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

Evolving lifestyles preferences is driving the demand for bigger homes in Kandivali.

In the real estate landscape of Mumbai, Kandivali is emerging as a vibrant place, drawing attention from both homebuyers and investors. This thriving suburb has recently witnessed an unprecedented surge in residential demand, particularly for 3BHK and 4BHK apartments. According to data analysed by Knight Frank  India, the western suburbs of Mumbai commanded a staggering 62% share in sales registrations in March 2023. This remarkable uptick in demand isn’t only a transient blip; it signifies a fundamental shift in homebuyers’ preferences. As we go deeper into the factors driving this surge, it becomes evident that Kandivali is poised to become a prime residential destination within Mumbai’s ever-expanding real estate market.

 

Evolving lifestyle preferences

The foremost driver behind the escalating demand for 3BHK and 4BHK apartments in Kandivali is the evolving lifestyle preferences. A recent survey conducted by CII Real Estate Confluence 2023 revealed that 42% of respondents expressed a strong preference for 3BHK apartments, closely followed by 40% favouring 2BHK flats. This shifting landscape choices underscores the changing desire and lifestyle aspiration of urban dwellers.

Property developers have been quick to respond to this paradigm shift, increasingly constructing large apartments to cater to evolving consumer preferences. Data from Anarock indicates that the average size of residential units launched in the first quarter of this year has seen a year-on-year increase of 5% across seven major cities. The desire for more space, privacy, and the flexibility to create distinct functional areas within a home has fueled growing interest in large apartments.

See also: Kandivali: An emerging residential hub in Mumbai’s western suburbs

 

Premium amenities

Often 3BHK and 4BHK apartments come with a bouquet of premium amenities and promise luxury and comfort. In Kandivali, esteemed Grade-A developers have redefined opulence by offering cutting-edge amenities, such as rooftop pools, state-of-the-art fitness centers, beautifully landscaped gardens, and dedicated concierge services. The allure of these features, coupled with the large space of these apartments, has made them highly sought-after choices for homebuyers seeking a better lifestyle.

 

Investment opportunities

Beyond the comfort of spacious living, Kandivali presents itself as a promising investment opportunity. A favourable economic outlook, coupled with planned infrastructure developments, indicates a positive trajectory for property value in coming years. The statistics tell a compelling story – in Kandivali East, the average home price has surged by over 6% in the past year and an impressive 15% over the preceding three years. Meanwhile, property values in Kandivali West have witnessed a remarkable growth of more than 15% over the last five years. This makes Kandivali not only a secure investment but also a potentially lucrative one, further fueling the popularity of these spacious apartments among both end-users and investors.

 

Space for extended families

Multi-generational living is a burgeoning trend in modern society, where families spanning multiple generations choose to reside together under a roof. This choice, driven by a myriad of factors from economic advantages to the preservation of cultural traditions, is particularly prevalent in Indian culture. Here, 3BHK and 4BHK apartments shine as the quintessential solution for accommodating extended family units.

These spacious apartments, with three to four bedrooms and ample living space, offer an ideal canvas to create living quarters for parents, children, and grandparents. The design and flexibility of these homes seamlessly align with the dynamics of multi-generational living, making them an attractive choice for those who cherish the support of an extended family unit while savouring their own space.

The surge in demand for 3BHK and 4BHK apartments in Kandivali is not merely a reflection of shifting real estate trends; it is a testament to the evolving tastes and aspirations of homebuyers in Mumbai. As this locality continues to grow and evolve, it is positioned to remain an alluring choice for those seeking spacious and opulent living spaces. Kandivali is not just a suburb; it is the embodiment of the Mumbai dream, where the promise of a comfortable, luxurious, and inclusive lifestyle beckons. It is a canvas where modernity meets tradition, and where the spirit of Navratri – celebrating the divine feminine – resonates year-round, defining Kandivali as a prominent real estate hub within the Mumbai Metropolitan Region.

(The writer is CSMO, Ashwin Sheth Group)

Got any questions or point of view on our article? We would love to hear from you. Write to our Editor-in-Chief Jhumur Ghosh at [email protected]

 

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