Mumbai witnesses growing demand for micro homes

In a new trend, micro homes are swiftly finding favor in Mumbai which is one of the costliest real estate markets in the country. Buyers which include students and younger professionals are purchasing micro homes sized between 180-250 sq. ft. on an average. This trend is attributed to the sheer absence of relatively affordable options in prime areas in Mumbai. Apartments with these sizes are finding takers rapidly in locations such as Kalyan, Vikhroli and Ghatkopar amongst younger buyers who seek affordable properties which are located in close proximity to their work spaces. Micro homes will be a major solution for these buyers since there is ample congestion and lack of housing options across countries like Britain, Hong Kong, Japan and Spain where there is higher demand for housing units. Space comes at a major premium in these countries. Micro homes are perceived as better options for people who would not be able to afford homes otherwise. Micro homes are being offered as bachelor pads, studio apartments and affordable luxury properties. Some of the major projects in this segment include Mayfair Hillcrest and Chembur Central in Vikhroli, the Kalyan based Haware Paradise and Peninsula Land’s AddressOne at Gahunje on the Mumbai-Pune Expressway. Projects like Sheltrex Nano Housing in Karjat also come within this segment. Most of these micro homes come with amenities like a 24 hour security setup, club house and more such facilities. Some projects have playgrounds and other sporting facilities. Some have indoor game facilities, community halls and educational institutions within township premises. Some micro homes come with modular furniture for saving space as well. Real estate developers in Mumbai slowly realized the existence of a market for apartments sized at 200 sq. ft. or likewise when rehabilitated slum residents started renting out their new flats to professionals in the city. There are younger buyers who seek affordable options where they have a kitchen, bedroom and mini space of their own. These micro homes are often located in well-connected areas with good transport and connectivity options which help young professionals commute to work with ease.