Time was when owning a house meant owning a large, spacious house. Life was not measured in square feet. But as India has grown over the years, the space for living has shrunk. The country is now of the fastest growing economies across the globe and is witnessing rapid urbanisation, especially with its rural population shifting to urban centres in fairly large numbers.
By 2031, around 600 million people will be living in urban centres across India, which will be 59% more than in 2011. Where can all these people live? And how? Savvy developers know there is a market out there for affordable housing. Small is now the new big.
Demand for affordable houses on the rise
Affordability is the single most important driving factor for most people seeking a residential property in any urban centre in India. Other factors play their part too such as infrastructure, proximity to public institutions, security and social inclusiveness in the search for the ideal home. But the average Indian seeks value. And that’s given rise to houses that afford value for money.
Small homes provide the ideal solutions
With the tradition of the joint family increasingly giving way to nuclear ones, the need for large residential spaces that can accommodate several members of a large family is witnessing a constant decline. While the demand for large spacious houses is still there, the popularity of small homes is increasing rapidly, especially amongst homebuyers belonging to middle and low-income groups. Investing in smaller and functional homes ensures the following benefits:
Easy maintenance: Smaller houses have limited cleaning and maintenance needs compared to larger ones. This is because small houses typically come in sizes ranging from 500 sq ft to 1000 sq ft.
Lower costs result in lower loans: Buying a smaller house requires buyers to arrange for lesser funding or a smaller loan. This reduces the financial burden on homebuyers.
Reduce the habit of accumulation: You learn a lot about de-cluttering your life when living in smaller spaces. Living in smaller houses with limited spaces naturally, forces you to invest only in things that are most essential.
