Why Millennials Prefer Large-sized Apartments in Bangalore?

At this rate, we can see Bangalore developing at a higher rate in the next few years and people might be looking at this city to settle down. As there is a rise in the standard of living, Millennials go for large spaces with all the latest trimmings. In this article, we will find out why millennials prefer large-sized apartments in Bangalore. Also, let’s find out the reasons why Bangalore has developed large residential units in recent times.

Here are various reasons why Millennials prefer large-sized apartments in the Silicon Valley of India -

• Recently, Indian cities have addressed the demand coming from Millennials for affordable homes and larger apartments preferably in the suburbs. Also, when compared with other major metropolitan cities like Pune, Delhi, Mumbai, Hyderabad, and Chennai, the average size of homes and apartments in Bangalore are in high demand.
• According to a report, owing to an increase in income ratio, Millennials in Bangalore would like to invest in large-sized apartments with luxury interiors. Moreover, the apartments that are newly developed in the suburbs of Bangalore are offered at affordable prices and are much preferred by the millennials.
• As per the recent report, the price of real estate is still on the lower side, leading to lesser construction cost which in turn reduces the cost of the apartment. As a result, the buyer needs to pay less for a large-scale apartment. For example, if a 3 BHK apartment in Bangalore costs around 80 lakhs, the same apartment will cost 3 crores in Mumbai.
• Bangalore is considered an investment hub for those who are looking to rent out or lease; it is an attractive option that offers a strong ROI. For those working professionals who like luxury, perfect ambience, and comfort, Bangalore is an apt choice. It offers amenities at affordable prices when compared to Mumbai or NCR. This is one of the major reasons why millennials prefer 3 BHK to 1 BHK apartment.
• Bangalore is considered a major IT hub of the country, and it is a home for IT professionals from all over the world. The city is developed based on the working professional’s necessity and requirements. To cater to the people’s residential demands, top architects in Bangalore have created bigger size apartments with additional washrooms, spacious balconies, and several other amenities at affordable prices.
• Affordability is a major aspect that drives demand for larger-sized apartments in Bangalore. The developers and the best housing architects in Bangalore have built apartments that are affordable to people. These apartment prices are comparatively less in price when compared to Delhi, Hyderabad, and Mumbai.
• Bangalore is known for its pleasant weather and people prefer spacious living with a pleasing atmosphere that is surrounded by plantations and green trees. This is the reason why people prefer to settle down with their families in Bangalore, and hence the necessity for larger-sized apartments arises. Further, highly paid IT professionals in the age group of 25 to 45 like world-class amenities offered by the apartments in Bangalore. When the earning capacity increases, Millennials would like to go for larger size apartments that are more comfortable.

In conclusion, Bangalore is a city where its demand comes from the migratory population and the changing preference of the buyer. The availability of land and its cost can be taken as a primary reason for constructing a large-sized apartment. Millennial homebuyers have made their preferences clear that they need affordable large homes combined with good location. Moreover, top architects in Bangalore and developers are more interested in developing housing projects that are more affordable and budget-friendly for their customers.