MC weekend guide: Are New York-style loft apartments the future of Mumbai real estate market?

"I think, Mumbai is a 2BHK market, now going towards a 2.5 BHK market. That half bedroom could become the study room, home office, or whatever other use the family needs. When we constructed Rustomjee Seasons in Bandra, we came up with the concept of ‘my spaces’. Those half bedrooms we had kept for the family to decide on whether to keep for entertainment, or use as a store room. Now, we are seeing that turning into, say, a home office, study room, or even as a guest bedroom," Boman Irani, Managing Director of Rustomjee Group, told Moneycontrol during an interaction in March 2023.

Case study

Recently, architect-turned-developer Bhalchandra Walanju launched a project in the Tardeo area of South Mumbai with the concept of skyloft apartment. The project named 'The Altitude' offers 1 BHK skyloft apartments of size 640 square feet (sq ft) carpet area that includes around 100 sq ft loft above the kitchen area.

Speaking to Moneycontrol, Walanju said, "The idea was to give a feeling of luxury in even a 640 sq ft apartment. Here, we are talking of a 640 sq ft skyloft apartment, which I am selling as a 1 BHK. It is a 1 BHK apartment with a loft that will act as another bedroom. I could have sold 2 BHK in 640 sq ft horizontally, but that will look very small, whereas here in that much space I am giving homebuyers extra space, but vertically. It is an upcoming trend and it is for those buyers who cannot afford a duplex or triplex apartment in south Mumbai. In the coming years, I am sure other developers will replicate it.”

Walanju added, "The approval process for this is not that different, but it is just the way it is represented in the plan. There is nothing different for approvals, except that we are using floor space index (FSI) vertically here, rather than horizontally. In the past, people have come up with 1.5 BHK, 2.5 BHK and 3.5 BHK. Here, I am getting that extra space with a vertical twist. The construction cost of a 640-sq-ft apartment horizontally, that is, the traditional way of construction, would be 10 to 15 percent less than constructing a 640-sq-ft apartment with a loft. We are getting very good response for these skyloft apartments and expect to sell them all soon.”

Multi-functionality

"After the pandemic, people sought multi-functional spaces. And by this design of the loft apartment, we are able to create additional space on the loft, rather than providing extra space horizontally. We are calling it a new type of inventory; we are not calling it a duplex apartment, but a skyloft apartment where the floor ceiling height is 14 feet. The design inspiration comes from similar apartments in Manhattan, New York and Singapore," said Shivani Jhaveri, Co-Founder & Chief Marketing Officer, Blox, a proptech firm involved in sales and marketing of the project.

She added, "This is something for the South Mumbai homebuyers who are asking for something very different but are also budget-conscious. We are selling 1 BHK loft apartments of 640 sq ft carpet at Rs 3.25 crore. This has a hall, kitchen and master bedroom at the ground level, and a loft of around 100 sq ft at the higher level."

A similar project was launched in the Malad area of Mumbai. This was a 1 BHK apartment with around 300 sq ft carpet, including a 70 sq ft loft area that is being represented as a bedroom.

Also read: In Mumbai Metropolitan Region, 1 BHK turns bigger post Covid-19

"This 1 BHK comes with an area of 249 sq ft and a 70 sq ft loft. We have launched around 750 such apartments and received good response for the same. We did not face any issue as people are looking to purchase in this budget, where everything fits under, say, Rs 50 lakh,” Himanshu Jain, VP - Sales, Marketing & CRM, Satellite Developers Private Limited, told Moneycontrol during an interaction in March 2023.

“Our clients are mainly those who have a budget of approximately Rs 50 lakh in the affordable housing category. These are the customers who are upgrading from 1 RK to 1 BHK, who work and have their offices nearby and who want to stay within the city limits. However, in our upcoming phase, based on our experience and consumer feedback, we are planning to launch a 1 BHK carpet of varied sizes which fits into a similar budget range. This will provide our target segment of home buyers another opportunity to own a home of their own," Jain added.

Also read: The case of Mumbai’s disappearing balconies—and their reappearance

Further, a similar project has come up in the Vasai area of Mumbai Metropolitan Region (MMR), where the developer is selling a 325 sq ft loft apartment as a 1 BHK apartment with the loft area being represented as a bedroom.

Will it become a trend?

Mumbai-based architect Vilas Nagalkar said, "It will be interesting to see how the market looks at it and consumes the loft apartment. I feel a loft in a bungalow or apartment of 3 to 4 BHK is more acceptable than in a 1 or 2 BHK unit, considering the height limitations. But it depends on how homebuyers in Mumbai react to it."

He added, "Nowadays in Japan, pod apartments are being constructed and purchased; so why not a loft apartment in Mumbai? I think the loft area is good and useful for a growing family or a married couple, but not for a complete family. The loft area can be used as a bedroom for kids, a home office, or as 'me space'. Finally, the homebuyer's response is the best parameter to understand if loft apartments can become a bigger trend in upcoming apartments of Mumbai real estate market."

Will homebuyers opt for loft apartments?

According to homebuyers, they will want to live in a loft apartment only if there is no senior citizen in their house.

Amitosh Shukla, a resident of south Mumbai, said, "There is a trend of a loft in south Mumbai. If you go to those old homes in south Mumbai, one could find a loft that people used for sleeping at night. These lofts were of three feet. However, though the lofts that are coming now are six or seven feet in height, I would simply not go for it."

He added, "The reason is my old parents. I cannot expect them to climb upstairs, and also not expect them to use a particular part of our house just because they cannot climb. If I had a budget, I would go for a duplex with an elevator, rather than reside in a loft apartment with stairs for climbing up."