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One of the most critical requirements in recent property searches has been the need for open spaces and terraces. According to most property consultants, the price of the home has been estimated based on the location and view from the apartment. Since the pandemic, homes in cities like Mumbai have increased demand for balconies. Real estate developers are now offering homes with balconies even for 1 & 2 BHK apartments. As per the observation, buyers are ready to give up as much as 10 percent of their space to have a balcony in smaller, affordable segments. Luxury 3 & 4 BHK apartments in south Mumbai have always had balconies stretching out of their building. The old colonial homes had balconies with sea-facing views. Keeping the old values in mind, some residential buildings in recent times, like Vraj Tiara in Worli, have introduced balconies for celebrating the old charm of Mumbai, where families got together and utilized the space for fun and bonding. The homes with sea-facing balconies provide a refreshing start to the day and are a great way to unwind after a long day. The essence of balconies dates back to the British era when it was a standard feature. An architectural part was seen in establishments and homes, mainly in tropical countries. It was to let natural light and ventilation into homes and protect the main walls from the outdoor heat. This helps in the environmental sustainability of the building. Until the late 1990s and 2012, balconies were a premium feature for three and 4-BHK flats in Mumbai. Home buyers in Mumbai used to be charged a premium for an apartment with a balcony until 2012. Now the balcony space is a part of the carpet area and is sold as an integral part of the price as per the Real Estate Regulation Act of 2016.
When did the balconies go missing?
In 2012, the BMC started levying a premium and including the balcony area in the FSI. This shrank the apartment size because the property rates rose, resulting in a lack of interest among the developers and buyers to add extra cost to the home. The French windows replaced balconies for some time but could not match the charm of having a balcony. The home buyers’ views have changed ever since the pandemic struck. The need for personal space was realized with frequent lockdowns and working from home. Some known real estate developers in Mumbai, Bangalore, and Chennai have stated that home buyers are ready to pay a premium for homes with a balcony, which is a value addition with a view. Most first-time home buyers are not picky about having a balcony or amenities in their homes. Only when they upgrade their lifestyle can lifestyle amenities and balconies be realized. In conclusion, balconies are a premium feature in today’s time after the pandemic struck. The old charm of Mumbai has been revived, with balconies as part of the homes.
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