Powai. The city at the heart of Mumbai is known for its scenic beauty, upscale living conditions and excellent connectivity. This city is considered one of the most affluent parts of Mumbai, perfect for homebuyers who seek a blend of luxury and convenience. With the view of Powai Lake, lush green landscapes and a thriving community, the city has become an attractive option for people to move to, thanks to real estate developers like L&T Realty making new residential buildings that give them the chance to live in luxury flats in Powai.
Owning a 1BHK in Powai is a matter of great pride for any first-time homebuyer. However, this also leads to an important question: How do you decide whether to buy a 1BHK or a 2BHK in Powai?
When it comes to a big investment such as buying a house, it is essential to make informed decisions. Consider factors such as budget and space; 1 BHKs are more affordable, but 2BHKs allow for more space, making them ideal for small families, or people who want that extra room to convert into a home office, library or any other space for comfort. You should also consider which of these choices is more well-suited to your lifestyle and preferences: while a 1BHK is cosy, a 2BHK could be better if you start a family soon.
This blog aims to cover all these factors and understand what to consider when buying a flat in Powai.
Budget and Affordability
A 1 BHK is usually priced lower. However, in a premium and affluent area such as Powai, this type is priced higher; the prices start at 1 crore.
A 2BHK in Powai starts at 1.5 crores; flats in L&T Elixir Reserve are priced at 2.98 crores.
With the prices starting high, many interested homebuyers will need to take a loan to buy flats in Powai; most bank loans for this purpose cover 80 to 90% of the value for both types of flats, with equal interest rates. The loan tenure is 10 to 30 years, with processing fees of 0.5 to 1% of the loan amount, which is higher for 2BHKs in Powai. (1.44 – 2.7 crore)
The maintenance costs for a 1BHK in Powai are 3,000 to 8,000 per month, depending on the amenities. This cost range increases to 5,000 to 12,000 per month in case the homeowner upgrades to a 2BHK flat.
The resale value of both types of flats is influenced by location, market demand and the property’s condition:
- A 1 BHK is mostly in demand by young professionals, investors and small families. A 1BHK in Powai might resell for 1.3 to 1.5 crores, within 5 to 7 years, with good market conditions.
- With a broader market for 2BHKs, these flats appreciate at 5 to 10% annually. A 2BHK in Powai purchased at 2 crores, resold at 2.6 to 3 crores after 5 to 7 years.
If you are a homeowner in Powai and looking to put your flat up for rent, keep note that the rent for a 1BHK in the area is 30,000 to 50,000 per month, as compared to a 2BHK, whose rent can be 50,000 to 1 Lakh, making it a better option for a steady rental income.
Space and Living Requirements
The size of flats in Powai, no matter the number of bedrooms, differs from developer to developer; L&T Realty’s luxurious 1 BHK flats range from 365 to 380 sq. ft, including the bedroom, bathroom, hall and kitchen. This makes it compact and ideal for bachelors, couples or small families.
At the same time, A 2 BHK in Powai, such as those at L&T’s latest project, Elixir Reserve in the area, ranges from 630 to 640 sq. ft, which includes an additional bedroom and bathroom. These factors make this 2 BHK in Powai suitable for families, those expecting guests or individuals who need a space for their work or hobbies.
Current and Future needs:
- Current needs: A 1 BHK in Powai is ideal for single professionals or a couple who don’t plan on expanding their families yet; a 1 BHK flat makes for a manageable space with low maintenance costs, often considered a practical choice.
- Future needs: A 2 BHK is the best choice for those who are planning to start or expand their family, or those who want space for guests or a home office.
Benefits of a 2BHK in Powai:
- Family-friendly: The second bedroom provides space for kids, and allows for privacy and comfort.
- Hosting guests: It is easy to host guests without disrupting the homeowner’s day-to-day lives.
- Home Office: An ideal choice in this day and age of more and more people who work remotely; it gives them the chance to work in a space that caters to their working style.
- Storage space: The additional room offers great flexibility and allows for storage of extra items.
Lifestyle and Convenience
Powai offers a premium lifestyle along with unmatched convenience. The city balances a perfect mix of modern amenities, green spaces, and essential services within easy reach of the residents. The following factors also contribute to the reason why more and more people are moving to Powai:
- Integrated community living: Powai is a self-sufficient township with well-planned residential complexes, commercial hubs, retail outlets and recreational facilities. This has reduced the need for long commutes. With the rise of residential buildings, there is more privacy and security for the residents.
- Scenic Environment: Powai is known for its picturesque surroundings such as Powai Lake. Parks and jogging tracks are abundant, encouraging an active lifestyle.
Powai is also very close to major business hubs such as Andheri, Bandra-Kurla Complex, and the Hiranandani Business Park.
Most luxury real estate developers, such as L&T Realty, have built apartments in Powai due to its excellent connectivity to Mumbai via the Eastern and Western Express Highways, upcoming metro lines, and the Jogeshwari-Vikhroli Link Road.
