Would You Prefer a 1 BHK Over a 3 BHK Apartment in Bangalore?
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When it comes to Bangalore, the demand for 1BHK apartments is very low. At a time, when the demand for 1 BHK is high in cities like Mumbai due to lack of affordability, home buyers still prefer 2 or 3 BHK apartments in Bangalore. One reason for this could be people here look for a balance between affordability and luxury combined with all other facilities. This tremendous growth in housing demand at Bangalore in mainly driven by the IT sectors based here.
Bangalore real estate market is showing an upward trend in terms of property demands. This huge demand for housing option is majorly coming from migrants, investors and employees working in the IT/ITES, hardware and engineering companies based in the city. This significant rise in demand for housing in Bangalore has given rise to increased supply of properties especially in last 2 years.
A large number of people migrating to the city has also caused the increase in demand for property in Bangalore. And the real estate market here has seen a steady price appreciation in past few years. The top locations for Bangalore real estate market are Sarjapura Road, Kanakapura Road, Electronic City and Bannerghatta Road.
The demand for housing can mostly be seen in South Bangalore which comprises of a large section of middle class population of the city. But, North Bangalore is also fast catching up the pace offering affordable 1 & 2 BHK apartments lately. This is mainly because of the upcoming residential and infrastructural development that will be taking place in North Bangalore. It has become a new property hub for investors and home buyers with a promising future.
Most of the buyers in Bangalore are from the working class aged anywhere between 26-29 years old. Majority of them are first time home buyers, however, they prefer 2 or 3 BHKs over 1 BHK flats in Bangalore. This is mainly because a 2 BHK apartment is far more comfortable and offers greater privacy when compared to a 1BHK, no matter how spacious it is. This is one of the reasons why the concept of 1BHK apartment is not so popular among people living in Bangalore.
These first time home buyers have the money and the potential to buy a 2 BHK since 1 BHK apartment do not fit their bill. They do not mind shelling out a few more bucks since they wish to settle down there with their family. Thus the affordability and willingness to have a bigger home pushes the demand for 2 & 3 BHK apartments in Bangalore. Whereas 1 BHKs remains ideal for singles or couples working in this city.
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