Small apartments for compact living
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Studio and one-bedroom apartments are an ideal option for many in a city. But they need not necessarily come cheap. A look at some such projects in Kochi.
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COMPACT SPACE: A studio or one-bedroom apartment is ideal for a couple or a bachelor.
When it comes to apartments, one size does not fit all. In fact, small apartments are particularly handy for some than others.
Where is the need for a small family consisting of a couple or a bachelor or a retired widower to go for a 1,500 sq.ft. two-bedroom apartment? Practically, this may not be a suitable option for such people. With both couples working, in several households, to maintain a large apartment or an independent house is a tough, time-consuming affair.
This is where the concept of studio or one-bedroom apartments seems ideal.
Studio apartments
Studio apartments, defined as one which has a common room serving as living, dining, kitchen and bedroom with a toilet and in certain cases, a balcony, suits the requirements for those who are looking for compact living space.
A tight budget does not necessarily mean a studio apartment since the price tags are on the higher side and it is meant for the upper-class.
National Excellency, a project of Sunny Housing (India) Private Limited has sold out all their studio apartments in the range of 407 sq.ft., 450 sq.ft., 520 sq.ft. and 614 sq.ft. in their upcoming National Excellency Apartments at Palarivattom. Constructed in an area of 1.4 acres, the project provides parking space for 120 cars including the basement and open areas. The project includes amenities such as a food court, swimming pool, Jacuzzi, library room, multiple children's party area and fitness centre. A common kitchen is also being provided in this project. These apartments were sold at a range starting from Rs.2,000 per sq.ft.
Says Trony Kurian, Marketing Manager, Sunny Housing (India) Private Limited, "The rates of these apartments increase by Rs.20 per sq.ft each floor upwards." He adds, "Creating a basement parking area is costly. We cover up these costs by taking an extra amount for each floor. Moreover, people prefer the upper floors which mean they are more in demand and hence, the higher cost for upper floors." The customer ratio of NRI: domestic customers for studio apartments stand in the range of 60:40. He also adds that some NRI customers who bought a two or three-bedroom apartments in the same project have also booked for studio apartments.
One-bedroom apartments
The idea of studio apartments need not attract everyone, for it could seem to be a very small space to live in. An alternative is a one-bedroom apartment. "One-bedroom apartments are also called higher-grade studio apartments, where in you have a bedroom in addition to the common room which functions as living and dining rooms and kitchen or a separate room for kitchen," says Terrence C. Titus, director, Kunnel Engineers and Contractors (P) Limited.
Heavenly Homes offers such one-bedroom apartments in The Brigades Plaza with all high-end facilities including a shopping mall, super market, saloon business centre, food court, health club, amongst other amenities.
These projects are priced at Rs.1,750 per sq.ft. Kunnel's Rainbow coming up at Elamakkara offers one-bedroom apartments from 646 sq.ft. with all modern amenities, including channel music on all floors, air-conditioned health club and fitness centre, swimming pool and rainwater harvesting system. Rainbow costs between Rs.8 lakhs to Rs.10 lakhs.
Studio suites and one-bedroom apartments need not be restricted to serving as residential apartments. It can double up as an office for a small-business venture, corporate guesthouse or a holiday home. They are heavily eyed as an investment opportunity.
According to industry sources, some customers buy these studio apartments for personal use and thereafter, look for the opportunity to rent it out once they move out to another apartment or city.
Heavenly Homes offers studio suites spread over an area of 450 sq.ft. to 580 sq.ft. and one-bedroom suites of 700 sq.ft. to 760 sq.ft.
"Since it's a commercial cum apartment project, one can expect all facilities including food court to be present in the same building," says Jeji. K. George, head of Marketing and Customer Care, Heavenly Homes. A kitchen is not a necessity in these compact apartments. People coming for a short stay are likely to prefer food courts.
Jomer Symphony, a project of Jomer Properties and Investments Private Limited, has in the offing studio-service apartments at NH Bypass, Vytilla. These fully-furnished two room unit apartments in the range of 751 sq.ft. to 823 sq.ft. are sold for Rs.25 lakhs to Rs.45 lakhs.
"These apartments can fetch a monthly rent of around Rs.4000 to Rs.5,000," opines Ms. George. Fully-furnished apartments like Jomer Symphony could be on offer for a daily or monthly rent at a much higher price, and are mainly targeted to function as corporate guesthouses, holiday homes and for the buyer, as a pure investment options.
RESMI JAIMON
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