Yogesh Pathak, a Lucknow based employee working in Gomti Nagar, has been spending around Rs. 8,000 per month on house rent. He was planning to save this money by buying his own apartment, but he did not have enough savings. He wasn’t very keen on taking a hefty loan with high monthly interest or borrowing money from his parents.
One day, a friend suggested him to invest in a studio apartment, close to his workplace. The concept was new and rapidly gaining popularity in urban cities. Yogesh liked the idea so he did some research. This is what he found out.
# What is a Studio Apartment?
Also known as bachelor pad, self-contained unit or efficiency flat, a studio flat is a small, self-contained unit including all the essential rooms (kitchen, living room and bedroom) in a single large room, without any barrier of walls, giving users all the creative freedom. Only bathrooms (often containing a walk-in closet or dressing area) are separated by a door.
# Studio Apartment Setting:
A few home owners set up attractive dividers, folding partitions or curtains in order to separate bedroom from sitting room and kitchen. Partitions increase the overall interior appeal and offer homeowners privacy when guests arrive.
Some developers offer 1BHK sets, wherein bedrooms including attached bathrooms and closets are separately present and a large central hall accommodates kitchen cum dining room and drawing room.
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# How are Studio Apartments Advantageous?
Each unit has its own benefits for different owners.
# Benefits for Students--
Studio apartments are cheaper than traditional apartments. The EMI you pay for its costs is roughly equivalent to your previous monthly home rent, with a difference that you’ll be raising your personal asset.
One added benefit is you pay less on stamp duty and registration charges. You can cut costs by purchasing unfurnished or partially furnished apartments. This way, you’ll pay for only the things that you need. You can easily sell off unfurnished apartments to other buyers, as well.
According to Indian real estate estimates, developers have invested in 1.2 million sq. ft. land for this project. You’ll be seeing around 15,000 apartments in future. It's a favorable time to buy Buy Property in Lucknow, you must consider it.
Benefits for Sellers (HOW TO EARN INCOME)--
If you’re planning to relocate to a bigger house later on, you can rent your apartment to students and professionals for extra earning. Alternatively, you can set up your office there or use it for business purpose. Smaller apartments have great demand from residential and commercial point of view. Their prices escalate by 15 to 20% after every 4-5 years.
These flats generally have a medical hub, stadium, corporate company, historical landmark or major government building in its vicinity. Thus, you can easily lease your property to doctors, sportsmen, businessmen, tourists, politicians and similar people, who stop by in your city for seasonal games, meetings, conferences or trips.
Suitable for a stylish, clutter-free lifestyle, these studio apartments are beneficial for upcoming hi-tech, eco-friendly, independent living generations. They’re especially meant for college students, new employees or a newlywed couple, planning to settle down in a bigger city. Even a group of friends can purchase it conjointly for living, recreational or commercial purposes.
It’s a practical investment for professionals working in bank, hospitality and IT sector, who’ve to pull up stakes and move to different cities in search for better opportunities.
These flats are generally developed around cooler parts of the city including commercial downtown, IT city, public landmarks, educational institutions or society. You get to live in cooler downtown, near your college or workplace.
They’re energy efficient and generate lower utility bills (electricity, heating/cooling, water, cleaning, maintenance etc.)
It is easier to find and organize things in a single room apartment. You don’t have to shop for many items since there is limited space.
You don’t have to waste your time or money on cleaning, laundry and dishwashing services.
With everything present in the same room, you can do multi-tasking like cooking, watching television, talking to your friend etc.
It’ll be fun to organize a party with friends! Not only this, some developers offer you added facilities (included in the apartment price) like:
You don’t have to pay extra for furniture, you can get quality entertainment around your residence and you don’t have to deal with blackouts, robbery of fire breakouts.
Talking about developers, it is usually the 1-BHK set that gets sold out first thereby generating instant working capital for their other projects.
Developers launching studio apartments as a part of their housing project often give you other facilities and charge extra for maintenance and facilities but it is worth the cost.
Earlier, we lived in a bigger house with joined family. Once, requirements started changing with time, nuclear families became the norm and people started living independently. In a way, studio apartments reflect a major cultural change in Indian society. Being small, compact and stylish, they’re an excellent investment for all age groups!
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