Along with the skyrocketing of property prices and rental values in Mumbai, studio apartments in the financial capital of India have surfaced up as one of the most preferred housing alternatives.

Given the smaller size of a studio apartment (usually around 300-350 Sq. Ft), the cost of acquiring such property is comparatively lower. Typically, the apartment has one large room which is divided into sections such as a small kitchenette, living room and bedroom, bathroom and toilets.

Other than, expatriates, young executives are the one who have been creating demand for studio apartments in Mumbai. Most of the times, these young people prefer to buy an apartment by taking home loans rather than shelling out hefty rents that comes near the value of the EMI.

Because of this need in the market and the fact that the kind of employment opportunities on offer for people in Mumbai is such has given a great boost to the studio apartment market in Mumbai. This is also the reason why the need for compact housing would keep rising and more and more people would be opting for this mode of accommodation.

Keeping this in mind many developers and hospitality majors have entered the space making the segment more competitive. In Mumbai residential property markets, studio apartments are available in many variants starting from those that are as luxurious as a five star hotel and obviously charge a premium to the budgeted option that are not as luxurious but still provide all the facilities.

Such apartments have mushroomed all over the city especially near the business centers as the main clientele for such an establishment include business travelers. However, it has been observed that apart from business travelers even tourists that come for longer duration prefer a studio apartment rather that a hotel room.

Moreover, as the travelers stay for a longer duration the apartment needs to be fully furnished hence a bare shell wont do. Considering the economics of booking a five star hotel room for longer duration, more and more developers are coming up with studio apartment centric projects.

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