Today, in the fast-emerging residential market, the moot question before home buyers/investors is - what will make better sense in metros- four-bedroom apartments of 6500-7500 sq ft or two bed room ultra large apartments.
Spelling redefined Gen Z lifestyle requirements, Covid ushered in a meaningful desire to build large format apartments -3 B/R+ – 4 B/R+ and 5 B/R and so on.
The fear of unknown calamities and pandemic changed lifestyle of people. Together with large apartments, people also started spending on luxury -high end specification and amenities. And suddenly all new launches started addressing this changing need. We saw launch of apartments upward of 3000+ sq. ft up to 7500 sq. ft., with central air-conditioning, heat pumps, Italian flooring, wood work, modular kitchen as add -ons. All this with a price tag of INR 15000 per sq ft at the base end and INR 40000 per sq ft at the upper end. And suddenly, the starting price point of apartments shot up to INR 5 crore -INR 11 crore on the base side and INR 30 crore -40 crore on the upper side.
I still remember the year 2003, when the best-in-class apartments in Noida started selling at INR 1250/sq. ft. and a 4-bedroom unit would cost around INR 35 lakhs. The spacious 4B/R + designed by famous architect Hafeez Contractor, was built by best-in-class developer ATS with stunning landscaping and a 5-star club facility. The apartments delivered more value as super to carpet efficiency of about 18% (loading) made the 2500 sq. ft unit look like 4500 sq. ft size apartments being launched today.
But then this is a 20-years old story. Over the years, the lifestyle, the needs, the land cost, have all gone up significantly and hence the need for a new format. I would advocate for a 2500 sq. ft – 3000 sq. ft 2 B/R + apartment format with not only luxury specifications but also aspirational amenities and facilities as the new home design in the metros.
Let me give my arguments to substantiate my belief.
Floor plan format suggestion: 2500-3000 Sq. ft.
I suite, 1 Large B/R + large living room.
Arguments:
A 2500-3000 Sq. ft 4 B/R unit with today’s relevant loading of 40-45% (super to carpet) gives a very compact apartments, nowhere close to luxury. And as the carpet area goes below 1800 sq. ft, these will no longer remain aspirational.
We are seeing reverse migration as GCCs (global capability centres) are shifting to Tier II locations. With layoffs in metro threatening the economics of house hold income, facilities are shifting base to Tier II cities.
For the high profile/ highly paid upper-class officers, the need is to have a luxurious suite/ bedroom with a relaxed living space and one additional bedroom for visitors/ parents and that’s about it.
For Gen Z couples - DINKs (Double income, no kids) and Live-in Partners, the need for space and luxury quotient is less and they will be quite happy in 3000 Sq. ft 2 B/R + format mentioned above.
With price hovering around INR 20,000 per sq. ft, these apartments will cost around INR 5-6 crore v/s INR 14-15 Crore and hence more affordable for this community segment.
This price range (INR 4-5-6 crore) will give access to more investors and end users compared to apartments in the price bracket of INR 14-15 crore which is in reach of very few.
Considering our research and suggestion, developers are advised to follow a 2500-3000 sq. ft size format:
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