As mentioned before, most 2 BHKs in Powai are in great demand among families. One major reason behind this is also the large number of premium schools in Powai, such as the Hiranandani Foundation School, Oberoi International School and the Nahar International School. Powai is also home to big hospitals such as the 7 Hills Hospital, and very close to both the International and Domestic airports.
Impact of flat size on lifestyle and preferences
- A 1 BHK in Powai is suitable for those who spend their time outside and prefer the location over space. Living in a 1BHK in a premium area like Powai is affordable, yet comes with the advantage of being close to the amenities in the city.
- A 2 BHK in Powai allows for greater flexibility in lifestyle choices; homeowners can host family gatherings or enjoy a spacious environment.
Investment Potential
Since a 1 BHK is generally more affordable, it makes for an easy entry point for investors and leads to quicker sales. A 1 BHK in Powai also helps generate a stable rental income; rental yields of this type of apartment range from 3-5%. These kinds of flats in Powai are also in consistent demand because of the concentration of IT and corporate professionals in the area.
On the other hand, 2 BHK flats attract a broader market, especially investors who are looking for higher rental yields. (3.5 to 6% annually) The demand is stronger due to the additional space and versatility. They are also better for long-term capital appreciation, as they appreciate more robustly than 1BHKs.
Historically, Powai has seen a steady appreciation in property prices, at the rate of 5 to 10% annually. The city’s real estate market has also been resilient despite market slowdowns.
Future Market Trends:
- Infrastructure Demands: Powai is expected to continue attracting investors and homebuyers, and will boost property values further.
- Premium Demand: Powai is a desirable residential area, with excellent amenities and connectivity.
- Shift towards larger units: 2BHKs in Powai, as well as larger units, are in demand as both families and remote workers are seeking larger spaces.
Investment Returns on both units:
- While 1 BHKs give lower entry costs, there is potential for moderate capital appreciation. However, it gives higher liquidity and caters to a wider audience of first-time buyers and investors.
The rentability of a 1BHK in Powai might be low but a high demand for these flats in the area makes sure of a minimal vacancy period.
- 2 BHKs in Powai are a better option for long-term investment due to stronger capital appreciation and higher demand. They also provide for better rental income, which in turn gives better returns and a broader range of tenants.
The demand for 2BHKs is also more stable, particularly in premium areas like Powai.
Amenities and Facilities
Residents of both 1 and 2 BHKs in Powai can enjoy the same amenities depending on the residential project. Since the majority of builders in the area are luxury developers such as L&T Realty, residents may enjoy amenities such as:
Basic Amenities:
- Common Gym with the latest equipment
- Expansive Swimming Pool
- Banquet Halls in Clubhouses
- Indoor Sports
- Jogging tracks.
Security:
- 24/7 Security Personnel
- CCTV Surveillance
- Gated Entrances
- Biometric access
- Video door phones
- Smart home systems.
Parking services:
- Reserved parking spaces, with covered or designated areas.
Benefits of amenities:
- Health and Wellness: Gyms, pools and sports facilities allow for residents to practice a healthier lifestyle.
- Community and Socializing: Community halls in clubhouses mean that the residents can host gatherings, parties and events, helping build a sense of community.
- Safety and Peace of Mind: 24/7 surveillance and controlled access ensure safety, which is important in a bustling city like Mumbai.
- Convenience and Comfort: Additional spaces like parking spots, elevators and concierge services add to the daily convenience.
Family and Future Planning
Considerations for growing families or future expansion plans
- Space for family members
- Room for guests
- Flexibility for future changes.
How a 2 BHK in Powai can accommodate changing family dynamics:
- Children’s Room: If you are a small family that’s thinking of expanding their family, then the extra room in the house is perfect to convert into a cute, fun place for them.
- Home Office: With a rise in the remote working trend, an additional room can easily be converted into a home office for convenience.
- Elderly Family members: That extra room is always handy in case you have an elderly family member who lives with you.
Long-term planning and the potential need for space:
- Lifestyle changes: You might get more belongings, new hobbies or require more space for your family. A 2BHK in a premium area like Powai is ideal for any long-term changes such as these.
- Investment in comfort: A comfortable living environment means you don’t need to compromise on space. Instead of you overgrowing the property, you will eventually grow into it with any long-term changes.
Conclusion
Owning a flat in Powai will always be a matter of great achievement for anyone, whether you buy a 1BHK or 2BHK house.
However, it is imperative to stop and consider factors like the budget and affordability, space, lifestyle, investment returns, rental yields and amenities before deciding which type of house you want.
Consider which one will be better for you in the long term; will you need the space of the 2BHK, or will a compact 1BHK house be enough for now? What amenities are available to you within the residential area? What about upcoming changes?
Pick according to your lifestyle preferences, budget and plans.
L&T Realty’s latest project in Powai: Elixir Reserve, has both 2 BHK flats available for sale; to make an informed decision that suits your pocket, visit now and explore your options!
