A recent observation of NCR’s residential market highlighted that the cost of one-BHKs remain costlier in the area. As per a recent report of Anarock Property Consultants, NCR has the highest unsold inventory of one-BHKs.The area has an abundant supply of one-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 one-BHKs lies in the secondary market are standalone apartments, with super built-up areas of 300-800 sq ft. 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, CHD Group, 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 one-BHK 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 one-BHK units along with two-BHK units in Bhiwadi.
Ssumit Berry, managing Director, 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 one and two-BHKs 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 two-BHKs 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 one-BHK, then he should buy in premium place. Berry of BDI Group points out other fundamental check-list: “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.”