Realtors ready to explore untapped market
The studio apartment market in Kolkata has a potential to grow in next five to six years
Aug 27, 2013
Source : The Times of India


KOLKATA: Though the demand for studio apartments in the city cannot be compared with that in Mumbai or Delhi, there has been a steady upswing over the last few years. The changing trend has caught the attention of realtors and they are going all out to tap the potential.

Siddha Group, developer of studio apartment complex 'Xanadu', has finished the last phase of construction. "We have created 340 such flats in Xanadu. We have already sold 220 flats priced between Rs 25-40 lakh," said Sanjay Jain, managing director of Siddha Group. The group might look at adding studio apartments in forthcoming projects as well.

With an increase in the number of young working professionals in the city with high aspiration levels and a growing demand for second home at affordable price points, many realtors have started converting 1 BHK flats into studio apartments. Some of such properties are also available fully or semi furnished.

"It is a home away from home. While the demand is limited so far, we have seen a good response for our property on Diamond Harbour Road," said Sushil Mohta, managing director of the Merlin Group. His studio apartment project Nirvana has 104 units, priced between Rs 20 and Rs 30 lakh each.

Pioneer Property Management Ltd, one of the leading real estate and property consultant in the city, will start marketing 156 studio apartment units near Vedic Village soon. "Such apartments are more useful for single persons or a newly married couple. These are not very big and affordable as well. It is a good format, especially in areas where there is a lot of movement of young professionals," Jitendra Khaitan, CMD of the company, said. Pioneer's furnished studio apartments, over an area of 610 sq ft, will be priced at Rs 18 lakh.

According to NK Realtors director Pawan Agarwal, the studio apartment market in Kolkata has a potential to grow in next five to six years. "In the short term, there may not be a spurt in demand as Kolkata does not have much of migratory population among young professionals. But in the long run, studio apartments are likely to catch up," he said.

But what happens to users when they try to sell it off? Are there enough buyers for such properties? "Once I decided to sell off one of the studio apartments I own and posted advertisements. I received a very good response," said Harsh Bajaj, owner of a studio apartment.

"Kolkata is gradually waking up to studio apartments. Everyone who has bought a studio apartment had a particular need. Five-six years down the line the city will have more young professionals looking for a decent and luxurious unit to move into," Sambit Kundu, a buyer of a studio apartment said.

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