The general provide share of studio residences, among the many hottest-selling configurations earlier than the Covid-19 pandemic, has been dipping throughout the highest 7 cities since 2020.
Latest ANAROCK analysis reveals that out of 1,063 tasks launched in H1 2022 throughout these cities, solely 91 tasks provided studio residences – a 9% share. In distinction, of the 1,921 tasks launched in 2019, round 368 (19%) had studio residences.
In 2020, the share was 15% – of 884 tasks launched within the 12 months, approx. 130 tasks provided studio residences, whereas in 2021, 145 out of 1,207 launched tasks had them as choices.
This y-o-y decline is a major development reversal – between 2013 and 2019, the share of latest tasks providing studio residences confirmed a y-o-y improve – from 4% in 2013 to 19% in 2019.
“The studio apartment configuration – single rooms serving as bedroom-cum-living room with kitchenette and an attached bathroom – was among the most popular configurations before Covid-19,” says Anuj Puri, Chairman – ANAROCK Group. “Once seen as ideal starter homes, they drew considerable demand from bachelors, business travellers visiting the city frequently for work, and young couples. What they lack in size, they often make up on location – studio apartments are most evident in pricey locations around key employment hubs.”
“The rapid reversal of this trend after Covid-19 is indicative of the major socio-economic changes that have occurred due to the pandemic,” says Puri. “Of 2,102 projects launched in the top 7 cities in 2013, just 75 projects had this option. After that, their availability in projects grew consistently, peaking at 19% in 2019.”
2020, the primary and most devastating pandemic 12 months, kickstarted the work-from-home tradition – and the following demand for larger properties. Simultaneously, CBDs and SBDs misplaced their attraction to the cheaper suburbs and peripheries. In a single 12 months, studio residences’ presence in new provide sank to fifteen%, to 12% in 2021, and to 9% in H1 2022.
The studio residences development is traditionally the strongest in West India, with MMR and Pune predominantly driving the development. Of the whole tasks with studio residences launched within the high 7 cities between 2013-2020, MMR and Pune collectively accounted for a large 96% share.
In distinction, the southern cities of Bengaluru, Chennai, and Hyderabad by no means actually caught the studio house wave – simply 34 tasks in these three cities had this compact configuration in the identical interval.
In H1 2022, of 91 tasks providing studio residences throughout the highest 7 cities, MMR is on the high with 71 tasks, adopted by Pune with 18 tasks. In Bengaluru, simply 2 tasks supply this configuration whereas the opposite cities don’t supply it in any respect.
The pre-pandemic years noticed studio residences being provided not simply in MMR and Pune however in different cities as effectively. As such, their provide share decline after the pandemic is exceptional.
Source: www.financialexpress.com”