We had a chance of growing in large houses, playing in courtyards and spending time along with family. Every day was celebrated in the airy and spacious places. This is not an untold-story. It had happened in our metro city Chennai. When thinking about today’s lifestyle, we live in upside-down style. Yes, no space to play indoor games and even outdoor games. Our generation is tightened in smaller houses and apartments. It’s wondering to know over 15% of size has been shrinking in the last five years in Chennai. A recently released report manifests that Chennai ranks “No.5” in the list of cities that have seen homes growing smaller in size. One of the reasons for the shrinkage is our nuclear-style families have been creating massive demand for tiny and affordable apartments across the city. Rapid urbanization is also rising demands for housing spaces and the developers battle to sell costly homes. That’s why housing with smaller sizes is preferred. It happens globally.
A question may be wavering in our minds “Why there is a contraction in apartment sizes?” because most buyers show aversion in investing in high maintenance costs and the additional efforts needed for larger properties. There is one more reason that millennials prefer only smaller houses for various reasons. Working singles, old retired couples also prefer compact homes that would be the builders’ prime reason to move towards catering smaller and compact houses. Buyers also prefer jogging tracks, recreational areas, pet corners and other ambiences that could be catered by the bespoke builders like GP Homes.
The reduction in the sizes has been accomplished by the elimination of additional balconies and in many cases, balconies are used as efficient smaller spaces. Such micro luxury units echo the utmost utilization of available space, comfort and design acumen. Most developers are speculating into smaller houses due to the present trend where high-income earners in young age would like to choose their homes closer to the workplaces with recreational spaces.
The budget-friendly housing system is being the major factor that contributes to the reduction in house sizes. As the property prices spike in metro cities, developers started reducing home sizes to align their offerings more than the actual buyer’s demand. On account of the rising demand for affordable homes in Chennai and lower GST rates, the sizes of homes got reduced. The desired flat buyers are availed with the Government subsidies for affordable housing along with decreased overall costs and included benefits also holds a role in shrinking apartment sizes. The liquidity crisis changes buyers’ preferences and grows concerns on affordability. It has caused real estate to reconsider the conventional thinking of “Bigger is better” and as a result, modern units started occupying the entire city.
On the whole, prices of smaller size homes are cheaper that encompass all modern amenities by giving you a contemporary living experience. These compact homes are being viable options for buyers who cannot go for expensive houses. You have plenty of options to invest money in other essential areas rather investing in buying luxurious houses. It’s undeniable though large homes are spacious and luxurious to live, still, smaller sizes are adopted due to the availability of constrained spaces.
