According to survey, In Mumbai property size is reducing from 2012

Small sized property

Residential property sizes are reducing in all over MMR (Mumbai Metropolitan Region) from last two years because now real estate developers are constructing the small size apartments to target the middle and low income groups and keeping the price factor in mind. From 2012 to till now property size has decreased by 8 per cent and it is expected that it will continue as the population grows, property prices increase and most of the people are looking for affordable housing units.

After recent survey by real estate portal it is stated that “It is found that from 2012 property sizes have constantly decreased as prices have almost remained the same or marginally increased in last two years”. This particular trend was started in 2009, but because of huge success it becomes visible in last two years.

In present buyers are ready to compromise on the size of property, if the price falls in their budget and the location is hot. Another reason for the increased number of small-sized property is the affordability aspect. In Mumbai residential properties have seen a meteoric rise over the last few years, but still every individual aspires to own a home in Mumbai. Real estate developers are well aware about this fact and due to that they are working on affordability aspect of buyers and started to launch a property that are in small size.

Mumbai Metropolitan Region is witnessing a rapid growth of population over the last two decades. In world Mumbai is the seventh most populous city and it is in the league of Tokyo and New Delhi. Due to increase population the demand of property in Mumbai is more with the concern of available space. This can be the key contributor to the reducing property sizes because of low price.