News: Home buyer interest in studio, serviced apartments rising in NCR-08-07-2020

https://economictimes.indiatimes.com/wealth/real-estate/home-buyer-interest-in-studio-serviced-apartments-rising-in-ncr/articleshow/76854464.cms

NEW DELHI: Leading developers in NCR are getting increasing queries from homebuyers for studio and serviced apartments during the Covid-19 crisis as they look for cheaper houses that are close to their workplace. According to developers, a lot of buyers are ready to spend Rs 50 lakh to one crore for a studio apartment in and around Central Business Districts. Godrej, which has an inventory of 240 studio apartments on Noida expressway near the Jewar airport, said that the query for studio apartments have increased exponentially. Noida based Gaurs group which has an inventory of over 400 studio apartments is selling at Rs 45 lakh while Godrej studio apartments are priced at Rs 59 lakh. “During the pandemic, there has been a rising demand for work from home units near workplaces. The sale of managed studio apartments is driven by IT professionals. With big companies announcing work from home even in long term, the young professionals are looking for a separate setup,” said Pankaj Bansal, director of Gurugram based M3M group, which has an inventory of 170 managed studio apartments. Bansal said that out of these, 100 were sold post Covid-19 and 80% of studio apartments in another under construction project have been sold.