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A place to work and live: Studio Apartments

You would have commonly seen a multi-use studio apartment in New York and London where musicians and fashion designers use their living spaces as their studios. Other professionals use such spaces as their offices. This concept is now slowly catching up in India. Studios have slowly become an urban phenomenon. A typical studio would have a bedroom, a kitchen and a living area – all squeezed into one room under one roof. These apartments could be an option for renters who want to purchase their first property, as well as an investment option for the well-heeled, or rich NRIs wanting pads for a few week’s stay in India.

What makes them an attractive option?

• A lot of single professionals working prefer it over the traditional 2- and 3-BHK format.
• Studio apartments are proving to be good investment opportunity for small investors wanting immediate return, as studio apartments are considered better than costly hotel accommodation by those seeking continuous outstation stay for weeks and months on business tours.
• The reason for studios getting popular, experts say, is the rise in cost of land and its acquisition becoming prohibitive. So, builders are offering more in less space. And, because pockets of consumers wary, realtors are savvy enough to develop studios from Rs 5 lakh to Rs 75 lakh, or even more.
• Studios are also catering to working migrants in big cities and to those looking to invest in real estate.
• Studio apartments are proving to be good investment opportunity for small investors wanting immediate return, as studio apartments are considered better than costly hotel accommodation by those seeking continuous outstation stay for weeks and months on business tours.

Wave Infratech, a leading realty player, has launched a world-class multiuse studio project, Edenia and Livork, at Wave City Center in Sector 32, Noida. While both Edenia and Livork have commercial licenses, professional can use them as residences, shops and offices.

Source: Business Standard

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