The Rising Popularity of 3 BHK Apartments in Bangalore

When it comes to the residential real estate market in Bangalore, there has been a noticeable shift in preferences among homebuyers. The demand for 2 BHK keeps going down in the chart while the demand for 3 BHK units is on the rise. In this article, we will explore the reasons behind the growing popularity of 3 BHK apartments in Bangalore and how it is impacting the housing market.

The Changing Landscape of Bangalore's Real Estate Market

To understand the current scenario, it is important to look back at how the Bangalore residential market operated in the past. A decade ago, developers would allocate less than 10 percent of their units to 3 BHK flats, as homebuyers primarily searched for 2 BHK apartments. However, the realty landscape of Bangalore has undergone significant changes since then.

The city has experienced rapid growth and development, becoming the Silicon Valley of India and attracting a large number of IT professionals and businesses. This has led to a surge in demand for more livable spaces and an increase in disposable income among homebuyers. As a result, the popularity of 3 BHK flats has soared, with homebuyers now looking for apartments sized 1,500 sq ft and above.

The Affordability Factor

One of the key factors driving the demand for 3 BHK apartments in Bangalore is their affordability. While the price difference between a 2 BHK and a 3 BHK flat may vary depending on the location, it is generally bridged by the increase in salaries and the availability of home loans. Many homebuyers are willing to pay slightly higher Equated Monthly Instalments (EMIs) or extend the loan tenure to acquire a larger and more comfortable living space.

For example, in a well-known locality like Thanisandra, a 2 BHK flat of around 1,250 sq ft may and a 3 BHK flat of around 1,600 sq ft will have a significant difference in the cost margin. Considering the additional expenses like stamp duty, registration charges, amenities, and maintenance fees, the price difference can be such that a 3BHK may cost you a little bit more. However, with the rising demand for 3 BHK apartments, the potential for higher returns on investment is also a motivating factor for homebuyers.

The Impact of COVID-19

The COVID-19 pandemic has brought about a significant shift in the real estate market dynamics in Bangalore. The city, which was previously an investor-centric hub, has now become a haven for homebuyers, particularly working professionals. With the adoption of flexible and hybrid work arrangements, the need for an additional room has become prevalent. Hence, even homebuyers who cannot afford a larger space are opting for 3 BHK apartments in a smaller size.

Demand for 3 BHK Units in Popular Localities

To gauge the trend across the city, it is essential to assess the demand for 3 BHK units in different localities of Bangalore. According to observations, 3 BHK units enjoy higher demand in four out of five zones in the city. Let's have a closer look at the percentage of 3 BHK units in popular localities:

Disclaimer: The above table is indicative and based on listings on data as of July 2023.

While the demand for 3 BHK units is evident across the city, there is also a small section of buyers who purchase these units for investment purposes. These units are often rented out to multiple individuals who share common facilities while having their own rooms.

Reasons Behind the Popularity of 3 BHK Apartments

The increasing popularity of 3 BHK apartments in Bangalore can be attributed to several factors:

Spacious Dwelling

Living in a spacious home is a dream for many. 3 BHK apartments offer ample space for families, ensuring that everyone has their own room and allowing for comfortable living. Compared to other major cities in India, Bangalore is known for its spacious apartments, making it an attractive destination for homebuyers.

Suitable for Big Families

A 3 BHK apartment can comfortably accommodate larger families, making it an ideal choice for those with multiple family members. Whether you are living with siblings or parents, a 3 BHK apartment provides enough space to meet the needs of your family for an extended period.

Multipurpose Third Room

One of the advantages of a 3 BHK apartment is the availability of an extra room that can be used for various purposes. This room can be converted into a guest room, home office, or recreation room, offering flexibility and convenience. Additionally, having a spare room for guests can enhance the social and financial benefits of owning a 3 BHK apartment.

Avoidance of Repetitive Financial and Legal Tasks

Opting for a 3 BHK apartment from the start can save you from the hassle of repeating financial and legal tasks in the future. Buying a new home involves significant financial planning, including applying for home loans and dealing with legal formalities. By choosing a 3 BHK apartment initially, you can save time and effort in the long run.

Surge in Demand

The demand for 3 BHK apartments in Bangalore has witnessed a surge in recent years. This is driven by the rising salaries of midsegment IT professionals in the city and the desire for higher status and premium living spaces. Studies indicate that approximately 36% of people in Bangalore prefer 3 BHK apartments over 2 or 1 BHK options.

Conclusion

The rising popularity of 3 BHK apartments in Bangalore can be attributed to various factors, including the need for spacious dwellings, the suitability for larger families, the availability of multipurpose rooms, and the avoidance of repetitive financial and legal tasks. With the demand for such apartments on the rise, Bangalore's real estate market is evolving to cater to the changing preferences of homebuyers. Whether for living or investment purposes, opting for a 3 BHK apartment in Bangalore can be a smart move.

Remember, buying a home is a significant decision, and it is crucial to do thorough research and gather the necessary knowledge about the real estate landscape of Bangalore before making an investment. With the city's rapid growth and development, buying a 3 BHK apartment in Bangalore can provide you with a comfortable and spacious dwelling while also offering potential returns on investment.

If you’re wondering from where should you begin your search for the perfect 3BHK Apartment in Bangalore and are lost in the sea of endless options, consider them gone. Book an appointment with our market experts with 10+ years of real estate experience who are ready to make the home buying experience a piece of cake!