It's that time of the year when real estate developers launch new projects to tap the festive demand. In fact, I have been noticing several housing project advertisements in Mumbai. The promotional material is rather ordinary as barely any of the ads register in the mind after first glance.
The headline pricing of the projects is rather aggressive. For instance, a 1BHK apartment is being offered for around Rs 50 lakh and a 2BHK is available in the Rs 70-85 lakh range. To the notoriety that Mumbai has attained in terms of home prices, it sounds appealing but a deeper look reveals the reason.
Shrinking apartment size
A 1 BHK apartment has been reduced to a tiny 225 square feet and a 2BHK apartment is barely 450 square feet. The size of a 2BHK apartment in Mumbai seems smaller than the size of a 1BHK in cities like Bengaluru and Gurugram.