Studio Apartment Culture in Mumbai Gains Ground
Posted on August 31, 2009
Filed Under Apartment Living | 9 Comments
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.
This way, as a cost-effective alternative studio apartment culture in Mumbai is fast gaining ground, and the kind of employment opportunities Mumbai offer to young graduates, need for compact housing would keep on rising as more and more people would be settling in the city.
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.
Watch the video related to studio apartment living
I’m entering my studio apartment from the elevator on the 49th floor of Marina Towers. We enter my apartment, obtain a layout which includes the dressing room, bathroom, hallway, pantry, kitchen (which still has the original yellow metal cabinets from 1964) then the living room / bedroom and the 160 sq ft balcony.
Help answer the question about studio apartment living
About Author
George Gonigal provides you the best and latest info on India Real Estate. He would also let you know about Delhi Properties.
Comments
9 Responses to “Studio Apartment Culture in Mumbai Gains Ground”
Leave a Reply
400sq ft is pretty good for a single person its bigger than most r.v.s. amd doen’t roll. you can do alot with the space if you know how,
nice———we have a frog fo the kit.
nice man. u livin that GOOOOD life. lol
wow, very nice!!
Thanks! I’ll message you.
That is a GREAT deal, in Sydney a $240 studio gets you an old run down studio with a shitty 1940’s kitchen and old floorboards. One like yours here would be round $300, and that would be in a hald decent area
That looks amazin. im trying to get a studio here in Sydney but there really pricey and tiny, how much do you per week there in the states?
were i live you can get one for $160-$205 i don’t pay for heat either since i have a space heater. so utilities is just water and electricity. so about an extra $60 a month
Yo! UR crib is nIcE!