Studio apartments in Delhi NCR are witnessing a rise in demand with the development of large commercial areas in the National Capital Region (NCR) of Delhi. A studio apartment is a small-size accommodation with all the modern facilities. This concept has become very popular in the NCR in recent years as studio apartments come within the affordable range and are suitable for first-time buyers.
Its popularity can be understood from the fact that over 1,600 units of the newly launched studio apartments at Jaypee Green Sports City on Yamuna Expressway near the Formula One track were sold within four days of the launch.
The project, Buddh Circuit Studios, has two options: 1BHK (560 sq ft) and 1BHK plus study (725 sq ft), with the price starting from Rs 18.42 lakh. The apartment will have vitrified tiles throughout, complemented by enameled flush doors and oil-bound distemper walls, to keep them looking fresh and new.
The integrated township will also comprise world class educational facilities, medical centres, and recreational facilities. Sports City has a variety of residential and commercial offerings, along with breathtaking vistas of perennial lakes and canals.
Many developers have also launched services apartments, where they would also provide room service to residents. These apartments will be highly suitable for investment purpose as they are likely to command high rentals.
With Gurgaon, Noida, Greater Noida, and Yamuna Expressway coming up as IT hubs, it is only to be expected that developers and engineers from other cities will flock to these areas for short-duration stays in line with their work. This will lead to rise in the demand for service apartments, much like in other cities in developed countries.
Studio Apartments in Noida Real Estate Market :
Ajnara India Ltd is developing studio apartments, Vice Royal, at Rs 3,940 per sq ft in its Ajnara Panorama F-1 project on Yamuna Expressway, Noida. Vice Royal Studio Apartments offers two sizes: 515 sq ft and 955 sq ft. There will be more than 600 units in the first two towers.
Ashok Gupta, the MD of Ajnara India Ltd, says: “In the coming years, studio apartments will be high in demand in this particular area, if we were to go by the rate of development here. With a huge number of commercial places being developed, a lot of corporates will like to have an office here, as the area boasts of congestionfree connectivity. Currently, studio apartments are in high demand among corporates, and also among youngsters who want to invest and earn from their investment.”
Buddh Circuit Studios, a part of Jaypee Greens Sports City, which has been built over 5,000 acres. This mega holistic complex merges sports, entertainment and culture within an environment-friendly ambience.
Assotech Realty has launched Sandal Suites in its Assotech Business Cresterra, an integrated business park, located in Sector 135, Noida Expressway. These luxurious studio-cum-serviced apartments have been built on 1.75 lakh sq ft, with around 142 units that vary between 775 sq ft and 975 sq ft in size. The units, which were quoting at Rs 5,990 per sq ft at the launch stage, are now going for Rs 8,000 per sq ft.
Supertech Ltd has a number studio apartments, ranging between 440 sq ft and 600 sq ft, and in the price range of Rs 4,000-12,500 per sq ft, in its projects like Supernova in Sector 94, North Eye in Sector 74, Eco City in Sector 137, and Upcountry on Yamuna Expressway. The group has committed to deliver more than 2,500 studio apartments in the next two-three years.
Eldeco Group has Eldeco Utopia, with more than 500 studio apartments, in Sector 93, main Noida Expressway. These luxury studio apartments of 825 sq ft, at Rs 9,000 per sq ft, are a good draw for corporates and expatriates. Paras Buildtech is developing studio apartments at Paras Tierea in Sector 137 in Noida.
The units are in the size of 500 sq ft, 550 sq ft, and 650 sq ft. The project also has limited-edition studio apartments that offer world-class facilities.
Data Source- Print Media
Alok Kumar Upadhayay