turning out to be a good option for those who are looking for second homes as an investment option. They fetch a decent rental income. If you are one of those who wants to buy studio apartments – below are the cities which you need to look at.
With the city now reaching its saturation point, this property type is very popular amongst locals and migrants. Andheri Dahisar is one region that is dotted with several studio apartments. Andheri West and Borivali West are two other areas that offer several apartments that have a carpet area of 300 to 450 square feet. Such homes today are capable of generating rental yields anywhere between INR 10,100 and INR 13,250 per month. For homes that spread over 450 square feet, average rent is estimated to be INR 15,000 per month.
A number of studio apartments in Pune have mushroomed across localities like Hadapsar, Koregaon Park and Magarpatta. Off shore investors and local second time home buyers are now stocking up inventories with the aim to lease them out at a later date. Working professionals from the neighbouring CBDs are renting such spaces. The rental for studio apartments is cited to hover anywhere between INR 11,250 and INR 17,980 per month. Such apartments spread over 400 square feet and usually come with a television, a bed and a refrigerator.
DLF City phase III has the most number of studio apartments in Gurgaon. Migrant IT professionals who work in several neighbouring BPOs, IT/ITes companies and KPO in DLF city reside in such compact properties. Local investors stock up inventories here and let them out on rent. Studio apartments that are sized between 200 and 510 square feet churn out rental yields which range between INR 6,990 and INR 13,450 per month.
Studio apartments in Delhi are mostly found in localities like Greater Kailash, Vasant Kunj, Defence Colony and Malviya Nagar. Homes here spread across 500 to 600 square feet and are estimated to generate yields anywhere between INR 10,120 and INR 25,650 per month depending on if the homes are semi or fully furnished. People working in Okhla Industrial area of Jasola prefer renting out these apartments.
Nidhi C Thacker for IndiaProperty.com