Why the surge in demand for 3-4 BHK apartments in Kandivali, Mumbai?

By Investoxpert | 01 Feb 2024 | Real Estate

Why The Surge In Demand For 3-4 BHK Apartments In Kandivali, Mumbai?

Kandivali is being known as a thriving neighborhood in Mumbai's real estate market, attracting the interest of both investors and prospective homeowners. The demand for homes in this booming area has recently increased at an unprecedented rate, especially for 3BHK and 4BHK units. According to statistics examined by Knight Frank India, the western suburbs of Mumbai earned a stunning 62% share in sales registrations in March 2023.

This unexpected increase in demand shows a fundamental shift in homebuyers' tastes rather than just a passing trend. A closer look at the causes of this surge indicates that Kandivali is well-positioned to become a residential hotspot in Mumbai's quickly expanding real estate market.

Let’s Look At The Reasons For Increasing Demand Of Flats In Kandivali

Evolving Lifestyle Preferences

The primary factor contributing to the rising demand for 3BHK and 4BHK flats in Kandivali is the changing tastes of people for their lifestyles. According to a recent CII Real Estate Confluence 2023 study, 42% of participants strongly preferred 3BHK apartments, with 40% choosing 2BHK apartments as their second choice. The selection of landscapes reflects the changing goals and aspirations of urban dwellers for their life.

In response to this paradigm change, real estate developers have built more and more spacious apartments to meet the changing needs of their clientele. According to data from Anarock, the average size of residential units introduced in seven major cities during the first quarter of this year has increased by 5% year over year. Growing demand in large apartments has been spurred by the need for greater space, privacy, and the ability to establish various functional sections inside a residence.

Premium Amenities

3BHK and 4BHK flats frequently offer elegance and comfort together with a plethora of first-rate features. Redefining luxury with cutting-edge features like rooftop pools, state-of-the-art fitness facilities, beautifully manicured gardens, and specialized concierge services, prestigious Grade-A developers in Kandivali have redefined grandeur. These apartments' spacious layout and attractive qualities have made them quite popular options for those looking to upgrade their lifestyle.

Investment Opportunities

Apart from offering generous living quarters, Kandivali showcases itself as a favorable investment prospect. Property values might rise in the upcoming years due to planned infrastructure projects and a favorable economic outlook. The data is striking: the average house price in Kandivali East has increased by more than 6% in the last year and a remarkable 15% over the three years prior.

In the meanwhile, over the last five years, Kandivali West home values have experienced a noteworthy rise of over 15%. This contributes to Kandivali's status as a safe and perhaps profitable investment, which in turn increases the demand for these large flats from both investors and end users.

Space For Extended Families

A growing trend in contemporary culture is multigenerational living, in which families opt to live under one roof together throughout several generations. This decision is very common in Indian culture and is motivated by a variety of considerations, including economic benefits and the preservation of cultural traditions. In this case, 3BHK and 4BHK flats are the ideal choice for housing large families.

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With three or four bedrooms and a large living area, these apartments provide a great blank canvas on which to design living spaces for grandparents, parents, and kids. These houses' layout and adaptability to the needs of several generations make them a desirable option for people who value having their own space but yet receiving care from their extended family.

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Conclusion

The increasing demand for 3 and 4 BHK flats in Kandivali is not only a result of changing market trends; rather, it is evidence of Mumbai homeowners' changing preferences and goals. This neighborhood is positioned to be a desirable option for anyone looking for roomy and luxurious living quarters as it develops and grows.

Kandivali is more than simply a suburb; it's the realisation of the Mumbai ideal, where a cozy, opulent, and welcoming way of life awaits. Kandivali is a major real estate center in the Mumbai Metropolitan Area; it is a canvas where contemporary meets tradition and the spirit of Navratri, which celebrates the divine feminine, echoes year-round.

Why the surge in demand for 3-4 BHK apartments in Kandivali, Mumbai?