If you are in search of a city that offers a high standard of living, has high quality infrastructure, good social amenities, and provides numerous employment opportunities, look no further than Mumbai. The city is one of the best places to live and work in India, attracting talent from all over the country.
However, the real estate prices in Mumbai are significantly higher than in other cities. With the prices of property hovering in crores, not everyone can afford their dream home in Mumbai. If you are on a tight budget and looking for a decent property in the city, you can choose from a variety of 1 BHK flat in Mumbai up to 25 lakhs. These apartments are affordable and a great option for bachelors or couples.
Read on if you want to know more about 1 BHK flats in Mumbai.
Affordability
A 1 BHK flat is more affordable than other properties, which makes it an ideal option for people on a budget. In areas like Kandivali West, Goregaon East, Chembur, etc., you will find a variety of 1 BHK apartments with prices starting at under Rs 1 crore. Loans are easily available, with down payment and EMIs much lower than 2 BHKs and flats of higher configuration. Though 1 BHKs are relatively cheap, the price of property can vary depending on a number of factors like locality, amenities, features, proximity to social infrastructure, etc.
Size
A 1 BHK is a dwelling unit and comprises spaces similar to those in flats of higher configuration like kitchen, drawing and dining, etc. However, it has only one bedroom and washroom. The average size of a 1 BHK usually ranges between 400 sq. ft. and 500 sq. ft. Though 1 BHK is a very small apartment, it is a perfect fit for single people, couples, those on a tight budget, or those buying their first home.
Demand
The demand for a 1 BHK is not as significant as that of 2 BHK flats or above. A 1 BHK flat is usually valued by single people, while nuclear families mainly opt for flats of higher configuration. Lower demand means that homebuyers have various options to choose from. Moreover, the developer may offer various concessions to attract more buyers and ensure that their inventory does not pile up. Buying a 1 BHK is more lucrative if you are on a budget because you have the power to negotiate which is not easy with 2 BHK flats and above. If you are on a tight budget but do not know where you can find good properties, you can search for a 1 BHK flat in Mumbai for up to 25 lakhs on Blox.
Less additional costs
Compared to a 2 BHK flat, the additional costs of a 1 BHK are much less. Because of the compact size of the home, you will spend less on maintenance and power. You will also save a significant amount of money on property tax. These small units are easy to clean, and this can be done by the homeowners themselves. You may not have to employ a maid which will help you save more money.
Good for investment
Mumbai is witnessing a never-ending influx of migrants and students, who come here in search of work or for studies. Since most of these people are single or are not accompanied by their families, they are in search of homes that are compact and relatively affordable. A 1 BHK fits the needs of most people. So you can also consider a 1 BHK for investment purposes. In the future, if you graduate to a 2 BHK flat or above, you can always keep your present home and give it on rent. Besides adding to your assets, it will also provide you a source of stable income.
Amenities
Though 1 BHK is a small apartment, they have good amenities. Depending on the locality and the society in which the apartment is located, homebuyers can avail various amenities. Some of these include a swimming pool, spa, gym, sports facilities, clubhouse, parking spaces, elevators, green spaces, etc. The more amenities that an apartment has, the better the life of the homeowners. But amenities can also significantly increase the cost of the home. So at the time of buying a property, opt for only those amenities that you need.
Conclusion
There are numerous reasons that make a 1 BHK the ideal abode for people on a budget. However when buying a 1 BHK consider all the factors thoroughly and select the location wisely. It makes sense to avail the services of a highly rated real estate buying platform like Blox. You can scan through numerous properties of your choice based on the location, developer, price range and other factors. Once you have selected the property, you can ask the company to arrange a virtual site visit so that you can get a first hand experience of the property. If your budget is low, a 1 BHK flat in Mumbai up to 25 lakhs is the right option.
