Rising Demand for Studio Apartments in Tier II Cities
Despite their compact size, averaging around 350 sq. ft., studio apartments are experiencing a steady increase in demand. This surge can be attributed to their affordability and significantly lower maintenance costs.
Attractive Features of Studio Apartments
- Open Plan Living: Studio apartments often feature open plan living, with no walls separating the kitchen, bedroom, or living room, except for the bathroom.
- Lower Maintenance Charges: The smaller size of these apartments makes maintenance easier and more cost-effective.
Tier II Cities Leading the Demand
Studio apartments are receiving a higher response in almost all tier II cities, with notable demand in:
- Chandigarh
- Coimbatore
- Jaipur
- Lucknow
- Mohali
- Nagpur
- Surat
Price Variations Based on Location and Amenities
Prices of studio apartments vary significantly depending on the city, locality, amenities, and facilities offered by the project. For instance:
- Mohali enjoys better price appreciation due to its superior amenities and connectivity, unlike Lucknow, which does not see as high a value appreciation.
Industry Insights
- Jones Lang LaSalle India's Nitish Bhasin acknowledges the increasing demand for studio apartments.
- Target Audience: While the majority of demand comes from working professionals, a notable number of senior citizens are also opting for these apartments.
Recent Project Launch
- DLF's 'My Pad': Recently launched in Gomti Nagar, Lucknow, this studio apartment project comprises 600 units. Mohit Gujral, DLF's MD, emphasizes that this project aims to provide ample housing solutions for working professionals.
