Builders reduce apartment sizes to lure first-time home buyers
Builders have been reducing the size of apartments over the past few years to make them more affordable to first-time buyers. This has become all the more important because property prices are high in major cities, and customers have been staying away from property purchases for some years now.
Average size of apartments in Bengaluru, Kolkata, Mumbai, and Pune have come down by 7%, 13%, 25% and 26% respectively between 2014 and 2018, as per data from independent property consultancy Knight Frank.
In central Bengaluru, sizes of apartments have reduced by nearly a third in the same time period, as more 1-BHKs and studios gain popularity.