Studio Apartments gaining ground
Studio Apartments are relatively a new concept for the Chennai market. It has been around in the big cities in Western countries for some time now. Being a new concept let’s first understand what exactly is a Studio Apartment. A Studio apartment is a compact unit which has a living cum bed space, kitchenette, toilet and balcony. The apartment is compact but has everything you need – sofa cum bed, study table, fridge, dining platform, TV, washing machine, microwave, stove -A Studio can easily fit all that is required for a comfortable lifestyle and a compact apartment means easier maintenance. It is ideal for 2 people.
As prices in the city started increasing people had 2 options available. One is to live in a compact home that can accommodate all your requirements in the heart of the city and save commuting time and two is staying in a bigger apartment far away where you will be spending half your life in commuting.
Studios also evolved in the Western Countries as an option for young people who wanted to be in the thick of action and enjoy the lifestyle and pulse of the heart of the city on a limited budget. There is a great deal of value in living in the city. It makes life much easier.
Some may think that a Studio is too small and let me wait and pick up a bigger flat. What one should remember is that a flat should be chosen on the basis of current requirements and financial ability – ‘right sizing’ is definitely an operative concept. A larger flat involves higher capital cost; it also entails more effort and expense to maintain.
A larger flat should ideally be the result of upgrading rather than initial choice. Home buyers at the beginning of their careers should look for ‘starter homes’ – homes which fall within their current budgets and can be sold at a future time as their family as well as their incomes grow
Another thought may be that I can rent for now and buy later. Rent is expenditure with no returns. It is an outflow. Instead by paying EMI’s instead of rent you are building an asset. And EMI’s also help you to save taxes. Studios are also ideal for senior citizens. In majority of the family’s career demands result in the children moving away to other cities or other countries leaving the parents staying all by themselves. As they grow older it becomes difficult for them to maintain large houses. A compact Studio home will make life much easier for them. It is definitely feasible for builders to provide Studios in larger complexes as the building regulations make it mandatory for 10% of the built up area to be reserved for units of less than 45 sq.m.
Studios have made an entry in the Chennai realty market. Doshi Euphoria in Perungudi, OMR has recently seen a lot of activity from prospective clients. However, as with all things new, it will take some time for the people to absorb the concept. But once they do, it will take off, as Chennai with its large population of young IT professionals is an ideal market for Studio Apartments.
Article Credit: Mr. Mehul Doshi, Director, Doshi Housing Private Limited