For prospective real estate buyers in the state capital, thinking big seems to be the guiding light, at least when buying apartments is concerned.
The new concept of one-BHK flats in Ranchi has failed to attract customers, leading developers to shelve many such projects. The “revolutionary” projects were supposed to provide reasonably good accommodation at a reasonable price of Rs 5-7 lakhs. Initial surveys pegged a good demand of these kind of housing, more so when the state capital has of late been witnessing a boom in finance, private banking and the industry sector with company executives expected to buy these temporary accommodations instead of preferring the rented ones.
Mr. C. M. Kapoor, a partner in KV Constructions, said, “We planned to develop as many as 72 one-BHK flats. But as there were few takers, we returned the advance booking amounts. We have shelved the project for now and are instead going for construction of two-BHK and three-BHK flats in our Shalimar Bagh project”.
Experts in real estate business say that as the city still offers residential accommodations at much lower rates than in Mumbai, Delhi, Calcutta among others, it could be the reason for people not going for compact accommodation of around 500sqft superbuilt area. They further added,“The square feet rate of residential projects vary between Rs 1,200 and Rs 2,000 depending on the location. But in Mumbai, owning even a one-BHK flat might cost upwards of Rs 20 lakh”.