In the current scenario, the common man is struggling to afford the basics of living, let alone buying a home your dreams. Although, this is not the case with everyone, but in a developing country like India, majority of the population has to deal with this issue. The realty market is drifting towards affordable housing, for which the demand for gated communities in kukatpally, Bandlaguda, Kongarkalan and other locations is rising. For people who are looking to own a house with a limited budget, here are some benefits of purchasing a 2 BHK apartment.
2 BHK apartments are affordable
Since the size of the apartment is smaller, they can be bought at a cheaper price, easily suiting your budget. It might not be an ideal option for you, but you can become a proud homeowner, that too at affordable price. Also, if the amount is less, then you will have to lesser EMIs and interest, if you get it financed by the bank.
Law of demand-supply in market
It is a common practice that while searching for a new home people usually look for at least a 3 BHK flat. This is because they are larger in size and can accommodate around 4 members, making one 2 BHK apartments less in demand, as compared to 3 BHK. Insignificant demand implies that there will be an adequate supply of inventory. The government is also planning to provide relief in taxes to the developers for inventories, which are left unsold for a year or more. So, it is a great option for home buyers to purchase 2 BHK apartment in Kukatpally, Bandlaguda, Kongarkalan and other areas.
It is easily rentable
In metro cities like Delhi NCR, Mumbai, Bengaluru and Hyderabad, youth prefer to stay in the smaller apartments, as they are affordable. Therefore, the demand for 2 BHK apartments is huge, as the majority of the occupants in these places are immigrants, who have shifted for their jobs. So, if you are planning to invest in real estate, then purchasing a 2 BHK apartment is a great option for you.
Lesser utility cost
Good news for home buyers, the government has proposed to waive off the property tax in some cities, for residential properties smaller than 500 sq ft in size. Also, the houses that range from 500 to 700 sq ft will get 60 per cent discount on the prices for paying property tax. This will benefit the homeowners, as the maintenance for a 2 BHK apartment will significantly cost them lesser than the huge ones.